assembly Bill A2729

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

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Sponsor

WEISENBERG

Co-Sponsors

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Multi-Sponsors

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 17 / Jan / 2013
    • REFERRED TO INSURANCE
  • 30 / Apr / 2013
    • REPORTED
  • 02 / May / 2013
    • ADVANCED TO THIRD READING CAL.247
  • 04 / Jun / 2013
    • PASSED ASSEMBLY
  • 04 / Jun / 2013
    • DELIVERED TO SENATE
  • 04 / Jun / 2013
    • REFERRED TO INSURANCE
  • 08 / Jan / 2014
    • DIED IN SENATE
  • 08 / Jan / 2014
    • RETURNED TO ASSEMBLY
  • 08 / Jan / 2014
    • ORDERED TO THIRD READING CAL.157
  • 22 / Jan / 2014
    • COMMITTED TO INSURANCE
  • 08 / Apr / 2014
    • REPORTED
  • 24 / Apr / 2014
    • ADVANCED TO THIRD READING CAL.556

Summary

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

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Bill Details

See Senate Version of this Bill:
S2032
Versions:
A2729
Legislative Cycle:
2013-2014
Law Section:
Insurance Law
Laws Affected:
Ren §3445 to be §3455, amd §3455, Ins L
Versions Introduced in Previous Legislative Cycles:
2011-2012: A3283A, S3387A
2009-2010: A4847A, A4847A
2007-2008: A4680, A4680
view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2729

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            January 17, 2013
                               ___________

Introduced by M. of A. WEISENBERG, SWEENEY, MAISEL, JAFFEE, ENGLEBRIGHT,
  CASTRO,  WEPRIN,  COLTON,  COOK  --  Multi-Sponsored  by  --  M. of A.
  BOYLAND, HIKIND, HOOPER, LOSQUADRO, McKEVITT, RAIA,  SALADINO,  THIELE
  -- 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 renumbered section 3455 and amended to  read  as
follows:
  S 3455. 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  THIRTEEN  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06134-01-3

A. 2729                             2

POLICY  REGISTERED  AS A RESULT OF THE ADOPTION BY THE SUPERINTENDENT OF
REGULATIONS UNDER THIS SECTION, MAY BE APPLIED TO SUCH POLICIES  ON  THE
POLICY'S  INITIAL RENEWAL DATE OR THE POLICY'S NEXT ANNUAL RENEWAL AFTER
THE EFFECTIVE DATE OF SUCH REGULATIONS.
  S  2.  This  act shall take effect on the ninetieth day after it shall
have become a law, and shall apply to all policies issued or renewed  on
or  after  the one hundred eightieth day after the adoption of the regu-
lations required in section 3455 of the insurance  law,  as  amended  by
this act.

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