Bill Text: NY A10115 | 2013-2014 | General Assembly | Introduced
Bill Title: Relates to the creation of a study of the minimum coverage amounts for non-commercial auto insurance.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Engrossed - Dead) 2014-06-19 - REFERRED TO RULES [A10115 Detail]
Download: New_York-2013-A10115-Introduced.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 10115 I N A S S E M B L Y June 15, 2014 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Brennan) -- read once and referred to the Committee on Insurance AN ACT relating to the creation of a study of the minimum coverage amounts for non-commercial auto insurance THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: 1 Section 1. The department of financial services shall conduct a study 2 of the minimum coverage amounts for liability and uninsured motorist 3 coverage currently required under article 3 of the vehicle and traffic 4 law for non-commercial auto insurance in New York state, the minimum 5 amount of no-fault coverage required by article fifty-one of the insur- 6 ance law, and additional coverage options, including but not limited to 7 comprehensive, collision, and supplemental uninsured/underinsured motor- 8 ist coverage. In conducting this study, the department shall consider 9 whether the current minimum coverage amounts are adequate to protect 10 consumers; whether and to what extent consumers purchase higher coverage 11 amounts; the impact higher coverage amounts have on premiums, claims 12 processing, and consumer satisfaction; and any other factors the depart- 13 ment deems relevant. The department shall consult with relevant stake- 14 holders, including insurance companies, insurance producers, consumer 15 advocacy groups, and any other person or entity the department deems 16 necessary. The department shall issue a report of its findings as well 17 as recommendations as to whether the required minimum coverage amounts 18 for liability, uninsured motorist coverage, and no-fault should be 19 increased, the extent to which such amounts should be increased, and the 20 impact this would have on premiums. The department shall submit its 21 report to the governor, the temporary president of the senate, the 22 speaker of the assembly, and the chairs of the senate and assembly 23 standing committees on insurance no later than April 15, 2015. 24 S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15599-02-4