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.
STATE OF NEW YORK
________________________________________________________________________
950--C
Cal. No. 58
2021-2022 Regular Sessions
IN ASSEMBLY(Prefiled)
January 6, 2021
___________
Introduced by M. of A. PHEFFER AMATO, JONES, COOK, WALLACE, BENEDETTO,
GRIFFIN, FERNANDEZ, ZINERMAN -- read once and referred to the Commit-
tee on Insurance -- committee discharged, bill amended, ordered
reprinted as amended and recommitted to said committee -- reported
from committee, advanced to a third reading, amended and ordered
reprinted, retaining its place on the order of third reading --
ordered to a third reading, amended and ordered reprinted, retaining
its place on the order of third reading
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
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05133-06-2
A. 950--C 2
1 date of the chapter of the laws of two thousand twenty-two which added
2 this subsection. Notwithstanding paragraph seven of subsection (a) of
3 section three thousand four hundred twenty-five of this article, any
4 changes in a homeowner's insurance policy or dwelling, fire, or personal
5 policy registered as a result of the adoption by the superintendent of
6 regulations under this section, may be applied to such policies on the
7 policy's initial renewal date or the policy's next annual renewal after
8 the effective date of such regulations.
9 § 2. This act shall take effect on the ninetieth day after it shall
10 have become a law, and shall apply to all policies issued or renewed on
11 or after the one hundred eightieth day after the adoption of the regu-
12 lations required in section 3445 of the insurance law, as amended by
13 this act.
