S2683B-2011 - NY Senate Open Legislation - Relates to motor vehicle liability insurance rates

Relates to motor vehicle liability insurance rates.

Sponsor: SEWARD / Committee: INSURANCE
Law Section: Insurance Law / Law: Amd S2335, Ins L

S2683B-2011 Actions

Jan 4, 2012: REFERRED TO INSURANCE
Jun 24, 2011: COMMITTED TO RULES
May 16, 2011: AMENDED ON THIRD READING 2683B
Mar 22, 2011: AMENDED ON THIRD READING (T) 2683A
Feb 28, 2011: ADVANCED TO THIRD READING
Feb 15, 2011: 2ND REPORT CAL.
Feb 14, 2011: 1ST REPORT CAL.87
Jan 28, 2011: REFERRED TO INSURANCE

S2683B-2011 Calendars

S2683B-2011 Votes

VOTE: COMMITTEE VOTE: - Insurance - Feb 14, 2011

Ayes (16): Seward, Flanagan, Gallivan, Golden, Grisanti, Lanza, Larkin, LaValle, Saland, Young, Breslin, Diaz, Espaillat, Kennedy, Parker, Smith
Ayes W/R (2): Kruger, Peralta

S2683B-2011 Memo

BILL NUMBER:S2683B

TITLE OF BILL:
An act
to amend the insurance law,
in relation to motor vehicle liability insurance
rates

PURPOSE:
To address technical issues which have
arisen with regard to
the implementation of chapter 277 of the laws of 201O.

SUMMARY OF PROVISIONS:
This bill would remedy certain technical issues
which have arisen in the implementation of chapter 277 of the laws of
2010, which took effect on November 27, 2010. Specifically, this bill
clarifies that the $2,000 accident surcharge threshold is applicable
to accidents occurring on or after June 1, 2011.
The bill further clarifies that the higher threshold will also apply
to policies issued, modified or renewed between November 27, 2010 and
June 1, 2011. This bill would also restore the superintendent of
insurance's authority to amend the surcharge threshold by regulation.

JUSTIFICATION:
This bill is necessary to address certain unanticipated
technical concerns which have arisen in connection with the
implementation of chapter 277 of the laws of 2010. Specifically,
this bill would ensure and codify the legislature's original intent
that there is no retroactive application of the provisions of chapter
277 of the laws of 2010. This measure would also restore the
superintendent of insurance's authority to amend the surcharge
threshold by regulation.

LEGISLATIVE HISTORY:
Similar to S.8519 of 2010.

FISCAL IMPLICATIONS:
None.

EFFECTIVE DATE:
Immediately, with provisions.

S2683B-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 2683--B
 Cal. No. 87
 2011-2012 Regular Sessions
 I N  SENATE
 January 28, 2011
 
 Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
 printed to be committed to the  Committee  on  Insurance  --  reported
 favorably  from  said  committee,  ordered to first and second report,
 ordered to a third reading, amended and ordered  reprinted,  retaining
 its  place  in the order of third reading -- again amended and ordered
 reprinted, retaining its place in the order of third reading
 

AN ACT to amend the insurance law, in relation to motor vehicle  liabil
 ity insurance rates
 

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

 

Section 1. Subsection (a) of section 2335 of  the  insurance  law,  as
 amended  by  chapter  277  of  the  laws  of 2010, is amended to read as
 follows:

 (a)(1) WITH RESPECT TO POLICIES ISSUED,  MODIFIED  OR  RENEWED  ON  OR
 AFTER NOVEMBER TWENTY-SEVENTH, TWO THOUSAND TEN AND PRIOR TO JUNE FIRST,
 TWO  THOUSAND  ELEVEN AND ANY RENEWALS THEREOF WITH RESPECT TO ANY ACCI
 DENT WHICH OCCURRED PRIOR TO JUNE FIRST, TWO THOUSAND ELEVEN has had  an
 accident  that does not result in aggregate damage to property in excess
 of two thousand dollars, provided that any  policy  surcharge  shall  be
 permissible  for  any  accident which results in bodily injury or if the
 insured has more than one accident in the merit rating experience  peri
 od.  Nothing  in  this  subsection shall change the dollar amount of the
 accident reporting threshold required under paragraph one of subdivision
 (a) of section six hundred five of the vehicle and traffic law; AND
 (2) WITH RESPECT TO POLICIES ISSUED OR RENEWED ON OR AFTER JUNE FIRST,
 TWO THOUSAND ELEVEN HAS HAD AN ACCIDENT ON  OR  AFTER  JUNE  FIRST,  TWO
 THOUSAND  ELEVEN THAT DOES NOT RESULT IN AGGREGATE DAMAGE TO PROPERTY IN
 EXCESS OF TWO THOUSAND DOLLARS, PROVIDED THAT ANY POLICY SURCHARGE SHALL
 BE PERMISSIBLE FOR ANY ACCIDENT WHICH RESULTS IN BODILY INJURY OR IF THE
 INSURED HAS MORE THAN  ONE  ACCIDENT  IN  THE  MERIT  RATING  EXPERIENCE
 PERIOD.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08541-06-1
        S. 2683--B                          2
 (3)  THE  SUPERINTENDENT MAY, PURSUANT TO REGULATION, INCREASE THE TWO
 THOUSAND DOLLAR THRESHOLD FOR INFLATION OR ANY OTHER  REASON  FOR  WHICH
 THE  SUPERINTENDENT  DETERMINES THE INCREASE TO BE REASONABLE AND APPRO
 PRIATE.  WHENEVER  THE  SUPERINTENDENT  INCREASES  THE  THRESHOLD,  SUCH
 INCREASE  SHALL  APPLY  TO ACCIDENTS OCCURRING ON OR AFTER THE EFFECTIVE
 DATE OF THE REGULATION. NOTHING IN  THIS  SUBSECTION  SHALL  CHANGE  THE
 DOLLAR  AMOUNT  OF THE ACCIDENT REPORTING THRESHOLD REQUIRED UNDER PARA
 GRAPH ONE OF SUBDIVISION (A) OF SECTION SIX HUNDRED FIVE OF THE  VEHICLE
 AND TRAFFIC LAW.
 

S  2.  This act shall take effect immediately; provided, however, that
 the amendments to subsection (a) of section 2335 of  the  insurance  law
 made  by section one of this act shall not affect the expiration of such
 section and shall be deemed to expire therewith.

S2683B-2011: Relates to motor vehicle liability insurance rates

S2683B-2011 Actions

S2683B-2011 Calendars

S2683B-2011 Votes

S2683B-2011 Memo

S2683B-2011 Text

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