Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2024 |
referred to insurance |
Feb 06, 2023 |
referred to insurance |
Senate Bill S4199
2023-2024 Legislative Session
Sponsored By
(D) 10th Senate District
Current 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
Actions
co-Sponsors
(D) 15th Senate District
(D, WF) 56th Senate District
(D, WF) 4th Senate District
(R, C) 7th Senate District
2023-S4199 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A2866
- Current Committee:
- Senate Insurance
- 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
2019-2020: A2902
2021-2022: S6407, A950
2023-S4199 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4199 SPONSOR: SANDERS TITLE OF BILL: An act to amend the insurance law, in relation to homeowners insurance deductibles triggers PURPOSE: The purpose of this bill is to help promote better understanding of the applicability and amount of hurricane windstorm deductibles in homeown- ers and dwelling fire policies and to establish reasonable standards for the operation of hurricane windstorm deductibles. SUMMARY OF PROVISIONS: Section 1. This section makes amendments to section 3455 of the insur- ance law to require the Superintendent of the Department of Financial Services to promulgate, within 180 days of the effective date of this bill, regulations providing standards for hurricane windstorm deduct- ibles which create, to the greatest extent possible, uniformity in the
2023-S4199 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4199 2023-2024 Regular Sessions I N S E N A T E February 6, 2023 ___________ Introduced by Sen. SANDERS -- 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 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-THREE 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. LBD06414-01-3 S. 4199 2
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