STATE OF NEW YORK
August 17, 2020
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Carroll) --
read once and referred to the Committee on Insurance
AN ACT in relation to requiring insurers to make insurance premium
refunds and other adjustments to all policyholders adversely impacted
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Notwithstanding any provisions of law, rule or regulation
2 to the contrary, the department of financial services is authorized and
3 directed to require insurers to make initial premium refund or other
4 adjustments to all adversely impacted New York policyholders. Such
5 refund or adjustment shall be for each month during the declared state
6 emergency due to the coronavirus disease 2019 (COVID-19) pandemic begin-
7 ning March 7, 2020 and apply to the following lines of insurance:
8 1. Private passenger automobile insurance;
9 2. Commercial automobile insurance;
10 3. Workers' compensation insurance;
11 4. Commercial multiple-peril insurance;
12 5. Commercial liability insurance;
13 6. Medical malpractice insurance; and
14 7. Any other line of coverage where the measures of risk have become
15 substantially overstated as a result of the coronavirus disease 2019
16 (COVID-19) pandemic.
17 § 2. Insurers shall comply with the mandated premium refund to policy-
18 holders by providing a premium credit, reduction, return of premium,
19 dividend or other appropriate premium adjustment, based on reclassifica-
20 tion of exposures to comport with current exposure, or a reduction of
21 the exposure base to reflect actual or anticipated exposure.
22 § 3. Insurers shall provide such refund or other adjustments to poli-
23 cyholders no later than 30 days after the effective date of this act.
24 § 4. This act shall take effect immediately, and shall be deemed to
25 have been in full force and effect on and after March 7, 2020 and shall
26 apply to insurance policies in force on and after that date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 is old law to be omitted.