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A06665 Summary:

SPONSORPheffer Amato
COSPNSRJones, Ortiz, Cook, Crespo, Miller ML, DiPietro, Harris
Ren 3445 to be 3455, amd 3455, Ins L
Provides superintendent of financial services shall establish standards for hurricane windstorm deductibles, creating uniformity in the operation of such deductibles with respect to the triggering event.
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A06665 Text:

                STATE OF NEW YORK
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                     March 13, 2017
        Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
          Committee on Insurance
        AN ACT to amend the insurance law, in relation to  homeowners  insurance
          deductibles triggers
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 3445 of the insurance law, as added by  chapter  44
     2  of  the  laws of 1998, is renumbered section 3455 and amended to read as
     3  follows:
     4    § 3455. Windstorm insurance notice; deductible trigger standards.  (a)
     5  The superintendent shall by regulation establish disclosure requirements
     6  with respect to the operation of any deductible in a homeowner's  insur-
     7  ance  policy or dwelling fire personal lines policy which applies as the
     8  result of a windstorm. Such regulations shall prescribe the  form  of  a
     9  notice  to  be  provided  by  an insurer to an insured. The notice shall
    10  explain in clear and plain language the amount of  the  deductible,  the
    11  circumstances  under  which the deductible applies and any other matters
    12  which the superintendent, in his or her discretion, shall deem necessary
    13  or appropriate.
    14    (b) The superintendent shall by  regulation  establish  standards  for
    15  hurricane  windstorm  deductibles,  which create, to the greatest extent
    16  possible, uniformity in the operation of such deductibles  with  respect
    17  to the triggering event.
    18    The  superintendent  shall  promulgate  such  regulations by emergency
    19  adoption or otherwise, within one hundred eighty days of  the  effective
    20  date  of  the  chapter of the laws of two thousand seventeen which added
    21  this subsection. Notwithstanding paragraph seven of  subsection  (a)  of
    22  section  three  thousand  four  hundred twenty-five of this article, any
    23  changes in a homeowner's insurance policy or dwelling, fire, or personal
    24  policy registered as a result of the adoption by the  superintendent  of
    25  regulations  under  this section, may be applied to such policies on the
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        A. 6665                             2
     1  policy's initial renewal date or the policy's next annual renewal  after
     2  the effective date of such regulations.
     3    §  2.  This  act shall take effect on the ninetieth day after it shall
     4  have become a law, and shall apply to all policies issued or renewed  on
     5  or  after  the one hundred eightieth day after the adoption of the regu-
     6  lations required in section 3455 of the insurance  law,  as  amended  by
     7  this act.
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