New York State Assembly

 
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A02866 Summary:

A02866 Actions:

A02866 Committee Votes:

Committee:INSURANCE   Chair:Weprin      
DATE:04/26/2023AYE/NAY:22/2  Action: Favorable         
Weprin
Aye
Blankenbush
Aye
Cook
Aye
Hawley
Aye
Pretlow
Aye
Palmesano
Aye
Lavine
Aye
Gandolfo
Aye
Steck
Aye
Curran
Aye
Dilan
Aye
Jensen
Aye
Hunter
Aye
Blumencranz
Nay
Rosenthal
Aye
Bendett
Nay
Stern
Aye
Jacobson
Aye
Meeks
Aye
Forrest
Aye
Anderson
Aye
Cruz
Aye
Bores
Aye
Lunsford
Aye

A02866 Floor Votes:

A02866 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          2866
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 27, 2023
                                       ___________
 
        Introduced  by M. of A. PHEFFER AMATO, JONES, WALLACE, BENEDETTO, ZINER-
          MAN, CRUZ -- 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 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
    19  date of the chapter of the laws of two thousand twenty-three which added
    20  this subsection. Notwithstanding paragraph seven of  subsection  (a)  of
    21  section  three  thousand  four  hundred twenty-five of this article, any
    22  changes in a homeowner's insurance policy or dwelling, fire, or personal
    23  policy registered as a result of the adoption by the  superintendent  of
    24  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.
                                                                   LBD06414-01-3
        A. 2866                             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 3445 of the insurance  law,  as  amended  by
     7  this act.