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