Senate Bill S5109

2017-2018 Legislative Session

Enacts the "construction insurance transparency act of 2018"

download bill text pdf

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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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Bill Amendments

co-Sponsors

2017-S5109 - Details

See Assembly Version of this Bill:
A8949
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Add §343, Ins L
Versions Introduced in Other Legislative Sessions:
2013-2014: S6700, A8745
2015-2016: S3392, A4718
2019-2020: S465, A5980
2021-2022: S4490, A1176
2023-2024: S5995, A332

2017-S5109 - Summary

Enacts the "construction insurance transparency act" to require insurers providing coverage for liability under the scaffold law to report, on an annual basis, to the superintendent of financial services relating to its finances and claims paid thereunder.

2017-S5109 - Sponsor Memo

2017-S5109 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5109
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               March 8, 2017
                                ___________
 
 Introduced by Sens. LANZA, CARLUCCI, RITCHIE, STAVISKY -- 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  enacting  the
   "construction insurance transparency act of 2017" requiring all insur-
   ers  which  issue  policies  of  liability  insurance insuring against
   claims made in reliance upon the duty imposed by the "scaffold law" to
   file annual financial statements and  detailed  claim  data  with  the
   superintendent of financial services
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  This  act  shall  be  known  and  may  be  cited  as  the
 "construction insurance transparency act of 2017".
   §  2.  Declarations  of  legislative  findings. The legislature hereby
 finds and declares that persons,  corporations,  associations  or  other
 business  entities  which issue policies of liability insurance insuring
 an owner of real property or a contractor who  is  performing  work  and
 services  on  real  property  against  claims  made in reliance upon the
 duties imposed upon such parties  by  section  240  of  the  labor  law,
 commonly  referred  to  as  the "scaffold law", owe an obligation to the
 public, to those they insure and to those  who  may  in  the  future  be
 insured  by  them,  to fully disclose in a public and transparent manner
 all elements relating to the premiums paid for such insurance, the meth-
 od and manner in which such premiums are  determined  and  imposed  upon
 insureds,  and  claims  made  by  injured persons who rely on owners and
 contractors to provide a safe and secure worksite as  required  in  such
 section  of  such  law. It is essential that the public be made aware of
 such an insurer's responsibility  to  inform  them  of  their  financial
 condition and solvency, and the details and specifics of the factors and
 circumstances behind its financial solvency as well as the basis for the
 rates they charge to owners and contractors to obtain such coverage. The
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

2017-S5109A (ACTIVE) - Details

See Assembly Version of this Bill:
A8949
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Add §343, Ins L
Versions Introduced in Other Legislative Sessions:
2013-2014: S6700, A8745
2015-2016: S3392, A4718
2019-2020: S465, A5980
2021-2022: S4490, A1176
2023-2024: S5995, A332

2017-S5109A (ACTIVE) - Summary

Enacts the "construction insurance transparency act" to require insurers providing coverage for liability under the scaffold law to report, on an annual basis, to the superintendent of financial services relating to its finances and claims paid thereunder.

2017-S5109A (ACTIVE) - Sponsor Memo

2017-S5109A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5109--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               March 8, 2017
                                ___________
 
 Introduced by Sens. LANZA, CARLUCCI, RITCHIE, STAVISKY -- read twice and
   ordered  printed, and when printed to be committed to the Committee on
   Insurance -- recommitted to the Committee on Insurance  in  accordance
   with  Senate  Rule  6,  sec.  8 -- committee discharged, bill amended,
   ordered reprinted as amended and recommitted to said committee

 AN ACT  to  amend  the  insurance  law,  in  relation  to  enacting  the
   "construction insurance transparency act of 2018" requiring all insur-
   ers  which  issue  policies  of  liability  insurance insuring against
   claims made in reliance upon the duty imposed by the "scaffold law" to
   file annual financial statements and  detailed  claim  data  with  the
   superintendent of financial services
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  This  act  shall  be  known  and  may  be  cited  as  the
 "construction insurance transparency act of 2018".
   §  2.  Declarations  of  legislative  findings. The legislature hereby
 finds and declares that persons,  corporations,  associations  or  other
 business  entities  which issue policies of liability insurance insuring
 an owner of real property or a contractor who  is  performing  work  and
 services  on  real  property  against  claims  made in reliance upon the
 duties imposed upon such parties  by  section  240  of  the  labor  law,
 commonly  referred  to  as  the "scaffold law", owe an obligation to the
 public, to those they insure and to those  who  may  in  the  future  be
 insured  by  them,  to fully disclose in a public and transparent manner
 all elements relating to the premiums paid for such insurance, the meth-
 od and manner in which such premiums are  determined  and  imposed  upon
 insureds,  and  claims  made  by  injured persons who rely on owners and
 contractors to provide a safe and secure worksite as  required  in  such
 section  of  such  law. It is essential that the public be made aware of
 such an insurer's responsibility  to  inform  them  of  their  financial
 condition and solvency, and the details and specifics of the factors and
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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