Bill Text: NY S00423 | 2017-2018 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Permits a liability policy to provide coverage for punitive damages, civil penalties and other non-compensatory damages.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2018-03-06 - PRINT NUMBER 423B [S00423 Detail]

Download: New_York-2017-S00423-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                           423
                               2017-2018 Regular Sessions
                    IN SENATE
                                       (Prefiled)
                                     January 4, 2017
                                       ___________
        Introduced  by  Sens.  SEWARD, GOLDEN -- read twice and ordered printed,
          and when printed to be committed to the Committee on Insurance
        AN ACT to amend the insurance law, in relation to permitting a liability
          policy to provide coverage for punitive damages and civil penalties
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  3420 of the insurance law is amended by adding a
     2  new subsection (k) to read as follows:
     3    (k) A liability policy may  provide  coverage  for  punitive  damages,
     4  civil penalties or other non-compensatory damages.
     5    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01964-01-7