Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Jan 08, 2014 |
referred to insurance |
Jan 29, 2013 |
referred to insurance |
Senate Bill S3068
2013-2014 Legislative Session
Sponsored By
(D) Senate District
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
Actions
co-Sponsors
(D, WF) 28th Senate District
(D, WF) 21st Senate District
(D, WF) Senate District
2013-S3068 (ACTIVE) - Details
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
BILL NUMBER:S3068 TITLE OF BILL: An act to amend the insurance law, in relation to homeowners' insurance policies; to amend chapter 42 of the laws of 1996, amending the insurance 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 underwriting association, in relation to attracting more competitors to the coastal counties PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to expand the definition of "materially reduce its volume of policies" to reduce the threshold before insurers must submit a withdrawal plan to the Insurance Department when non-renewing substantial numbers of homeowners' insurance policies in this State's coastal areas. Further, the bill expands the definition of the term "minimizes market disruption" so that it is tailored more to the needs of homeowners who are near the coast and unable to obtain affordable homeowners' insurance or are captive insurance agents that have no other fall back insurance policies to sell to their clients after being cancelled by their captive insurer. SUMMARY OF SPECIFIC PROVISIONS:
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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