Senate Bill S3068

2013-2014 Legislative Session

Directs superintendent of financial services to amend rules and regulations with respect to homeowners' policies

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Sponsored By

Archive: Last Bill Status - In Senate Committee Insurance Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2013-S3068 (ACTIVE) - Details

See Assembly Version of this Bill:
A6601
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §3425, Ins L; amd §12, Chap 42 of 1996; amd §23, Chap 136 of 2008
Versions Introduced in Other Legislative Sessions:
2009-2010: S1845, A6680
2011-2012: S1041, A4261

2013-S3068 (ACTIVE) - Summary

Directs superintendent of financial services to amend rules and regulations with respect to homeowners' policies; also directs study of certain facets of insurance industry including, but not limited to the profitability of the property/casualty insurance in coastal areas.

2013-S3068 (ACTIVE) - Sponsor Memo

2013-S3068 (ACTIVE) - Bill Text download pdf

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

                                  3068

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 29, 2013
                               ___________

Introduced  by  Sens.  KLEIN,  KRUEGER,  PARKER, SMITH -- 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 homeowners' insurance
  policies; to amend chapter 42 of the laws of 1996, amending the insur-
  ance law relating to homeowners' insurance and a  temporary  panel  on
  homeowners'  insurance coverage, in relation to the panel's evaluation
  regarding coastal areas; and to amend chapter 136 of the laws of 2008,
  amending the insurance law relating to extending the effectiveness  of
  certain  stand-by powers of the New York property insurance underwrit-
  ing association, in relation to attracting  more  competitors  to  the
  coastal counties

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

  Section 1. Subparagraphs (C) and (D) of paragraph 2 of subsection  (o)
of section 3425 of the insurance law, as added by chapter 42 of the laws
of 1996, are 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.
  (I) Such definition shall require that a plan be filed with the super-
intendent  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 by twenty percent or more, or plans to
reduce the net number of such policies it writes by five hundred, which-
ever  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
by four percent or more or the net number of such policies it writes  by
one hundred, whichever is greater.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07718-01-3
              

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