Bill Text: NY A05015 | 2015-2016 | General Assembly | Introduced

New York Assembly Bill 5015 (Prior Session Legislation)

Introduced

Bill Title: Relates to the use of local cost data when adjusting claims; requires an insurer and independent adjuster to adjust certain claims made under an insurance policy that provides coverage for loss of or damage to property using cost data appropriate for the region of this state where the loss or damage occurred.

Spectrum: Bipartisan Bill

Status: (Vetoed) 2015-11-20 - tabled [A05015 Detail]

Download: New_York-2015-A05015-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5015
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 10, 2015
                                      ___________
       Introduced  by M. of A. PERRY -- read once and referred to the Committee
         on Insurance
       AN ACT to amend the insurance law, in relation to use of local cost data
         when adjusting claims
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  2108 of the insurance law is amended by adding a
    2  new subsection (t) to read as follows:
    3    (T) AN INSURER AND  INDEPENDENT  ADJUSTER,  INCLUDING  AN  INDEPENDENT
    4  ADJUSTER  RECEIVING A PERMIT UNDER SUBSECTION (N) OF THIS SECTION, SHALL
    5  ADJUST A CLAIM MADE UNDER AN INSURANCE POLICY THAT PROVIDES COVERAGE FOR
    6  LOSS OF OR DAMAGE TO REAL OR PERSONAL PROPERTY USING COST DATA APPROPRI-
    7  ATE FOR THE REGION OF THIS STATE WHERE THE LOSS OR DAMAGE OCCURRED. THIS
    8  SUBSECTION SHALL NOT APPLY TO AUTOMOBILE INSURANCE POLICIES.
    9    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00497-01-5