Bill Text: NY A10197 | 2015-2016 | General Assembly | Introduced

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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: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-06-16 - ordered to third reading rules cal.457 [A10197 Detail]

Download: New_York-2015-A10197-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          10197
                   IN ASSEMBLY
                                      May 16, 2016
                                       ___________
        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    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13229-01-5