Assembly Bill A8436

2009-2010 Legislative Session

Provides for the revocation of insurers license and prohibit sale of new policies where insurer cancels or fails to renew two percent or more of home owner policies

download bill text pdf

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Archive: Last 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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2009-A8436 (ACTIVE) - Details

See Senate Version of this Bill:
S1934
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd ยง1104, Ins L
Versions Introduced in 2011-2012 Legislative Session:
S1118

2009-A8436 (ACTIVE) - Summary

Provides for the revocation of insurers license, and prohibits the sale of new policies where insurer cancels or fails to renew two percent or more of home owner policies in high risk areas, including coastal areas; provides such insurer may reapply in one year.

2009-A8436 (ACTIVE) - Bill Text download pdf 

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

                                  8436

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              May 20, 2009
                               ___________

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

AN ACT to amend the insurance law, in relation to  revoking  an  insurer
  license for canceling two percent or more of its homeowner policies in
  the state

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 1104 of the insurance law is amended  by  adding  a
new subsection (e) to read as follows:
  (E)  NOTWITHSTANDING  ANY LAW, RULE OR REGULATION TO THE CONTRARY, THE
SUPERINTENDENT SHALL REVOKE ANY LICENSE ISSUED AND PROHIBIT SUCH INSURER
FROM ACCEPTING ANY NEW POLICIES IF, AFTER NOTICE AND HEARING, THE SUPER-
INTENDENT FINDS THAT SUCH INSURER HAS CANCELLED OR FAILED TO  RENEW  TWO
PERCENT  OR  MORE  OF  HOMEOWNER PROPERTY/CASUALTY POLICIES IN HIGH RISK
AREAS, INCLUDING COASTAL AREAS.  THE INSURED MAY APPLY FOR REINSTATEMENT
ONE YEAR FROM THE DATE OF REVOCATION.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02272-01-9

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