Provides permanent authority for the joint underwriting association to issue broad form insurance coverage.

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S4103-2013 Actions

• Mar 20, 2013: ADVANCED TO THIRD READING
• Mar 19, 2013: 2ND REPORT CAL.
• Mar 18, 2013: 1ST REPORT CAL.205
• Mar 8, 2013: REFERRED TO INSURANCE

S4103-2013 Meetings

Insurance: Mar 18, 2013

S4103-2013 Calendars

Floor Calendar: Mar 19, 2013 , Floor Calendar: Mar 20, 2013 , Floor Calendar: Mar 21, 2013 , Floor Calendar: Mar 24, 2013 , Floor Calendar: Mar 25, 2013 , Floor Calendar: Mar 26, 2013 , Floor Calendar: Mar 27, 2013 , Floor Calendar: Apr 15, 2013 , Floor Calendar: Apr 16, 2013 , Floor Calendar: Apr 17, 2013 , Floor Calendar: Apr 22, 2013 , Floor Calendar: Apr 23, 2013 , Floor Calendar: Apr 24, 2013 , Floor Calendar: Apr 29, 2013 , Floor Calendar: Apr 30, 2013 , Floor Calendar: May 1, 2013 , Floor Calendar: May 6, 2013 , Floor Calendar: May 7, 2013 , Floor Calendar: May 8, 2013 , Floor Calendar: May 20, 2013 , Floor Calendar: May 21, 2013 , Floor Calendar: May 22, 2013 , Floor Calendar: May 23, 2013

S4103-2013 Votes

S4103-2013 Memo

BILL NUMBER:S4103

TITLE OF BILL:  An act to amend the insurance law, in relation to
providing permanent authority for the joint underwriting association
to issue broad form insurance coverage

PURPOSE: To make permanent an important consumer provision of the
insurance law which allows the New York Property Insurance
Underwriting Association (NYPIUA) to write an enhanced form of
coverage known as broad form coverage.

SUMMARY OF PROVISIONS: Section 1 of the bill would make provisions of
the insurance law permanent which allow the New York Property
Insurance Underwriting Association to write broad form coverage for
consumers.

JUSTIFICATION: This legislation makes permanent an important provision
of the insurance law which authorizes NYPTUA to off more expansive
coverage in coastal and other areas of the state where property and
homeowners insurance availability problems may exist Legislation
enacted in 2008 authorized NYPIUA to write broad form coverage for
five years subject to review and a report by the Department of
Financial Services.

Until 2008 NYPIUA policies included fire and extended coverage which
includes damage from perils such as fire, lightning, explosion, hail,
smoke, civil commotion, vandalism and malicious mischief. Broad form
coverage allows consumers to be covered for property damage by
burglars, falling objects, weight of ice and snow, accidental water or
steam discharge, freezing, and sudden damage from artificial electric
currents.

This enhanced coverage has been very helpful to consumers and two
thirds of the policies written by NYPIUA are written with broad form
coverage.

LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: None

EFFECTIVE DATE: Immediately

S4103-2013 Text

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

                                    4103

                         2013-2014 Regular Sessions

                              I N  SENATE

                                March 8, 2013
                                 ___________

  Introduced  by  Sen.  SEWARD -- 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  providing  permanent
    authority  for  the joint underwriting association to issue broad form
    insurance coverage

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


    Section  1.  Subsection  (g)  of section 5402 of the insurance law, as
  added by chapter 136 of the laws of 2008, is amended to read as follows:

    (g) In addition to fire insurance,  extended  coverage,  coverage  for
  additional  perils  and  homeowners  insurance  should  the same be made
  available through the association in accordance with a determination  of
  necessity  pursuant to section five thousand four hundred twelve of this
  article, the association may offer broad  form  coverage  to  applicants
  seeking to insure real property at fixed locations of this state, or the
  tangible  personal  property located thereon. [The association may offer
  broad form coverage for a period of five years after the effective  date
  of  this subsection. The superintendent shall require the association to
  report to him or her annually during that five-year  period  as  to  the
  number  of  policies  written  pursuant to this subsection and paragraph
  three of subsection (f) of section five thousand four  hundred  five  of
  this  article in the previous year, and any other information the super-
  intendent may require. The  superintendent  shall  then  report  to  the
  governor  and  the  legislature  regarding the number of policies issued
  pursuant to this subsection and such paragraph annually  for  the  first
  four  years  such  coverage  is offered. On or before January first, two
  thousand thirteen, the superintendent shall  make  a  final,  cumulative
  report to the governor and the legislature which shall include recommen-
  dations as to the continuation of such insurance offerings.]
    S 2. This act shall take effect immediately.

   EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                        [ ] is old law to be omitted.
                                                             LBD09625-01-3