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.
STATE OF NEW YORK
________________________________________________________________________
7454
2013-2014 Regular Sessions
IN ASSEMBLY
May 17, 2013
___________
Introduced by M. of A. CAHILL -- read once and referred 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.
LBD11167-01-3
