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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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to insurance
Jun 21, 2013 committed to rules
Mar 20, 2013 advanced to third reading
Mar 19, 2013 2nd report cal.
Mar 18, 2013 1st report cal.205
Mar 08, 2013 referred to insurance

Votes

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Mar 18, 2013 - Insurance committee Vote

S4103
18
0
committee
18
Aye
0
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Insurance committee vote details

S4103 - Bill Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd ยง5402, Ins L

S4103 - Bill Texts

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

view sponsor memo
BILL NUMBER:S4103

TITLE OF BILL: An act to amend the insurance law, in relation to
providing permanent authority for the joint underwriting association
to issue broad form insurance coverage

PURPOSE: To make permanent an important consumer provision of the
insurance law which allows the New York Property Insurance
Underwriting Association (NYPIUA) to write an enhanced form of
coverage known as broad form coverage.

SUMMARY OF PROVISIONS: Section 1 of the bill would make provisions of
the insurance law permanent which allow the New York Property
Insurance Underwriting Association to write broad form coverage for
consumers.

JUSTIFICATION: This legislation makes permanent an important provision
of the insurance law which authorizes NYPTUA to off more expansive
coverage in coastal and other areas of the state where property and
homeowners insurance availability problems may exist Legislation
enacted in 2008 authorized NYPIUA to write broad form coverage for
five years subject to review and a report by the Department of
Financial Services.

Until 2008 NYPIUA policies included fire and extended coverage which
includes damage from perils such as fire, lightning, explosion, hail,
smoke, civil commotion, vandalism and malicious mischief. Broad form
coverage allows consumers to be covered for property damage by
burglars, falling objects, weight of ice and snow, accidental water or
steam discharge, freezing, and sudden damage from artificial electric
currents.

This enhanced coverage has been very helpful to consumers and two
thirds of the policies written by NYPIUA are written with broad form
coverage.

LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: None

EFFECTIVE DATE: Immediately

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                    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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