|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to insurance|
|Jan 09, 2013||referred to insurance|
senate Bill S2032
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S2032 - Details
S2032 - Summary
Provides superintendent of insurance shall establish standards for hurricane windstorm deductibles, creating uniformity in the operation of such deductibles with respect to the triggering event.
S2032 - Sponsor Memo
BILL NUMBER:S2032 TITLE OF BILL: An act to amend the insurance law, in relation to homeowners insurance deductibles triggers PURPOSE: To help promote better understanding of the applicability and amount of hurricane windstorm deductibles in homeowners and dwelling fire policies. To establish reasonable standards for the operation of hurricane windstorm deductibles. SUMMARY OF PROVISIONS: This legislation amends section 3445 of the insurance law to require insurers that issue homeowners' and dwelling fire policies with catastrophic windstorm deductibles to provide notice to their policyholders, upon policy issuance and renewal, which clearly explains the amount and the applicability of the deductible, and to send separate notice prior to hurricane season, in accordance with standards established by the superintendent in regulation. The bill would require the superintendent to establish reasonable standards for uniformity in the triggering and operation of hurricane windstorm deductibles to promote clear understanding and a reasonable and actuarially appropriate apportionment of hurricane risk between insurers and policy holders. EXISTING LAW: Section 3453 of the insurance law requires the superintendent to
S2032 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2032 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sens. LAVALLE, MARTINS, MAZIARZ, RANZENHOFER -- 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 homeowners insurance deductibles triggers THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 3445 of the insurance law, as added by chapter 44 of the laws of 1998, is renumbered section 3455 and amended to read as follows: S 3455. Windstorm insurance notice; DEDUCTIBLE TRIGGER STANDARDS. (A) The superintendent shall by regulation establish disclosure requirements with respect to the operation of any deductible in a homeowner's insur- ance policy or dwelling fire personal lines policy which applies as the result of a windstorm. Such regulations shall prescribe the form of a notice to be provided by an insurer to an insured. The notice shall explain in clear and plain language the amount of the deductible, the circumstances under which the deductible applies and any other matters which the superintendent, in his or her discretion, shall deem necessary or appropriate. (B) THE SUPERINTENDENT SHALL BY REGULATION ESTABLISH STANDARDS FOR HURRICANE WINDSTORM DEDUCTIBLES, WHICH CREATE, TO THE GREATEST EXTENT POSSIBLE, UNIFORMITY IN THE OPERATION OF SUCH DEDUCTIBLES WITH RESPECT TO THE TRIGGERING EVENT. THE SUPERINTENDENT SHALL PROMULGATE SUCH REGULATIONS BY EMERGENCY ADOPTION OR OTHERWISE, WITHIN ONE HUNDRED EIGHTY DAYS OF THE EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND THIRTEEN WHICH ADDED THIS SUBSECTION. NOTWITHSTANDING PARAGRAPH SEVEN OF SUBSECTION (A) OF SECTION THREE THOUSAND FOUR HUNDRED TWENTY-FIVE OF THIS ARTICLE, ANY CHANGES IN A HOMEOWNER'S INSURANCE POLICY OR DWELLING, FIRE, OR PERSONAL EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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