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A09070 Summary:

BILL NOA09070
 
SAME ASNo Same As
 
SPONSORBlankenbush
 
COSPNSRBrabenec
 
MLTSPNSR
 
Amd §2336, Ins L
 
Provides for insurance premium reductions for successful completion of a fraud prevention course, known as the New York auto fraud prevention program.
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A09070 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A9070
 
SPONSOR: Blankenbush
  TITLE OF BILL: An act to amend the insurance law, in relation to providing premium reductions for successful completion of a fraud prevention course   PURPOSE OR GENERAL IDEA OF BILL: Provides for insurance premium reductions for successful completion of a fraud prevention course   SUMMARY OF PROVISIONS: Section 1. Section 2336 of the insurance law is amended by adding a new subsection (i) to read as follows: (i) Any schedule of rates or rating plan for motor vehicle liability, comprehensive, collision and personal inquiry protection coverages submitted to the superintendent shall provide for an appropriate reduction in premium charges for any insured for a period of two years after successfully completing a fraud prevention course, known as the New York auto fraud prevention program.   JUSTIFICATION: Due to the rising costs associated with insurance fraud, consumers pay higher health and auto premiums year after year. There is a real risk to public safety as insureds and third-party claimants are targets of various fraud schemes including staged accidents, identity theft, and medical fraud involving unnecessary and invasive medical treatment - all to increase profits for opportunistic fraudsters. A solution to this growing problem is to educate consumers on the inherent risks associated with insurance fraud. An educated consumer is less likely to participate and /or fall victim to a fraud scheme. This proposed bill will require insurers to offer a premium reduction to insureds who complete a fraud prevention course known as the New York Auto Fraud Prevention Program.   PRIOR LEGISLATIVE HISTORY: New bill.   FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: To be determined.   EFFECTIVE DATE: This act shall take effect on the first day of January next succeeding the date on which it shall have become a law and shall apply to all policies issued, renewed, modified, altered or amended on or after such date.
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A09070 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9070
 
                   IN ASSEMBLY
 
                                    January 31, 2022
                                       ___________
 
        Introduced  by  M.  of  A.  BLANKENBUSH -- read once and referred to the
          Committee on Insurance
 
        AN ACT to amend the insurance law,  in  relation  to  providing  premium
          reductions for successful completion of a fraud prevention course
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 2336 of the insurance law is amended  by  adding  a
     2  new subsection (i) to read as follows:
     3    (i)  Any schedule of rates or rating plan for motor vehicle liability,
     4  comprehensive,  collision  and  personal  injury  protection   coverages
     5  submitted  to  the  superintendent  shall  provide  for  an  appropriate
     6  reduction in premium charges for any insured for a period of  two  years
     7  after  successfully  completing  a fraud prevention course, known as the
     8  New York auto fraud prevention program.
     9    § 2. This act shall take effect on  the  first  day  of  January  next
    10  succeeding  the date on which it shall have become a law and shall apply
    11  to all policies issued, renewed, modified,  altered  or  amended  on  or
    12  after such date.
 
 
 
 
 

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14369-01-2
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