STATE OF NEW YORK
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4969
2019-2020 Regular Sessions
IN ASSEMBLY
February 6, 2019
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Introduced by M. of A. RAIA, FINCH -- read once and referred to the
Committee on Insurance
AN ACT to amend the insurance law, in relation to requiring full disclo-
sure of the amount and duration of assessments in insurance policies
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Section 3102 of the insurance law is amended by adding a
2 new subsection (g) to read as follows:
3 (g) Each insurance policy, or renewal thereof, made, issued or deliv-
4 ered in this state on a risk located or resident in this state shall
5 identify any and all assessments made pursuant to such policy as being
6 assessments, and shall specify on its declarations page:
7 (1) the amount of the assessment for the immediate policy period and
8 in total;
9 (2) the method by which the assessment is calculated;
10 (3) the total years for which the assessment is levied; and
11 (4) the number of years remaining during which the assessment shall be
12 levied.
13 § 2. This act shall take effect on the first of January next succeed-
14 ing the date on which it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07857-01-9