Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 22, 2012 |
referred to insurance delivered to assembly passed senate |
Mar 21, 2012 |
advanced to third reading |
Mar 20, 2012 |
2nd report cal. |
Mar 19, 2012 |
1st report cal.372 |
Jan 04, 2012 |
referred to insurance returned to senate died in assembly |
Jun 20, 2011 |
referred to insurance delivered to assembly passed senate |
Jun 14, 2011 |
amended on third reading 4507b |
Jun 13, 2011 |
amended on third reading (t) 4507a |
May 11, 2011 |
advanced to third reading |
May 10, 2011 |
2nd report cal. |
May 09, 2011 |
1st report cal.553 |
Apr 08, 2011 |
referred to insurance |
Senate Bill S4507
2011-2012 Legislative Session
Sponsored By
(R, C, IP) Senate District
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
Actions
Votes
Bill Amendments
co-Sponsors
(R, C, IP, RFM) Senate District
2011-S4507 - Details
- Current Committee:
- Assembly Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Add §3455, Ins L
2011-S4507 - Sponsor Memo
BILL NUMBER:S4507 TITLE OF BILL: An act to amend the insurance law, in relation to permitting an insurer to rescind or retroactively cancel a policy in certain circumstances PURPOSE: Remove incentive for staged and caused automobile insurance accidents, by allowing for retroactive cancellation of newly issued insurance private passenger and automobile insurance policies. SUMMARY OF SPECIFIC PROVISIONS: Adds a new section 3455 to the insurance law. Subsection A provides insurance companies the ability to cancel a policy to its inception due to non-sufficient funds, nonexistence of a bank account, or the unauthorized use of the account. Subsection B provides that a person injured during this period may have recourse to his or her own policy or the motor vehicle accident indemnification corporation, provided they were not participating in any fraudulent activity. JUSTIFICATION: Automobile no-fault states have higher average
2011-S4507 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4507 2011-2012 Regular Sessions I N S E N A T E April 8, 2011 ___________ Introduced by Sen. GOLDEN -- 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 permitting an insurer to rescind or retroactively cancel a policy in certain circumstances THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The insurance law is amended by adding a new section 3455 to read as follows: S 3455. CANCELLATION OF POLICY. (A) NOTWITHSTANDING ANY RULE, LAW OR REGULATION TO THE CONTRARY, AN INSURER MAY RESCIND OR RETROACTIVELY CANCEL TO THE INCEPTION OF THE POLICY, A NEWLY ISSUED COVERED POLICY SUBJECT TO SUBSECTION (A) OF SECTION THREE THOUSAND FOUR HUNDRED TWEN- TY-FIVE OF THIS CHAPTER OR A NEWLY ISSUED COMMERCIAL AUTOMOBILE INSUR- ANCE POLICY SUBJECT TO SECTION THREE THOUSAND FOUR HUNDRED TWENTY-SIX OF THIS CHAPTER, IF THE INITIAL PREMIUM PAYMENT IS NOT HONORED BY A FINAN- CIAL INSTITUTION DUE TO NON-SUFFICIENT FUNDS, THE NONEXISTENCE OF A BANK ACCOUNT OR THE UNAUTHORIZED USE OF THE ACCOUNT. (B) A PERSON WHO IS INJURED DURING THIS PERIOD MAY HAVE RECOURSE TO HIS OR HER OWN POLICY, OR THE MOTOR VEHICLE ACCIDENT INDEMNIFICATION CORPORATION, PROVIDED SUCH PERSON DID NOT PARTICIPATE IN ANY FRAUDULENT ACTIVITY, INCLUDING, BUT NOT LIMITED TO, A STAGED OR CAUSED ACCIDENT. THE MOTOR VEHICLE ACCIDENT INDEMNIFICATION CORPORATION MAY NOT SUBROGATE ITS CLAIM AGAINST THE RESCINDING INSURER. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09930-04-1
co-Sponsors
(R, C, IP, RFM) Senate District
2011-S4507A - Details
- Current Committee:
- Assembly Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Add §3455, Ins L
2011-S4507A - Sponsor Memo
BILL NUMBER:S4507A TITLE OF BILL: An act to amend the insurance law and the vehicle and traffic law, in relation to permitting an insurer to rescind or retroactively cancel a policy in certain circumstances PURPOSE: Remove incentive for staged and caused automobile insurance accidents, by allowing for retroactive cancellation of newly issued insurance private passenger and automobile insurance policies. SUMMARY OF SPECIFIC PROVISIONS: Adds a new section 3455 to the insurance law, amend sections 3420 and 5103 of the insurance law, and amend section 313 of the vehicle and traffic. Provides insurance companies the ability to cancel a policy to its inception due to non-sufficient funds, nonexistence of a bank account, or the unauthorized use of the account. Also provides that a person injured during this period may have recourse to his or her own policy or the motor vehicle accident indemnification corporation, provided they were not participating in any fraudulent activity.
