Bill Text: NY S02809 | 2017-2018 | General Assembly | Amended

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Bill Title: Requires the superintendent to promulgate regulations which provide standardized definitions for commonly used terms and phrases in certain insurance policies.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2018-01-03 - REFERRED TO INSURANCE [S02809 Detail]

Download: New_York-2017-S02809-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         2809--A
                               2017-2018 Regular Sessions
                    IN SENATE
                                    January 17, 2017
                                       ___________
        Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
          printed to be committed to the Committee  on  Insurance  --  committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee
        AN  ACT  to amend the insurance law, in relation to requiring the super-
          intendent  of  financial  services  to  promulgate  regulations  which
          provide  standardized  definitions for commonly used terms and phrases
          in certain insurance policies
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  3425 of the insurance law is amended by adding a
     2  new subsection (t) to read as follows:
     3    (t) Within six months after the effective date of this subsection, the
     4  superintendent shall promulgate regulations in accordance  with  section
     5  two  hundred two of the state administrative procedure act which provide
     6  standardized definitions for commonly used terms and phrases in policies
     7  that provide coverage for personal lines insurance as defined  in  para-
     8  graph two of subsection (a) of this section. Such standardized terms and
     9  phrases shall be used in such policies issued or delivered in this state
    10  on  or  after  the date the regulations are finalized, which shall be no
    11  later than January first, two thousand nineteen.   An  insurer  may  use
    12  alternative  definitions,  so  long as such definitions are not any less
    13  favorable to the policyholder or claimant, as determined by  the  super-
    14  intendent.
    15    §  2.  Section  3426  of  the insurance law is amended by adding a new
    16  subsection (p) to read as follows:
    17    (p) Within six months after the effective date of this subsection, the
    18  superintendent shall promulgate regulations in accordance  with  section
    19  two  hundred two of the state administrative procedure act which provide
    20  standardized definitions for commonly used terms and phrases in policies
    21  that provide coverage for commercial lines insurance policies that cover
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01390-03-7
        S. 2809--A                          2
     1  loss or damage to real property, personal property, or other liabilities
     2  for loss or damage to property.  Such  standardized  terms  and  phrases
     3  shall  be  used in such policies issued or delivered in this state on or
     4  after  the  date  the regulations are finalized, which shall be no later
     5  than January first, two thousand nineteen. An insurer may  use  alterna-
     6  tive definitions, so long as such definitions are not any less favorable
     7  to the policyholder or claimant, as determined by the superintendent.
     8    § 3. This act shall take effect immediately.