|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Dec 18, 2013||
|Dec 06, 2013||
delivered to governor
|Jun 18, 2013||
returned to senate
ordered to third reading rules cal.387
substituted for a7829a
referred to insurance
delivered to assembly
ordered to third reading cal.1451
committee discharged and committed to rules
|May 14, 2013||
referred to insurance
senate Bill S5236Signed By Governor
Relates to the joint underwriting association
Archive: Last Bill Status - Signed by Governor
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed by Governor
view actions (12)
Jun 18, 2013 - floor VoteS5236620floor62Aye0Nay0Absent1Excused0Abstained
show floor vote details
Floor Vote: Jun 18, 2013aye (62)
Jun 18, 2013 - Rules committee VoteS5236220committee22Aye0Nay3Aye with Reservations0Absent0Excused0Abstained
- show floor vote details
S5236 - Bill Details
- See Assembly Version of this Bill:
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §5402, Ins L
S5236 - Bill Texts
Relates to the joint underwriting association.
view sponsor memo
TITLE OF BILL: An act to amend the insurance law, in relation to the
joint underwriting association
PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to amend
the insurance law to reduce the administrative burden of having NYPIUA
report to the Department of Financial Services (DFS) on an annual basis
regarding the number of broad form policies written by the association
as well as reduce the burden of the DFS to report annually to the Gover-
nor and Legislature.
SUMMARY OF SPECIFIC PROVISIONS: This bill would amend section 5402 of
the insurance law to require NYPIUA to report to the Department of
Financial Services regarding the number of broad form policies written
at the end of NYPIUA's ten year authority to write such policies rather
than on an annual basis. The bill would also require DFS to report to
the Governor and the Legislature no later than January 1st, 2018,
regarding the number of policies issued, including any recommendations
as to the continuation of such offerings.
JUSTIFICATION: In 2008, NYPIUA was given the authority to offer broad
form coverage (DP-2) on personal dwelling and tangible personal property
for a period of five years in addition to basic form (DP-1) that covers
property damage from fire and other basic perils. The broad form policy
covers damage from falling objects; weight of ice, snow or sleet; acci-
dental discharge of water or steam; freezing; damage from artificially
generated electrical current; volcanic eruption; and burglary, in addi-
tion to the basic coverage of a DP-1 policy.
In December, 2012, the DFS reported to the Governor and Legislature that
NYPIUA had issued more than 30,000 broad form policies and that such a
policy "provides enhanced coverage options to policyholders compared to
the basic form policy and represents a meaningful improvement for home-
owners who cannot obtain a homeowners policy in the voluntary market."
The report also states: "Continuation of the broad form policy is an
essential means by which NYPIUA can fulfill its mission."
NYPIUA has reported to the DFS on an annual basis since enactment of the
2008 amendments authorizing broad form coverage. As the DFS report
points out, offering expanded broad form coverage has been beneficial to
New York homeowners.
Requiring NYPIUA to continue to provide annual reports is unnecessarily
time consuming and takes valuable personnel away from their day to day
duties of working with homeowners trying to obtain property insurance.
Requiring NYPIUA to provide a report on broad form coverage at the end
of their ten years of authority is sufficient to assess the program.
PRIOR LEGISLATIVE HISTORY: This is new legislation.
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: None.
EFFECTIVE DATE: This bill will take effect immediately.
view full text
S T A T E O F N E W Y O R K ________________________________________________________________________ 5236 2013-2014 Regular Sessions I N S E N A T E May 14, 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 the joint underwriting association 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 amended by section 1 of part W of chapter 55 of the laws of 2013, 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 ten years beginning on June thirti- eth, two thousand eight. [The] ON OR BEFORE OCTOBER FIRST, TWO THOUSAND SEVENTEEN THE superintendent shall require the association to report to him or her [annually during that ten-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 arti- cle [in the previous year], and any other information the superintendent 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 nine years such coverage is offered.] On or before January first, two thousand eighteen, the superintendent shall [make a final, cumulative] report to the gover- nor and the legislature [which] REGARDING THE NUMBER OF POLICIES ISSUED PURSUANT TO THIS SECTION AND SUCH PARAGRAPH AND 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. LBD10992-01-3
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