2011-S4507A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4507--A Cal. No. 553 2011-2012 Regular Sessions I N S E N A T E April 8, 2011 ___________ Introduced by Sens. GOLDEN, SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the insurance law and the vehicle and traffic law, in relation to permitting an insurer to rescind or retroactively cancel a policy in certain circumstances THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The insurance law is amended by adding a new section 3455 to read as follows: S 3455. CANCELLATION OF POLICY. (A) AN INSURER MAY, WITHIN THE FIRST SIXTY DAYS, RESCIND OR RETROACTIVELY CANCEL TO THE INCEPTION OF THE POLICY, A NEWLY ISSUED COVERED POLICY SUBJECT TO SUBSECTION (A) OF SECTION THREE THOUSAND FOUR HUNDRED TWENTY-FIVE OF THIS ARTICLE OR A NEWLY ISSUED COMMERCIAL AUTOMOBILE INSURANCE POLICY SUBJECT TO SECTION THREE THOUSAND FOUR HUNDRED TWENTY-SIX OF THIS ARTICLE, IF THE INITIAL PREMIUM PAYMENT IS NOT HONORED BY A FINANCIAL INSTITUTION DUE TO NON-SUFFICIENT FUNDS, THE NONEXISTENCE OF A BANK ACCOUNT OR THE UNAU- THORIZED USE OF THE ACCOUNT. IN THE EVENT THAT SUCH INITIAL PAYMENT IS NOT HONORED BY A FINANCIAL INSTITUTION DUE TO NON-SUFFICIENT FUNDS IN AN EXISTING ACCOUNT THAT THE POLICYHOLDER IS AUTHORIZED TO USE, THE INSURER SHALL NOTIFY THE POLICYHOLDER THAT UNLESS THE POLICYHOLDER REMITS A CHECK CERTIFIED PURSUANT TO SECTION 3-411 OF THE UNIFORM COMMERCIAL CODE, ALONG WITH ANY FEES ACCESSED FOR NON-SUFFICIENT FUNDS, TO THE INSURER WITHIN TEN DAYS, THE POLICY MAY BE RESCINDED OR CANCELLED RETROACTIVELY TO THE INCEPTION OF THE POLICY. (B) A PERSON WHO IS INJURED DURING THIS PERIOD SHALL HAVE RECOURSE TO HIS OR HER OWN POLICY, SUBJECT TO THE TERMS AND CONDITIONS OF THE CONTRACT, OR THE MOTOR VEHICLE ACCIDENT INDEMNIFICATION CORPORATION, EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
co-Sponsors
(R, C, IP) Senate District
(R, C) 7th Senate District
(R, C, IP, RFM) Senate District
2011-S4507B (ACTIVE) - Details
- Current Committee:
- Assembly Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Add §3455, Ins L
2011-S4507B (ACTIVE) - Sponsor Memo
BILL NUMBER:S4507B TITLE OF BILL: An act to amend the insurance law and the vehicle and traffic law, in relation to permitting an insurer to rescind or retroactively cancel a policy in certain circumstances PURPOSE OR GENERAL IDEA OF BILL: Remove incentive for staged and caused automobile insurance accidents, by allowing for retroactive cancellation of newly issued insurance private passenger and automobile insurance policies. SUMMARY OF SPECIFIC PROVISIONS: Section 1- Adds a new section 3455 to the insurance law that: provides insurance companies the ability, within the first 60 days, to rescind a policy to its inception due to non-sufficient funds, non-existence of a bank account, or the unauthorized use of the account. Subsection B provides that a person injured during this period may have recourse to his or her own policy or the motor vehicle accident indemnification corporation, provided they were not participating in any fraudulent activity.
2011-S4507B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4507--B Cal. No. 553 2011-2012 Regular Sessions I N S E N A T E April 8, 2011 ___________ Introduced by Sens. GOLDEN, SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading -- again amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the insurance law and the vehicle and traffic law, in relation to permitting an insurer to rescind or retroactively cancel a policy in certain circumstances THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The insurance law is amended by adding a new section 3455 to read as follows: S 3455. CANCELLATION OF POLICY. (A) AN INSURER MAY, WITHIN THE FIRST SIXTY DAYS, RESCIND OR RETROACTIVELY CANCEL TO THE INCEPTION OF THE POLICY, A NEWLY ISSUED COVERED POLICY SUBJECT TO SUBSECTION (A) OF SECTION THREE THOUSAND FOUR HUNDRED TWENTY-FIVE OF THIS ARTICLE OR A NEWLY ISSUED COMMERCIAL AUTOMOBILE INSURANCE POLICY SUBJECT TO SECTION THREE THOUSAND FOUR HUNDRED TWENTY-SIX OF THIS ARTICLE, IF THE INITIAL PREMIUM PAYMENT IS NOT HONORED BY A FINANCIAL INSTITUTION DUE TO NON-SUFFICIENT FUNDS, THE NONEXISTENCE OF A BANK ACCOUNT OR THE UNAU- THORIZED USE OF THE ACCOUNT. IN THE EVENT THAT SUCH INITIAL PAYMENT IS NOT HONORED BY A FINANCIAL INSTITUTION DUE TO NON-SUFFICIENT FUNDS IN AN EXISTING ACCOUNT THAT THE POLICYHOLDER IS AUTHORIZED TO USE, THE INSURER SHALL NOTIFY THE POLICYHOLDER THAT UNLESS THE POLICYHOLDER REMITS A CHECK CERTIFIED PURSUANT TO SECTION 3-411 OF THE UNIFORM COMMERCIAL CODE, ALONG WITH ANY FEES ACCESSED FOR NON-SUFFICIENT FUNDS, TO THE INSURER WITHIN TEN DAYS, THE POLICY MAY BE RESCINDED OR CANCELLED RETROACTIVELY TO THE INCEPTION OF THE POLICY. (B) A PERSON WHO IS INJURED DURING THIS PERIOD SHALL HAVE RECOURSE TO HIS OR HER OWN POLICY, SUBJECT TO THE TERMS AND CONDITIONS OF THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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