Bill Text: NY S01711 | 2015-2016 | General Assembly | Introduced

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Bill Title: Provides for the disclosure of the exclusion of buried oil tanks in property/casualty insurance contracts in at least twelve point, boldface type.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO INSURANCE [S01711 Detail]

Download: New_York-2015-S01711-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1711
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                   January 14, 2015
                                      ___________
       Introduced  by Sen. CARLUCCI -- 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  disclosure  of  the
         exclusion  of  buried  oil  tanks in property/casualty  insurance con-
         tracts
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The insurance law is amended by adding a new section 3407-b
    2  to read as follows:
    3    S  3407-B.  PROPERTY/CASUALTY  INSURANCE  CONTRACT AND POLICY STANDARD
    4  PROVISIONS FOR THE EXCLUSION OF BURIED  OIL  TANKS.  THE  SUPERINTENDENT
    5  SHALL  BY  REGULATION  ESTABLISH DISCLOSURE REQUIREMENTS WITH RESPECT TO
    6  THE DISCLOSURE IN A HOMEOWNER'S INSURANCE POLICY WHICH  APPLIES  TO  THE
    7  EXCLUSION  OF  BURIED  OIL TANKS.   SUCH REGULATIONS SHALL PRESCRIBE THE
    8  FORM OF A DISCLOSURE TO BE PROVIDED BY AN INSURER TO  AN  INSURED.  SUCH
    9  DISCLOSURE  NOTICE  SHALL  EXPLAIN  IN  CLEAR AND PLAIN LANGUAGE, AND IN
   10  PROMINENT, BOLDFACE TYPE AND  TWELVE  POINT  TYPE  OR  LARGER  THAT  THE
   11  REMOVAL OF BURIED OIL TANKS IS NOT COVERED BY SUCH POLICY.
   12    S 2. This act shall take effect on the one hundred twentieth day after
   13  it shall have become a law; provided, however, that effective immediate-
   14  ly,  the  addition,  amendment  and/or  repeal of any rule or regulation
   15  necessary for the implementation of this act on its effective  date  are
   16  authorized  and  directed  to  be  made  and completed on or before such
   17  effective date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03408-01-5