Assembly Bill A2779

2023-2024 Legislative Session

Relates to deductibles for physical damage insurance

download bill text pdf

Sponsored By

Current Bill Status - In Assembly 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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2023-A2779 (ACTIVE) - Details

See Senate Version of this Bill:
S5538
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §3411, Ins L
Versions Introduced in Other Legislative Sessions:
2011-2012: A10318
2013-2014: A4371
2015-2016: A3090
2017-2018: A3269
2019-2020: A4544, S5503
2021-2022: A3062, S5530

2023-A2779 (ACTIVE) - Summary

Relates to deductibles for physical damage insurance.

2023-A2779 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2779
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 27, 2023
                                ___________
 
 Introduced  by  M.  of  A.  COOK,  TAYLOR,  COLTON,  REYES, BUTTENSCHON,
   WILLIAMS -- Multi-Sponsored by -- M. of A.  DAVILA,  PRETLOW  --  read
   once and referred to the Committee on Insurance
 
 AN  ACT to amend the insurance law, in relation to deductibles for phys-
   ical damage insurance

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subsection  (k)  of  section 3411 of the insurance law is
 amended to read as follows:
   (k) (1) Each insurer which offers physical damage insurance subject to
 the provisions of this section shall offer such insurance with a  stand-
 ard  deductible  of two hundred dollars for each occurrence. The insured
 shall, however, at the inception of the policy or at the annual anniver-
 sary date, or at the time of the replacement or addition of  an  automo-
 bile,  have  the option of purchasing a policy with a lesser deductible,
 but in no event may the insurer sell a policy with a deductible of  less
 than  fifty dollars for fire, theft or comprehensive insurance coverages
 (one hundred dollars for assigned risk policies issued pursuant to para-
 graph two of subsection (a) of section five thousand three hundred three
 of this chapter) and one hundred dollars for collision insurance  cover-
 age  except that window glass coverage may be sold without a deductible.
 Each insurer which offers  physical  damage  insurance  subject  to  the
 provisions  of  this  section shall also offer physical damage coverages
 with co-insurance or deductible provisions or  combinations  thereof  as
 the  superintendent  may prescribe, including but not limited to deduct-
 ibles of two hundred fifty dollars, five hundred dollars and  one  thou-
 sand dollars.
   (2) NOTWITHSTANDING THE DOLLAR LIMITS FOR DEDUCTIBLES IN PARAGRAPH ONE
 OF  THIS  SUBSECTION,  AN INSURER WHICH OFFERS PHYSICAL DAMAGE INSURANCE
 SUBJECT TO THE PROVISIONS OF THIS SECTION MAY  OFFER  A  REDUCED  DOLLAR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04056-01-3
 A. 2779                             2
              

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