Bill Text: NY S03479 | 2019-2020 | 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) 2020-01-08 - REFERRED TO INSURANCE [S03479 Detail]

Download: New_York-2019-S03479-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3479
                               2019-2020 Regular Sessions
                    IN SENATE
                                    February 7, 2019
                                       ___________
        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 contracts
          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    § 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    § 2. This act shall take effect on the one hundred twentieth day after
    13  it shall have become a law.  Effective immediately the addition,  amend-
    14  ment and/or repeal of any rule or regulation necessary for the implemen-
    15  tation  of  this act on its effective date are authorized to be made and
    16  completed on or before such date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06235-01-9