Assembly Bill A2902A

2019-2020 Legislative Session

Makes provisions with respect to notices of homeowners deductibles triggers for hurricane windstorms

download bill text pdf

Sponsored By

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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Bill Amendments

co-Sponsors

2019-A2902 - Details

Law Section:
Insurance Law
Laws Affected:
Amd §3445, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4847
2011-2012: A3283
2013-2014: A2729
2015-2016: A7537
2017-2018: A6665
2021-2022: A950
2023-2024: A2866

2019-A2902 - Summary

Provides that the superintendent of financial services shall establish standards for hurricane windstorm deductibles, creating uniformity in the operation of such deductibles with respect to the triggering event.

2019-A2902 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2902
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 28, 2019
                                ___________
 
 Introduced  by  M.  of  A.  PHEFFER AMATO,  JONES,  ORTIZ, COOK, CRESPO,
   M. L. MILLER, DiPIETRO -- read once and referred to the  Committee  on
   Insurance
 
 AN  ACT  to amend the insurance law, in relation to homeowners insurance
   deductibles triggers
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section 3445 of the insurance law, as added by chapter 44
 of the laws of 1998, is amended to read as follows:
   § 3445. Windstorm insurance notice; DEDUCTIBLE TRIGGER STANDARDS.  (A)
 The superintendent shall by regulation establish disclosure requirements
 with respect to the operation of any deductible in a homeowner's  insur-
 ance  policy or dwelling fire personal lines policy which applies as the
 result of a windstorm. Such regulations shall prescribe the  form  of  a
 notice  to  be  provided  by  an insurer to an insured. The notice shall
 explain in clear and plain language the amount of  the  deductible,  the
 circumstances  under  which the deductible applies and any other matters
 which the superintendent, in his or her discretion, shall deem necessary
 or appropriate.
   (B) THE SUPERINTENDENT SHALL BY  REGULATION  ESTABLISH  STANDARDS  FOR
 HURRICANE  WINDSTORM  DEDUCTIBLES,  WHICH CREATE, TO THE GREATEST EXTENT
 POSSIBLE, UNIFORMITY IN THE OPERATION OF SUCH DEDUCTIBLES  WITH  RESPECT
 TO THE TRIGGERING EVENT.
   THE  SUPERINTENDENT  SHALL  PROMULGATE  SUCH  REGULATIONS BY EMERGENCY
 ADOPTION OR OTHERWISE, WITHIN ONE HUNDRED EIGHTY DAYS OF  THE  EFFECTIVE
 DATE  OF  THE  CHAPTER  OF THE LAWS OF TWO THOUSAND NINETEEN WHICH ADDED
 THIS SUBSECTION. NOTWITHSTANDING PARAGRAPH SEVEN OF  SUBSECTION  (A)  OF
 SECTION  THREE  THOUSAND  FOUR  HUNDRED TWENTY-FIVE OF THIS ARTICLE, ANY
 CHANGES IN A HOMEOWNER'S INSURANCE POLICY OR DWELLING, FIRE, OR PERSONAL
 POLICY REGISTERED AS A RESULT OF THE ADOPTION BY THE  SUPERINTENDENT  OF
 REGULATIONS  UNDER  THIS SECTION, MAY BE APPLIED TO SUCH POLICIES ON THE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

2019-A2902A (ACTIVE) - Details

Law Section:
Insurance Law
Laws Affected:
Amd §3445, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4847
2011-2012: A3283
2013-2014: A2729
2015-2016: A7537
2017-2018: A6665
2021-2022: A950
2023-2024: A2866

2019-A2902A (ACTIVE) - Summary

Provides that the superintendent of financial services shall establish standards for hurricane windstorm deductibles, creating uniformity in the operation of such deductibles with respect to the triggering event.

2019-A2902A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2902--A
                                                         Cal. No. 123
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 28, 2019
                                ___________
 
 Introduced  by  M.  of  A.  PHEFFER AMATO,  JONES,  ORTIZ, COOK, CRESPO,
   M. L. MILLER, DiPIETRO, WALLACE, BENEDETTO, GRIFFIN, FERNANDEZ -- read
   once and referred to the Committee on Insurance -- ordered to a  third
   reading,  amended  and  ordered  reprinted, retaining its place on the
   order of third reading
 
 AN ACT to amend the insurance law, in relation to  homeowners  insurance
   deductibles triggers
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 3445 of the insurance law, as added by  chapter  44
 of the laws of 1998, is amended to read as follows:
   § 3445. Windstorm insurance notice; DEDUCTIBLE TRIGGER STANDARDS.  (A)
 The superintendent shall by regulation establish disclosure requirements
 with  respect to the operation of any deductible in a homeowner's insur-
 ance policy or dwelling fire personal lines policy which applies as  the
 result  of  a  windstorm. Such regulations shall prescribe the form of a
 notice to be provided by an insurer to  an  insured.  The  notice  shall
 explain  in  clear  and plain language the amount of the deductible, the
 circumstances under which the deductible applies and any  other  matters
 which the superintendent, in his or her discretion, shall deem necessary
 or appropriate.
   (B)  THE  SUPERINTENDENT  SHALL  BY REGULATION ESTABLISH STANDARDS FOR
 HURRICANE WINDSTORM DEDUCTIBLES, WHICH CREATE, TO  THE  GREATEST  EXTENT
 POSSIBLE,  UNIFORMITY  IN THE OPERATION OF SUCH DEDUCTIBLES WITH RESPECT
 TO THE TRIGGERING EVENT.
   THE SUPERINTENDENT SHALL  PROMULGATE  SUCH  REGULATIONS  BY  EMERGENCY
 ADOPTION  OR  OTHERWISE, WITHIN ONE HUNDRED EIGHTY DAYS OF THE EFFECTIVE
 DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY WHICH ADDED  THIS
 SUBSECTION. NOTWITHSTANDING PARAGRAPH SEVEN OF SUBSECTION (A) OF SECTION
 THREE  THOUSAND FOUR HUNDRED TWENTY-FIVE OF THIS ARTICLE, ANY CHANGES IN
 A HOMEOWNER'S INSURANCE POLICY OR DWELLING,  FIRE,  OR  PERSONAL  POLICY
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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