Assembly Bill A1218

2011-2012 Legislative Session

Requires insurers to recognize any licensed broker or agent retained by an insured for the remainder of a policy

download bill text pdf

Sponsored By

Archive: Last Bill Status - Stricken


  • 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-A1218 (ACTIVE) - Details

Law Section:
Insurance Law
Laws Affected:
Add ยง2506, Ins L
Versions Introduced in 2009-2010 Legislative Session:
A7378

2011-A1218 (ACTIVE) - Summary

Requires insurers to recognize any licensed broker or agent retained by an insured for the remainder of a policy and to implement any changes requested by the insured through the broker or agent.

2011-A1218 (ACTIVE) - Bill Text download pdf

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

                                  1218

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  M.  of  A. BING, KELLNER, LANCMAN, CASTRO, COOK, JAFFEE,
  REILLY, HOOPER -- Multi-Sponsored by -- M. of A. BARRON, WEISENBERG --
  read once and referred to the Committee on Insurance

AN ACT to amend the insurance law, in relation to requiring insurers  to
  recognize any licensed broker or agent retained by the insured for the
  remainder of a policy

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

  Section 1. This act shall be known and may be cited as the  "insurance
consumer free choice act".
  S 2. The insurance law is amended by adding a new section 2506 to read
as follows:
  S  2506.  RECOGNITION OF A NEW YORK STATE LICENSED BROKER OR AGENT. 1.
AN INSURER IS REQUIRED TO RECOGNIZE ANY NEW YORK STATE  LICENSED  BROKER
OR  AGENT  RETAINED  BY  THE INSURED FOR THE PURPOSE OF REPRESENTING THE
INSURED FOR THE REMAINDER OF AN INSURANCE POLICY AND  MUST  EXECUTE  ANY
CHANGES  DESIRED  BY  THE  INSURED AS IT WOULD HAVE DONE FOR THE PLACING
BROKER OR AGENT.
  2. ALL COMMISSIONS GENERATED DURING THE POLICY TERM  SHALL  ACCRUE  TO
THE BROKER OR AGENT WHO PLACED THE POLICY.
  3.  THE INSURER MAY GIVE LEGAL NOTICE NOT TO RENEW THE POLICY UPON THE
EXPIRATION OF SUCH POLICY. NOTHING HEREIN SHALL REQUIRE THE  INSURER  TO
RECOGNIZE  OR  NEGOTIATE A NEW POLICY WITH SUCH BROKER OR AGENT UPON THE
EXPIRATION OF THE POLICY.
  S 3. This act shall take effect immediately.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01117-01-1


              

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