Bill Text: NY S03498 | 2019-2020 | General Assembly | Introduced

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Bill Title: Relates to personal and commercial lines insurance; provides that an insurer or producer shall, prior to the time a policy of personal lines insurance is sold or purchased, provide the potential insured with a copy of the policy and allow the potential insured sufficient time to review such policy; further provides that an insurer or producer shall, prior to the time a policy of commercial lines insurance that provides coverage for loss or damage to real property, personal property, or other liabilities for loss or damage to property is sold or purchased, provide the potential insured with a copy of the policy and allow the potential insured sufficient time to review such policy.

Sponsorship: Bipartisan Bill

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO INSURANCE [S03498 Detail]

Download: New_York-2019-S03498-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3498
                               2019-2020 Regular Sessions
                    IN SENATE
                                    February 8, 2019
                                       ___________
        Introduced  by  Sens. BRESLIN, SEWARD -- 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 personal  and  commer-
          cial lines insurance
          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 (a-1) to read as follows:
     3    (a-1)  An  insurer  or  producer  shall, prior to the time a policy of
     4  personal lines insurance is sold or  purchased,  provide  the  potential
     5  insured with a copy of the policy and allow the potential insured suffi-
     6  cient  time  to  review such policy. Personal lines insurance shall have
     7  the same meaning as paragraph two of subsection (a) of this section.
     8    § 2. Section 3426 of the insurance law is  amended  by  adding  a  new
     9  subsection (a-1) to read as follows:
    10    (a-1)  An  insurer  or  producer  shall, prior to the time a policy of
    11  commercial lines insurance that provides coverage for loss or damage  to
    12  real  property,  personal  property,  or  other  liabilities for loss or
    13  damage to property is sold or purchased, provide the  potential  insured
    14  with  a  copy  of  the policy and allow the potential insured sufficient
    15  time to review such policy.
    16    § 3. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01993-01-9