STATE OF NEW YORK
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5805
2019-2020 Regular Sessions
IN ASSEMBLY
February 19, 2019
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Introduced by M. of A. ENGLEBRIGHT -- read once and referred to the
Committee on Insurance
AN ACT to amend the insurance law, in relation to requiring reduction in
rates of premiums for commercial risk fire insurance on certain
historic sites owned and operated by a not-for-profit corporation
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The insurance law is amended by adding a new section 2346-b
2 to read as follows:
3 § 2346-b. Reduction in rates of commercial risk fire insurance premi-
4 ums; nonprofit historic sites. The superintendent shall provide for an
5 actuarially appropriate reduction in the rates of the fire insurance
6 component of commercial risk insurance premiums applicable to a historic
7 site, as defined in subdivision fourteen of section 1.03 of the parks,
8 recreation and historic preservation law, equipped with an approved
9 sprinkler system and owned and operated by a not-for-profit corporation.
10 § 2. This act shall take effect on the sixtieth day after it shall
11 have become a law, and shall apply to all policies issued, renewed,
12 modified, altered or amended on or after such date. Effective imme-
13 diately, the addition, amendment and/or repeal of any rule or regulation
14 necessary for the implementation of this act on its effective date are
15 authorized to be made and completed on or before such date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09747-01-9
