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Senate Bill S4976

2013-2014 Legislative Session

Requires full disclosure of the amount and duration of assessments in insurance policies

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Archive: Last Bill Status - In Senate Committee Insurance Committee

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2013-S4976 (ACTIVE) - Details

See Assembly Version of this Bill:
A7438
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd ยง3102, Ins L
Versions Introduced in Other Legislative Sessions:
2015-2016: A4514
2017-2018: A3251
2019-2020: A4969

2013-S4976 (ACTIVE) - Summary

Requires full disclosure of the amount and duration of assessments in insurance policies.

2013-S4976 (ACTIVE) - Sponsor Memo

2013-S4976 (ACTIVE) - Bill Text download pdf 

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

                                  4976

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               May 2, 2013
                               ___________

Introduced  by  Sen.  MARCELLINO  -- 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 requiring full disclo-
  sure of the amount and duration of assessments in insurance policies

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

  Section  1.  Section  3102 of the insurance law is amended by adding a
new subsection (g) to read as follows:
  (G) EACH INSURANCE POLICY, OR RENEWAL THEREOF, MADE, ISSUED OR  DELIV-
ERED  IN  THIS  STATE  ON A RISK LOCATED OR RESIDENT IN THIS STATE SHALL
IDENTIFY ANY AND ALL ASSESSMENTS MADE PURSUANT TO SUCH POLICY  AS  BEING
ASSESSMENTS, AND SHALL SPECIFY ON ITS DECLARATIONS PAGE:
  (1)  THE  AMOUNT OF THE ASSESSMENT FOR THE IMMEDIATE POLICY PERIOD AND
IN TOTAL;
  (2) THE METHOD BY WHICH THE ASSESSMENT IS CALCULATED;
  (3) THE TOTAL YEARS FOR WHICH THE ASSESSMENT IS LEVIED; AND
  (4) THE NUMBER OF YEARS REMAINING DURING WHICH THE ASSESSMENT SHALL BE
LEVIED.
  S 2. This act shall take effect on the first of January next  succeed-
ing the date on which it shall have become a law.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10641-01-3

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