|SAME AS||SAME AS S02062|
|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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STATE OF NEW YORK ________________________________________________________________________ 6665 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. LBD07834-01-7A. 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.