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A03787 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3787
 
                               2017-2018 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 30, 2017
                                       ___________
 
        Introduced by M. of A. CAHILL -- read once and referred to the Committee
          on Insurance
 
        AN  ACT  relating  to  the  creation  of a study of the minimum coverage
          amounts for non-commercial auto insurance
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1. The department of financial services shall conduct a study
     2  of the minimum coverage amounts for  liability  and  uninsured  motorist
     3  coverage  currently  required under article 3 of the vehicle and traffic
     4  law for non-commercial auto insurance in New  York  state,  the  minimum
     5  amount of no-fault coverage required by article 51 of the insurance law,
     6  and additional coverage options, including but not limited to comprehen-
     7  sive, collision, and supplemental uninsured/underinsured motorist cover-
     8  age.    In conducting this study, such department shall consider whether
     9  the current minimum coverage amounts are adequate to protect  consumers;
    10  whether  and  to what extent consumers purchase higher coverage amounts;
    11  the impact higher coverage amounts have on premiums, claims  processing,
    12  and  consumer  satisfaction; and any other factors such department deems
    13  relevant. Such department  shall  consult  with  relevant  stakeholders,
    14  including  insurance  companies,  insurance producers, consumer advocacy
    15  groups, and any other person or entity such department deems  necessary.
    16  Such  department  shall issue a report of its findings as well as recom-
    17  mendations as to whether  the  required  minimum  coverage  amounts  for
    18  liability,   uninsured   motorist   coverage,  and  no-fault  should  be
    19  increased, the extent to which such amounts should be increased, and the
    20  impact this would have on premiums. Such  department  shall  submit  its
    21  report  to  the  governor,  the  temporary  president of the senate, the
    22  speaker of the assembly, and the  chairs  of  the  senate  and  assembly
    23  standing committees on insurance no later than April 15, 2019.
    24    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01675-01-7
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