Bill Text: NY A07454 | 2013-2014 | General Assembly | Introduced

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Bill Title: Relates to personal and commercial lines insurance; provides that an insurer or producer shall, prior to the time a policy of personal lines insurance is sold or purchased, provide the potential insured with a copy of the policy and allow the potential insured sufficient time to review such policy; further provides that an insurer or producer shall, prior to the time a policy of commercial lines insurance that provides coverage for loss or damage to real property, personal property, or other liabilities for loss or damage to property is sold or purchased, provide the potential insured with a copy of the policy and allow the potential insured sufficient time to review such policy.

Spectrum: Moderate Partisan Bill (Democrat 5-1)

Status: (Engrossed - Dead) 2014-05-15 - advanced to third reading cal.694 [A07454 Detail]

Download: New_York-2013-A07454-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7454
                              2013-2014 Regular Sessions
                                 I N  A S S E M B L Y
                                     May 17, 2013
                                      ___________
       Introduced by M. of A. CAHILL -- read once and referred to the Committee
         on Insurance
       AN  ACT  to amend the insurance law, in relation to personal and commer-
         cial lines insurance
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  3425 of the insurance law is amended by adding a
    2  new subsection (a-1) to read as follows:
    3    (A-1) AN INSURER OR PRODUCER SHALL, PRIOR TO  THE  TIME  A  POLICY  OF
    4  PERSONAL  LINES  INSURANCE  IS  SOLD OR PURCHASED, PROVIDE THE POTENTIAL
    5  INSURED WITH A COPY OF THE POLICY AND ALLOW THE POTENTIAL INSURED SUFFI-
    6  CIENT TIME TO REVIEW SUCH POLICY. PERSONAL LINES  INSURANCE  SHALL  HAVE
    7  THE SAME MEANING AS PARAGRAPH TWO OF SUBSECTION (A) OF THIS SECTION.
    8    S  2.  Section  3426  of  the insurance law is amended by adding a new
    9  subsection (a-1) to read as follows:
   10    (A-1) AN INSURER OR PRODUCER SHALL, PRIOR TO  THE  TIME  A  POLICY  OF
   11  COMMERCIAL  LINES INSURANCE THAT PROVIDES COVERAGE FOR LOSS OR DAMAGE TO
   12  REAL PROPERTY, PERSONAL PROPERTY,  OR  OTHER  LIABILITIES  FOR  LOSS  OR
   13  DAMAGE  TO  PROPERTY IS SOLD OR PURCHASED, PROVIDE THE POTENTIAL INSURED
   14  WITH A COPY OF THE POLICY AND ALLOW  THE  POTENTIAL  INSURED  SUFFICIENT
   15  TIME TO REVIEW SUCH POLICY.
   16    S 3. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11167-01-3