Senate Bill S503

2021-2022 Legislative Session

Relates to personal and commercial lines insurance

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-S503 (ACTIVE) - Details

See Assembly Version of this Bill:
A599
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §§3425 & 3426, Ins L
Versions Introduced in Other Legislative Sessions:
2013-2014: S5578, A7454
2015-2016: S2349, A2082
2017-2018: S2812, A157
2019-2020: S3498, A395

2021-S503 (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.

2021-S503 (ACTIVE) - Sponsor Memo

2021-S503 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    503
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 6, 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 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.
   § 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.
   § 3. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01497-01-1

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