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S02032 Text:

                STATE OF NEW YORK
                               2013-2014 Regular Sessions
                    IN SENATE
                                     January 9, 2013
        Introduced by Sens. LAVALLE, MARTINS, MAZIARZ, RANZENHOFER -- read twice
          and ordered printed, and when printed to be committed 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 renumbered section 3455 and amended to  read  as
     3  follows:
     4    § 3455. Windstorm insurance notice; deductible trigger standards.  (a)
     5  The superintendent shall by regulation establish disclosure requirements
     6  with  respect to the operation of any deductible in a homeowner's insur-
     7  ance policy or dwelling fire personal lines policy which applies as  the
     8  result  of  a  windstorm. Such regulations shall prescribe the form of a
     9  notice to be provided by an insurer to  an  insured.  The  notice  shall
    10  explain  in  clear  and plain language the amount of the deductible, the

    11  circumstances under which the deductible applies and any  other  matters
    12  which the superintendent, in his or her discretion, shall deem necessary
    13  or appropriate.
    14    (b)  The  superintendent  shall  by regulation establish standards for
    15  hurricane windstorm deductibles, which create, to  the  greatest  extent
    16  possible,  uniformity  in the operation of such deductibles with respect
    17  to the triggering event.
    18    The superintendent shall  promulgate  such  regulations  by  emergency
    19  adoption  or  otherwise, within one hundred eighty days of the effective
    20  date of the chapter of the laws of two  thousand  thirteen  which  added
    21  this  subsection.  Notwithstanding  paragraph seven of subsection (a) of
    22  section three thousand four hundred twenty-five  of  this  article,  any

    23  changes in a homeowner's insurance policy or dwelling, fire, or personal
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        S. 2032                             2
     1  policy  registered  as a result of the adoption by the superintendent of
     2  regulations under this section, may be applied to such policies  on  the
     3  policy's  initial renewal date or the policy's next annual renewal after
     4  the effective date of such regulations.
     5    §  2.  This  act shall take effect on the ninetieth day after it shall
     6  have become a law, and shall apply to all policies issued or renewed  on

     7  or  after  the one hundred eightieth day after the adoption of the regu-
     8  lations required in section 3455 of the insurance  law,  as  amended  by
     9  this act.
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