A6346A-2011 Actions

• Jan 4, 2012: referred to insurance
• Jun 20, 2011: reported referred to codes
• Jun 14, 2011: print number 6346c
• Jun 14, 2011: amend and recommit to insurance
• Jun 10, 2011: print number 6346b
• Jun 10, 2011: amend (t) and recommit to insurance
• Mar 21, 2011: print number 6346a
• Mar 21, 2011: amend and recommit to insurance
• Mar 15, 2011: referred to insurance

A6346A-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 6346--A
 2011-2012 Regular Sessions
 I N  ASSEMBLY
 March 15, 2011
 
 Introduced  by M. of A. HEASTIE -- read once and referred to the Commit
 tee on  Insurance  --  committee  discharged,  bill  amended,  ordered
 reprinted as amended and recommitted to said committee
 AN  ACT to amend the insurance law, in relation to permitting an insurer
 to rescind or retroactively cancel a policy in certain circumstances
 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 3455
 to read as follows:

 

S 3455. CANCELLATION OF POLICY. (A) NOTWITHSTANDING ANY RULE,  LAW  OR
 REGULATION  TO  THE  CONTRARY,  AN  INSURER MAY RESCIND OR RETROACTIVELY
 CANCEL TO THE INCEPTION OF THE POLICY, A  NEWLY  ISSUED  COVERED  POLICY
 SUBJECT  TO  SUBSECTION (A) OF SECTION THREE THOUSAND FOUR HUNDRED TWEN
 TY-FIVE OF THIS CHAPTER OR A NEWLY ISSUED COMMERCIAL  AUTOMOBILE  INSUR
 ANCE POLICY SUBJECT TO SECTION THREE THOUSAND FOUR HUNDRED TWENTY-SIX OF
 THIS  CHAPTER, IF THE INITIAL PREMIUM PAYMENT IS NOT HONORED BY A FINAN
 CIAL INSTITUTION DUE TO NON-SUFFICIENT FUNDS, THE NONEXISTENCE OF A BANK
 ACCOUNT OR THE UNAUTHORIZED USE OF THE ACCOUNT.
 (B) A PERSON WHO IS INJURED DURING THIS PERIOD MAY  HAVE  RECOURSE  TO
 HIS  OR  HER  OWN  POLICY, OR THE MOTOR VEHICLE ACCIDENT INDEMNIFICATION
 CORPORATION, PROVIDED SUCH PERSON DID NOT PARTICIPATE IN ANY  FRAUDULENT
 ACTIVITY,  INCLUDING,  BUT  NOT LIMITED TO, A STAGED OR CAUSED ACCIDENT.
 THE MOTOR VEHICLE ACCIDENT INDEMNIFICATION CORPORATION MAY NOT SUBROGATE
 ITS CLAIM AGAINST THE RESCINDING INSURER.
 

S 2. This act shall take effect immediately.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09930-03-1

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