A1613-2011 Actions

• Jan 4, 2012: referred to insurance
• Jan 11, 2011: referred to insurance

A1613-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                         1613
 2011-2012 Regular Sessions
 I N  ASSEMBLY
 January 11, 2011
 
 Introduced  by M. of A. SWEENEY, PHEFFER, WEISENBERG, ENGLEBRIGHT, BREN
 NAN, ROBINSON, P. RIVERA, THIELE, TITUS -- Multi-Sponsored by -- M. of
 A. BENEDETTO, BOYLAND, CAHILL,  LENTOL,  MAGNARELLI,  MAISEL,  MARKEY,
 McENENY,  MILLMAN, MORELLE, PERRY, REILLY -- read once and referred to
 the Committee on Insurance
 

AN ACT to amend the insurance law, in relation to limiting the scope  of
 an insurer's reduction of insurance coverage by limiting the volume of
 notices of intention to not renew or condition renewal to four percent
 of  the  total  number  of  covered  policies of such insurer's rating
 territory; and in relation to establishing standards  for  definitions
 contained  within  such  law;  and repealing certain provisions of the
 insurance law relating thereto
 THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section  1.  Subparagraph  (C)  of  paragraph  2  of subsection (o) of
 section 3425 of the insurance law, as added by chapter 42 of the laws of
 1996, is amended to read as follows:

 (C) The superintendent  shall  promulgate  rules  and  regulations  to
 establish  standards for the definition of "materially reduce its volume
 of policies" as used in this paragraph. Such  definition  shall  require
 that  a  plan  be  filed with the superintendent if the insurer plans to
 reduce the net number of homeowners insurance  policies  as  defined  in
 subsection (a) of section twenty-three hundred fifty-one of this chapter
 WITHIN ANY SUCH INSURER'S RATING TERRITORY IN USE IN THIS STATE by twen
 ty  percent  or more, or plans to reduce the net number of such policies
 it writes by five hundred, whichever is  greater,  within  a  five  year
 period  of  time; provided, however, that if an insurer is not otherwise
 required to file a plan pursuant to this subparagraph, a plan  shall  be
 filed  if the insurer plans to reduce the net number of such policies it
 has in force in a twelve month period WITHIN ANY SUCH  INSURER'S  RATING
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02880-01-1
 
       A. 1613                             2
 TERRITORY IN USE IN THIS STATE by four percent or more or the net number
 of such policies it writes by one hundred, whichever is greater.
 The  provisions  of  this  subparagraph  shall  not  apply to policies
 cancelled or nonrenewed by  the  insured  or  policies  not  renewed  or
 cancelled  pursuant  to  subparagraph (A), (B), (C), (D) or (E) of para
 graph two of subsection (c) of this section.
 

S 2. Subsection (g) of section 5412 of the insurance law is REPEALED.
 

S 3. This act shall take effect on the first of January next  succeed
 ing the date on which it shall have become a law.

*By contributing or voting you agree to the Terms of Participation and Privacy Policy and verify you are over 13.

Discuss!