New York State Assembly

 
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A00391 Summary:

A00391 Actions:

A00391 Committee Votes:

Committee:INSURANCE   Chair:Cahill      
DATE:01/17/2017AYE/NAY:17/7  Action: Favorable         
Cahill
Aye
Barclay
Nay
Cook
Aye
Butler
Nay
Pretlow
Aye
Hawley
Nay
Rivera
Absent
Blankenbush
Nay
Peoples-Stokes
Aye
Curran
Nay
Cymbrowitz
Aye
Walter
Nay
Lavine
Aye
Garbarino
Nay
Moya
Aye
Hevesi
Aye
Skoufis
Aye
Steck
Aye
Crespo
Aye
Joyner
Aye
Dilan
Aye
Hunter
Aye
Simotas
Aye
Walker
Aye
Niou
Aye

A00391 Floor Votes:

A00391 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                           391
 
                               2017-2018 Regular Sessions
 
                   IN ASSEMBLY
 
                                     January 9, 2017
                                       ___________
 
        Introduced by M. of A. CAHILL, CYMBROWITZ -- Multi-Sponsored by -- M. of
          A.  ABINANTI,  CUSICK,  MALLIOTAKIS,  MOYA,  PERRY, SALADINO, SKOUFIS,
          WEPRIN -- read once and referred to the Committee on Insurance
 
        AN ACT to amend the insurance law, in relation to requiring  the  super-
          intendent  of  financial  services  to  promulgate  regulations  which
          provide standardized definitions for commonly used terms  and  phrases
          in certain insurance policies
 
          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 (t) to read as follows:
     3    (t) Within six months after the effective date of this subsection, the
     4  superintendent  shall  promulgate regulations in accordance with section
     5  two hundred two of the state administrative procedure act which  provide
     6  standardized definitions for commonly used terms and phrases in policies
     7  that  provide  coverage for personal lines insurance as defined in para-
     8  graph two of subsection (a) of this section. Such standardized terms and
     9  phrases shall be used in such policies issued or delivered in this state
    10  on or after the date the regulations are finalized, which  shall  be  no
    11  later  than  January  first,  two  thousand nineteen. An insurer may use
    12  alternative definitions, so long as such definitions are  not  any  less
    13  favorable  to  the policyholder or claimant, as determined by the super-
    14  intendent.
    15    § 2. Section 3426 of the insurance law is  amended  by  adding  a  new
    16  subsection (p) to read as follows:
    17    (p) Within six months after the effective date of this subsection, the
    18  superintendent  shall  promulgate regulations in accordance with section
    19  two hundred two of the state administrative procedure act which  provide
    20  standardized definitions for commonly used terms and phrases in policies
    21  that provide coverage for commercial lines insurance policies that cover
    22  loss or damage to real property, personal property, or other liabilities
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01390-01-7
        A. 391                              2
 
     1  for  loss  or  damage  to  property. Such standardized terms and phrases
     2  shall be used in such policies issued or delivered in this state  on  or
     3  after  the  date  the regulations are finalized, which shall be no later
     4  than  January  first, two thousand nineteen. An insurer may use alterna-
     5  tive definitions, so long as such definitions are not any less favorable
     6  to the policyholder or claimant, as determined by the superintendent.
     7    § 3. This act shall take effect immediately.