Bill Text: NY S04276 | 2015-2016 | General Assembly | Introduced
Bill Title: Relates to the use of local cost data when adjusting claims; requires an insurer and independent adjuster to adjust certain claims made under an insurance policy that provides coverage for loss of or damage to property using cost data appropriate for the region of this state where the loss or damage occurred.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2015-06-11 - SUBSTITUTED BY A5015 [S04276 Detail]
Download: New_York-2015-S04276-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
4276
2015-2016 Regular Sessions
I N S E N A T E
March 11, 2015
___________
Introduced by Sen. GOLDEN -- 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 use of local cost data
when adjusting claims
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Section 2108 of the insurance law is amended by adding a
2 new subsection (t) to read as follows:
3 (T) AN INSURER AND INDEPENDENT ADJUSTER, INCLUDING AN INDEPENDENT
4 ADJUSTER RECEIVING A PERMIT UNDER SUBSECTION (N) OF THIS SECTION, SHALL
5 ADJUST A CLAIM MADE UNDER AN INSURANCE POLICY THAT PROVIDES COVERAGE FOR
6 LOSS OF OR DAMAGE TO REAL OR PERSONAL PROPERTY USING COST DATA APPROPRI-
7 ATE FOR THE REGION OF THIS STATE WHERE THE LOSS OR DAMAGE OCCURRED. THIS
8 SUBSECTION SHALL NOT APPLY TO AUTOMOBILE INSURANCE POLICIES.
9 S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00497-01-5
