Senate Bill S4103

2013-2014 Legislative Session

Relates to authority for the joint underwriting association to issue broad form insurance coverage

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Sponsored By

Archive: Last Bill Status - In Senate Committee Insurance 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

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2013-S4103 (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §5402, Ins L

2013-S4103 (ACTIVE) - Summary

Provides permanent authority for the joint underwriting association to issue broad form insurance coverage.

2013-S4103 (ACTIVE) - Sponsor Memo

2013-S4103 (ACTIVE) - Bill Text download pdf

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

                                  4103

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              March 8, 2013
                               ___________

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  providing  permanent
  authority  for  the joint underwriting association to issue broad form
  insurance coverage

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

  Section  1.  Subsection  (g)  of section 5402 of the insurance law, as
added by chapter 136 of the laws of 2008, is amended to read as follows:
  (g) In addition to fire insurance,  extended  coverage,  coverage  for
additional  perils  and  homeowners  insurance  should  the same be made
available through the association in accordance with a determination  of
necessity  pursuant to section five thousand four hundred twelve of this
article, the association may offer broad  form  coverage  to  applicants
seeking to insure real property at fixed locations of this state, or the
tangible  personal  property located thereon. [The association may offer
broad form coverage for a period of five years after the effective  date
of  this subsection. The superintendent shall require the association to
report to him or her annually during that five-year  period  as  to  the
number  of  policies  written  pursuant to this subsection and paragraph
three of subsection (f) of section five thousand four  hundred  five  of
this  article in the previous year, and any other information the super-
intendent may require. The  superintendent  shall  then  report  to  the
governor  and  the  legislature  regarding the number of policies issued
pursuant to this subsection and such paragraph annually  for  the  first
four  years  such  coverage  is offered. On or before January first, two
thousand thirteen, the superintendent shall  make  a  final,  cumulative
report to the governor and the legislature which shall include recommen-
dations as to the continuation of such insurance offerings.]
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09625-01-3

              

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