Bill Text: NY S03387 | 2011-2012 | General Assembly | Introduced

New York Senate Bill 3387 (Prior Session Legislation)

Bill Title: Provides superintendent of insurance shall establish standards for hurricane windstorm deductibles, creating uniformity in the operation of such deductibles with respect to the triggering event.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2012-02-01 - PRINT NUMBER 3387A [S03387 Detail]

Download: New_York-2011-S03387-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3387
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                   February 17, 2011
                                      ___________
       Introduced  by  Sen. LAVALLE -- 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  homeowners  insurance
         deductibles triggers
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 3445 of the insurance law, as added by  chapter  44
    2  of  the  laws of 1998, is renumbered section 3455 and amended to read as
    3  follows:
    4    S 3455. Windstorm insurance notice; DEDUCTIBLE TRIGGER STANDARDS.  (A)
    5  The superintendent shall by regulation establish disclosure requirements
    6  with respect to the operation of any deductible in a homeowner's  insur-
    7  ance  policy or dwelling fire personal lines policy which applies as the
    8  result of a windstorm. Such regulations shall prescribe the  form  of  a
    9  notice  to  be  provided  by  an insurer to an insured. The notice shall
   10  explain in clear and plain language the amount of  the  deductible,  the
   11  circumstances  under  which the deductible applies and any other matters
   12  which the superintendent, in his or her discretion, shall deem necessary
   13  or appropriate.
   14    (B) THE SUPERINTENDENT SHALL BY  REGULATION  ESTABLISH  STANDARDS  FOR
   15  HURRICANE  WINDSTORM  DEDUCTIBLES,  WHICH CREATE, TO THE GREATEST EXTENT
   16  POSSIBLE, UNIFORMITY IN THE OPERATION OF SUCH DEDUCTIBLES  WITH  RESPECT
   17  TO THE TRIGGERING EVENT.
   18    THE  SUPERINTENDENT  SHALL  PROMULGATE  SUCH  REGULATIONS BY EMERGENCY
   19  ADOPTION OR OTHERWISE, WITHIN ONE HUNDRED EIGHTY DAYS OF  THE  EFFECTIVE
   20  DATE  OF THE CHAPTER OF THE LAWS OF TWO THOUSAND ELEVEN WHICH ADDED THIS
   21  SUBSECTION. NOTWITHSTANDING PARAGRAPH SEVEN OF SUBSECTION (A) OF SECTION
   22  THREE THOUSAND FOUR HUNDRED TWENTY-FIVE OF THIS ARTICLE, ANY CHANGES  IN
   23  A  HOMEOWNER'S  INSURANCE  POLICY  OR DWELLING, FIRE, OR PERSONAL POLICY
   24  REGISTERED AS A RESULT OF THE ADOPTION BY THE  SUPERINTENDENT  OF  REGU-
   25  LATIONS UNDER THIS SECTION, MAY BE APPLIED TO SUCH POLICIES ON THE POLI-
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04265-01-1
       S. 3387                             2
    1  CY'S  INITIAL RENEWAL DATE OR THE POLICY'S NEXT ANNUAL RENEWAL AFTER THE
    2  EFFECTIVE DATE OF SUCH REGULATIONS.
    3    S  2.  This  act shall take effect on the ninetieth day after it shall
    4  have become a law, and shall apply to all policies issued or renewed  on
    5  or  after  the one hundred eightieth day after the adoption of the regu-
    6  lations required in section 3455 of the insurance  law,  as  amended  by
    7  this act.