Senate Bill S3767

2021-2022 Legislative Session

Requires the superintendent of financial services to promulgate regulations which provide standardized definitions for commonly used terms and phrases in certain insurance policies

download bill text pdf

Sponsored By

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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2021-S3767 (ACTIVE) - Details

See Assembly Version of this Bill:
A8637
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §§3425 & 3426, Ins L
Versions Introduced in Other Legislative Sessions:
2013-2014: S5579, A7453
2015-2016: S4221, A1230
2017-2018: S2809, A391
2019-2020: S3501, A72
2023-2024: S1472, A4011

2021-S3767 (ACTIVE) - Summary

Requires the superintendent to promulgate regulations which provide standardized definitions for commonly used terms and phrases in certain insurance policies.

2021-S3767 (ACTIVE) - Sponsor Memo

2021-S3767 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3767
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 30, 2021
                                ___________
 
 Introduced  by  Sen. BRESLIN -- 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 requiring  the  super-
   intendent  of  financial  services  to  promulgate  regulations  which
   provide standardized definitions for commonly used terms  and  phrases
   in certain insurance policies
 
   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 (t) to read as follows:
   (T) WITHIN SIX MONTHS AFTER THE EFFECTIVE DATE OF THIS SUBSECTION, THE
 SUPERINTENDENT  SHALL  PROMULGATE REGULATIONS IN ACCORDANCE WITH SECTION
 TWO HUNDRED TWO OF THE STATE ADMINISTRATIVE PROCEDURE ACT WHICH  PROVIDE
 STANDARDIZED DEFINITIONS FOR COMMONLY USED TERMS AND PHRASES IN POLICIES
 THAT  PROVIDE  COVERAGE FOR PERSONAL LINES INSURANCE AS DEFINED IN PARA-
 GRAPH TWO OF SUBSECTION (A) OF THIS SECTION. SUCH STANDARDIZED TERMS AND
 PHRASES SHALL BE USED IN SUCH POLICIES ISSUED OR DELIVERED IN THIS STATE
 ON OR AFTER THE DATE THE REGULATIONS ARE FINALIZED, WHICH  SHALL  BE  NO
 LATER  THAN JANUARY FIRST, TWO THOUSAND TWENTY-THREE. AN INSURER MAY USE
 ALTERNATIVE DEFINITIONS, SO LONG AS SUCH DEFINITIONS ARE  NOT  ANY  LESS
 FAVORABLE  TO  THE POLICYHOLDER OR CLAIMANT, AS DETERMINED BY THE SUPER-
 INTENDENT.
   § 2. Section 3426 of the insurance law is  amended  by  adding  a  new
 subsection (p) to read as follows:
   (P) WITHIN SIX MONTHS AFTER THE EFFECTIVE DATE OF THIS SUBSECTION, THE
 SUPERINTENDENT  SHALL  PROMULGATE REGULATIONS IN ACCORDANCE WITH SECTION
 TWO HUNDRED TWO OF THE STATE ADMINISTRATIVE PROCEDURE ACT WHICH  PROVIDE
 STANDARDIZED DEFINITIONS FOR COMMONLY USED TERMS AND PHRASES IN POLICIES
 THAT PROVIDE COVERAGE FOR COMMERCIAL LINES INSURANCE POLICIES THAT COVER
 LOSS OR DAMAGE TO REAL PROPERTY, PERSONAL PROPERTY, OR OTHER LIABILITIES
 FOR  LOSS  OR  DAMAGE  TO  PROPERTY. SUCH STANDARDIZED TERMS AND PHRASES
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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