Relates to requiring insurers to refund or credit to the insured a percentage of the premiums paid after receiving a non-renewal notice, based solely on the geographical location of the property or risks.

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A2561-2011 Actions

• Jun 6, 2012: held for consideration in insurance
• Jan 4, 2012: referred to insurance
• Jan 19, 2011: referred to insurance

A2561-2011 Text

                      S T A T E   O F   N E W   Y O R K
  ________________________________________________________________________

                                    2561

                         2011-2012 Regular Sessions

                            I N  ASSEMBLY

                              January 19, 2011
                                 ___________

  Introduced  by  M.  of  A. WEISENBERG, COLTON, JAFFEE, PERRY, BENEDETTO,
    ZEBROWSKI, SPANO, TITUS, HOOPER, PHEFFER,  MARKEY,  CASTRO  --  Multi-
    Sponsored  by -- M. of A. BARRON, BOYLAND, BROOK-KRASNY, GALEF, LATIM-
    ER, MAISEL, MAYERSOHN, McDONOUGH, McENENY, McKEVITT, RAIA,  J. RIVERA,
    ROBINSON, RUSSELL, SALADINO, SCHIMEL, THIELE -- read once and referred
    to the Committee on Insurance

  AN  ACT to amend the insurance law, in relation to requiring insurers to
    refund or credit to the insured a percentage  of  the  premiums  paid,
    after they receive a non-renewal notice for homeowners insurance

    THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
  BLY, DO ENACT AS FOLLOWS:


    Section 1. The insurance law is amended by adding a new section 3430-a
  to read as follows:

    S 3430-A. RIGHT OF INSURED UPON NOTICE OF NON-RENEWAL  OF  HOMEOWNER'S
  INSURANCE.  (A)  THE SUPERINTENDENT SHALL CAUSE THE INSURER TO REFUND OR
  CREDIT ANY INSURED WHO HAS RECEIVED A NOTICE  OF  NON-RENEWAL  FROM  THE
  INSURER  FOR HOMEOWNER'S INSURANCE, INCLUDING FIRE INSURANCE OR FIRE AND
  EXTENDED COVERAGE INSURANCE, OTHER  THAN  FROM  THE  NEW  YORK  PROPERTY
  INSURANCE  UNDERWRITING  ASSOCIATION,  FOR  A PERCENTAGE OF THE PREMIUMS
  PAID FOR THE NUMBER OF YEARS A CLAIM WAS NOT MADE, PROVIDED, HOWEVER THE
  INSURED'S NON-RENEWAL  NOTICE  WAS  BASED  SOLELY  ON  THE  GEOGRAPHICAL
  LOCATION  OF  THE PROPERTY OR RISKS AND NOT BASED ON ANY CLAIM OR CLAIMS
  MADE BY THE INSURED.
    (B) THE SUPERINTENDENT SHALL PROMULGATE RULES AND REGULATIONS  REGARD-
  ING  THE  MANNER  AND PERCENTAGE IN WHICH PREMIUMS ARE TO BE REFUNDED OR
  CREDITED.
    S 2. This act shall take effect immediately.


   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD04197-01-1