senate Bill S6981

2011-2012 Legislative Session

Relates to deductibles for physical damage insurance

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Sponsored By

Archive: Last Bill Status - In Committee


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

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Actions

view actions (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 21, 2012 committed to rules
May 23, 2012 advanced to third reading
May 22, 2012 2nd report cal.
May 21, 2012 1st report cal.843
Apr 19, 2012 referred to insurance

Votes

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May 21, 2012 - Insurance committee Vote

S6981
18
0
committee
18
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Insurance committee vote details

S6981 - Details

Current Committee:
Law Section:
Insurance Law
Laws Affected:
Amd ยง3411, Ins L

S6981 - Summary

Relates to deductibles for physical damage insurance.

S6981 - Sponsor Memo

S6981 - Bill Text download pdf

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

                                  6981

                            I N  S E N A T E

                             April 19, 2012
                               ___________

Introduced  by  Sen.  SEWARD -- 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 deductibles for  phys-
  ical damage insurance

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

  Section 1. Subsection (k) of section 3411  of  the  insurance  law  is
amended to read as follows:
  (k) (1) Each insurer which offers physical damage insurance subject to
the  provisions of this section shall offer such insurance with a stand-
ard deductible of two hundred dollars for each occurrence.  The  insured
shall, however, at the inception of the policy or at the annual anniver-
sary  date,  or at the time of the replacement or addition of an automo-
bile, have the option of purchasing a policy with a  lesser  deductible,
but  in no event may the insurer sell a policy with a deductible of less
than fifty dollars for fire, theft or comprehensive insurance  coverages
(one hundred dollars for assigned risk policies issued pursuant to para-
graph two of subsection (a) of section five thousand three hundred three
of  this chapter) and one hundred dollars for collision insurance cover-
age except that window glass coverage may be sold without a  deductible.
Each  insurer  which  offers  physical  damage  insurance subject to the
provisions of this section shall also offer  physical  damage  coverages
with  co-insurance  or  deductible provisions or combinations thereof as
the superintendent may prescribe, including but not limited  to  deduct-
ibles  of  two hundred fifty dollars, five hundred dollars and one thou-
sand dollars.
  (2) NOTWITHSTANDING THE DOLLAR LIMITS FOR DEDUCTIBLES IN PARAGRAPH ONE
OF THIS SUBSECTION, AN INSURER WHICH OFFERS  PHYSICAL  DAMAGE  INSURANCE
SUBJECT  TO  THE  PROVISIONS  OF THIS SECTION MAY OFFER A REDUCED DOLLAR
DEDUCTIBLE, A ZERO DOLLAR DEDUCTIBLE OR  A  DEDUCTIBLE  THAT  DIMINISHES
OVER TIME AND MAY ULTIMATELY BE REDUCED TO ZERO DOLLARS.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15192-01-2

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