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S05236 Summary:

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S05236 Floor Votes:

S05236 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5236
 
                               2013-2014 Regular Sessions
 
                    IN SENATE
 
                                      May 14, 2013
                                       ___________
 
        Introduced  by  Sen.  SEWARD -- 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 the joint underwriting
          association
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 

     1    Section  1.  Subsection  (g)  of section 5402 of the insurance law, as
     2  amended by section 1 of part W of chapter 55 of the  laws  of  2013,  is
     3  amended to read as follows:
     4    (g)  In  addition  to  fire insurance, extended coverage, coverage for
     5  additional perils and homeowners  insurance  should  the  same  be  made
     6  available  through the association in accordance with a determination of
     7  necessity pursuant to section five thousand four hundred twelve of  this
     8  article,  the  association  may  offer broad form coverage to applicants
     9  seeking to insure real property at fixed locations of this state, or the
    10  tangible personal property located thereon. The  association  may  offer
    11  broad  form coverage for a period of ten years beginning on June thirti-
    12  eth, two thousand eight. [The] On or before October first, two  thousand

    13  seventeen  the superintendent shall require the association to report to
    14  him or her [annually during that ten-year period] as to  the  number  of
    15  policies  written  pursuant  to  this  subsection and paragraph three of
    16  subsection (f) of section five thousand four hundred five of this  arti-
    17  cle [in the previous year], and any other information the superintendent
    18  may  require.  [The superintendent shall then report to the governor and
    19  the legislature regarding the number of policies issued pursuant to this
    20  subsection and such paragraph annually for the  first  nine  years  such
    21  coverage is offered.] On or before January first, two thousand eighteen,
    22  the superintendent shall [make a final, cumulative] report to the gover-

    23  nor  and the legislature [which] regarding the number of policies issued
    24  pursuant to this section and such paragraph and shall include  recommen-
    25  dations as to the continuation of such insurance offerings.
    26    § 2. This act shall take effect immediately.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10992-01-3