Assembly Bill A7454

2013-2014 Legislative Session

Relates to personal and commercial lines insurance

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Archive: Last Bill Status - On Floor Calendar

  • 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-A7454 (ACTIVE) - Details

See Senate Version of this Bill:
S5578
Law Section:
Insurance Law
Laws Affected:
Amd §§3425 & 3426, Ins L
Versions Introduced in Other Legislative Sessions:
2015-2016: A2082, S2349
2017-2018: A157, S2812
2019-2020: A395, S3498
2021-2022: A599, S503

2013-A7454 (ACTIVE) - Summary

Relates to personal and commercial lines insurance; provides that an insurer or producer shall, prior to the time a policy of personal lines insurance is sold or purchased, provide the potential insured with a copy of the policy and allow the potential insured sufficient time to review such policy; further provides that an insurer or producer shall, prior to the time a policy of commercial lines insurance that provides coverage for loss or damage to real property, personal property, or other liabilities for loss or damage to property is sold or purchased, provide the potential insured with a copy of the policy and allow the potential insured sufficient time to review such policy.

2013-A7454 (ACTIVE) - Bill Text download pdf 

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

                                  7454

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              May 17, 2013
                               ___________

Introduced by M. of A. CAHILL -- read once and referred to the Committee
  on Insurance

AN  ACT  to amend the insurance law, in relation to personal and commer-
  cial lines insurance

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

  Section  1.  Section  3425 of the insurance law is amended by adding a
new subsection (a-1) to read as follows:
  (A-1) AN INSURER OR PRODUCER SHALL, PRIOR TO  THE  TIME  A  POLICY  OF
PERSONAL  LINES  INSURANCE  IS  SOLD OR PURCHASED, PROVIDE THE POTENTIAL
INSURED WITH A COPY OF THE POLICY AND ALLOW THE POTENTIAL INSURED SUFFI-
CIENT TIME TO REVIEW SUCH POLICY. PERSONAL LINES  INSURANCE  SHALL  HAVE
THE SAME MEANING AS PARAGRAPH TWO OF SUBSECTION (A) OF THIS SECTION.
  S  2.  Section  3426  of  the insurance law is amended by adding a new
subsection (a-1) to read as follows:
  (A-1) AN INSURER OR PRODUCER SHALL, PRIOR TO  THE  TIME  A  POLICY  OF
COMMERCIAL  LINES INSURANCE THAT PROVIDES COVERAGE FOR LOSS OR DAMAGE TO
REAL PROPERTY, PERSONAL PROPERTY,  OR  OTHER  LIABILITIES  FOR  LOSS  OR
DAMAGE  TO  PROPERTY IS SOLD OR PURCHASED, PROVIDE THE POTENTIAL INSURED
WITH A COPY OF THE POLICY AND ALLOW  THE  POTENTIAL  INSURED  SUFFICIENT
TIME TO REVIEW SUCH POLICY.
  S 3. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11167-01-3

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