Bill Text: NY S04158 | 2021-2022 | General Assembly | Introduced

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Bill Title: Requires that an insurer participating in the assigned risk plan shall review the risk profiles of each policy holder that has been assigned to such insurer through the plan to determine if such policy holders are eligible for motor vehicle insurance coverage written by such insurer in the voluntary market.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO INSURANCE [S04158 Detail]

Download: New_York-2021-S04158-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4158

                               2021-2022 Regular Sessions

                    IN SENATE

                                    February 2, 2021
                                       ___________

        Introduced  by  Sen.  COMRIE -- 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 certain policy review

          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 5305
     2  to read as follows:
     3    § 5305. Policy review. (a) Within ninety days after the effective date
     4  of this section and every two years thereafter, an insurer participating
     5  in the assigned risk plan pursuant to this article shall review the risk
     6  profiles of each policy holder that has been assigned  to  such  insurer
     7  through  the  plan  to determine if such policy holders are eligible for
     8  motor vehicle insurance coverage written by such insurer in  the  volun-
     9  tary  market.  Such  insurer  shall,  upon  renewal, write motor vehicle
    10  insurance coverage in the voluntary market for any policy holder  deter-
    11  mined to be eligible for such coverage.
    12    (b)  An  insurer  shall  send written notice of the review required by
    13  subsection (a) of this section to each policy  holder  at  least  thirty
    14  days  prior to the date that such review is conducted. Such notice shall
    15  also inform each policy holder of a policy holder's right to search  for
    16  and obtain coverage on the voluntary market at any time.
    17    (c)  An insurer shall also send written notice of the determination of
    18  eligibility for coverage  in  the  voluntary  market  made  pursuant  to
    19  subsection  (a) of this section to a policy holder within ten days after
    20  such determination is made.
    21    (d) Any person insured pursuant to this article may file  a  complaint
    22  with  the  superintendent  regarding  any  violations of this section by
    23  insurers participating in the assigned risk plan.
    24    § 2. Section 309 of the insurance law  is  amended  by  adding  a  new
    25  subsection (d) to read as follows:

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03198-01-1
        S. 4158                             2

     1    (d)  As part of an examination, the superintendent shall review deter-
     2  minations made pursuant to section five thousand three hundred  five  of
     3  this chapter regarding the eligibility of policy holders for coverage on
     4  the  voluntary  market  to  ensure  such  determinations   are issued in
     5  compliance  with  such  section,  that  such determinations are based on
     6  sound underwriting and actuarial  principles  and  that  policy  holders
     7  eligible  for  coverage  in the voluntary market are being provided with
     8  such coverage in compliance with such section.
     9    § 3. This act shall take effect immediately.