S T A T E O F N E W Y O R K
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1711
2015-2016 Regular Sessions
I N S E N A T E
January 14, 2015
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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