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A06665 Summary:

SPONSORPheffer Amato
COSPNSRJones, Ortiz, Cook, Crespo, Miller ML, DiPietro
Amd 3455, Ins L
Provides that the 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,  JONES,  ORTIZ, COOK, CRESPO,
          M. L. MILLER, DiPIETRO, HARRIS  --  read  once  and  referred  to  the
          Committee on Insurance -- recommitted to the Committee on Insurance in
          accordance  with Assembly Rule 3, sec. 2 -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-
        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 amended to read as follows:
     3    § 3445. Windstorm insurance notice; deductible trigger standards.  (a)
     4  The superintendent shall by regulation establish disclosure requirements
     5  with respect to the operation of any deductible in a homeowner's  insur-
     6  ance  policy or dwelling fire personal lines policy which applies as the
     7  result of a windstorm. Such regulations shall prescribe the  form  of  a
     8  notice  to  be  provided  by  an insurer to an insured. The notice shall
     9  explain in clear and plain language the amount of  the  deductible,  the
    10  circumstances  under  which the deductible applies and any other matters
    11  which the superintendent, in his or her discretion, shall deem necessary
    12  or appropriate.
    13    (b) The superintendent shall by  regulation  establish  standards  for
    14  hurricane  windstorm  deductibles,  which create, to the greatest extent
    15  possible, uniformity in the operation of such deductibles  with  respect
    16  to the triggering event.
    17    The  superintendent  shall  promulgate  such  regulations by emergency
    18  adoption or otherwise, within one hundred eighty days of  the  effective
    19  date  of  the  chapter  of the laws of two thousand eighteen which added
    20  this subsection. Notwithstanding paragraph seven of  subsection  (a)  of
    21  section  three  thousand  four  hundred twenty-five of this article, any
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        A. 6665--A                          2
     1  changes in a homeowner's insurance policy or dwelling, fire, or personal
     2  policy registered as a result of the adoption by the  superintendent  of
     3  regulations  under  this section, may be applied to such policies on the
     4  policy's  initial renewal date or the policy's next annual renewal after
     5  the effective date of such regulations.
     6    § 2. This act shall take effect on the ninetieth day  after  it  shall
     7  have  become a law, and shall apply to all policies issued or renewed on
     8  or after the one hundred eightieth day after the adoption of  the  regu-
     9  lations  required  in  section  3445 of the insurance law, as amended by
    10  this act.
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