| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 06, 2010 |
referred to insurance |
| Feb 09, 2009 |
referred to insurance |
Senate Bill S1833
2009-2010 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status - In Senate Committee Insurance Committee
Actions
2009-S1833 (ACTIVE) - Details
- Current Committee:
- Senate Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd ยง2336, Ins L
2009-S1833 (ACTIVE) - Sponsor Memo
BILL NUMBER: S1833
TITLE OF BILL :
An act to amend the insurance law, in relation to providing for a
reduction in automobile insurance to reflect depreciation of insured
automobile
PURPOSE :
The purpose of this legislation is to provide for a reduction in
automobile insurance premiums for comprehensive and collision coverage
to reflect the reduced value of an automobile due to its depreciation
during the term of a policy.
SUMMARY OF PROVISIONS :
Section 1. Adds a new Insurance Law, section 2336 (h), to provide an
insurance premium discount to reimburse the insured for the reduced
value of an automobile as it depreciates in value over time.
Section 2. Provides for effective date.
EXISTING LAW :
2009-S1833 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
1833
2009-2010 Regular Sessions
I N S E N A T E
February 9, 2009
___________
Introduced by Sen. KLEIN -- 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 providing for a
reduction in automobile insurance to reflect depreciation of insured
automobile
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 2336 of the insurance law is amended by adding a
new subsection (i) to read as follows:
(I) ANY SCHEDULE OR RATING PLAN FOR NON-COMMERCIAL PRIVATE PASSENGER
AUTOMOBILE INSURANCE SHALL ALSO PROVIDE FOR AN ACTUARIALLY APPROPRIATE
REDUCTION IN PREMIUM CHARGES FOR COMPREHENSIVE AND COLLISION COVERAGES
REFLECTING THE INSURED'S REDUCED EXPOSURE DUE TO THE INSURED AUTOMO-
BILE'S DEPRECIATING VALUE OVER THE TERM OF THE POLICY.
S 2. This act shall take effect on the first of January next succeed-
ing the date on which it shall have become a law and shall apply to all
policies issued, renewed, altered or amended on or after such date.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02913-01-9
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