Senate Bill S1118

2011-2012 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

Sponsored By

Archive: Last 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

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2011-S1118 (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd ยง1104, Ins L
Versions Introduced in 2009-2010 Legislative Session:
S1934

2011-S1118 (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.

2011-S1118 (ACTIVE) - Sponsor Memo

2011-S1118 (ACTIVE) - Bill Text download pdf 

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

                                  1118

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             January 5, 2011
                               ___________

Introduced  by  Sen.  PARKER -- 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  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.
                                                           LBD02136-01-1

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