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Assembly Bill A4846

2009-2010 Legislative Session

Relates to the efficacy of the coastal market assistance program

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Archive: Last Bill Status - In Assembly Committee

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2009-A4846 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd ยง3425, Ins L

2009-A4846 (ACTIVE) - Summary

Authorizes the superintendent of insurance to take appropriate action to increase levels of participation by insurers in the coastal market assistance program if it is found that such program is not working to appreciably increase the availability and placement of meaningful homeowner's insurance.

2009-A4846 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4846

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 6, 2009
                               ___________

Introduced  by  M.  of  A.  WEISENBERG  -- read once and referred to the
  Committee on Insurance

AN ACT to amend the insurance law, in relation to the  efficacy  of  the
  coastal market assistance program

  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 (s) to read as follows:
  (S) WITH RESPECT TO A COASTAL MARKET ASSISTANCE PROGRAM ESTABLISHED BY
THE SUPERINTENDENT TO FACILITATE THE PLACEMENT OF HOMEOWNERS' INSURANCE,
IF THE SUPERINTENDENT DETERMINES IN A WRITTEN FINDING AFTER A HEARING ON
A  RECORD,  THAT SUCH PROGRAM IS NOT WORKING TO APPRECIABLY INCREASE THE
AVAILABILITY AND PLACEMENT OF MEANINGFUL HOMEOWNERS' INSURANCE, OR  THAT
MODIFICATIONS  TO  A  COASTAL  MARKET  ASSISTANCE PROGRAM COULD INCREASE
INSURER PARTICIPATION IN SUCH PROGRAM, INCREASE INSURER PARTICIPATION IN
A ROTATION PROCESS OF SUCH PROGRAM, INCREASE CONSUMER AWARENESS OF  SUCH
PROGRAM,  OR INCREASE CONSUMER AND PRODUCER USE OF AND SATISFACTION WITH
SUCH PROGRAM, THE SUPERINTENDENT MAY TAKE SUCH ACTION AS  DEEMED  NECES-
SARY,  INCLUDING  MANDATORY PARTICIPATION OR INCREASED LEVELS OF PARTIC-
IPATION IN A COASTAL MARKET ASSISTANCE PROGRAM.
  IN MAKING A DETERMINATION PURSUANT TO THIS SUBSECTION, THE SUPERINTEN-
DENT MAY CONSIDER SUCH FACTORS AS: THE EXTENT AND NATURE OF COMPETITION;
SIZE AND SIGNIFICANCE OF THE COVERAGE; AVAILABILITY OF  ADEQUATE  LIMITS
OF  COVERAGE;  EFFICACY  OF A COASTAL MARKET ASSISTANCE PROGRAM ADMINIS-
TERED BY THE SUPERINTENDENT INCLUDING BUT NOT LIMITED TO  ACTUAL  PLACE-
MENT  AND  DEMAND FOR PLACEMENT OF COVERAGE THROUGH SUCH PROGRAMS AT THE
TIME SUCH DETERMINATION IS TO BE MADE; RATE OF GROWTH IN POLICIES PLACED
THROUGH THE NEW YORK PROPERTY INSURANCE UNDERWRITING ASSOCIATION;  REIN-
SURANCE  AVAILABILITY;  EXTENT  AND  NATURE  OF  CONSUMER  AND  PRODUCER
COMPLAINTS TO THE INSURANCE DEPARTMENT, STEERING COMMITTEE AND  ADMINIS-
TRATOR  OF  A  COASTAL  MARKET ASSISTANCE PROGRAM; EXTENT OF DENIALS AND

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06816-01-9

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