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 |
Senate Bill S6981
2011-2012 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status - In Senate Committee Rules 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
2011-S6981 (ACTIVE) - Details
- Current Committee:
- Senate Rules
- Law Section:
- Insurance Law
- Laws Affected:
- Amd ยง3411, Ins L
2011-S6981 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6981 TITLE OF BILL: An act to amend the insurance law, in relation to deductibles for physical damage insurance PURPOSE: The purpose of this legislation is to permit automobile insurance companies to reduce or zero out automobile physical damage deductibles. SUMMARY OF PROVISIONS: Amends insurance law section 3411(k) to allow auto insurance companies to offer a reduced or zero deductibles for automobile physical damage. EXISTING LAW: Current insurance law requires auto insurers to offer physical damage insurance with a standard deductible of $200 for each occurrence. The insured also currently has the option to purchase a policy with slightly lower deductibles upon inception of the policy, at the annual anniversary date, or upon replacement/addition of a vehicle as follows: $50 for fire/theft/comprehensive, $100 for assigned risk policies, and $100 for collision. Current insurance law also requires insurers to offer physical damage insurance with
2011-S6981 (ACTIVE) - 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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