Senate Bill S6700

2013-2014 Legislative Session

Enacts the "construction insurance transparency act of 2014" to require insurers providing coverage for liability under the scaffold law to report to the superintendent of financial services

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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-S6700 (ACTIVE) - Details

See Assembly Version of this Bill:
A8745
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Add §342, Ins L
Versions Introduced in Other Legislative Sessions:
2015-2016: S3392, A4718
2017-2018: S5109, A1855, A8949
2019-2020: S465, A5980
2021-2022: S4490, A1176
2023-2024: S5995, A332

2013-S6700 (ACTIVE) - Summary

Enacts the "construction insurance transparency act of 2014" to require insurers providing coverage for liability under the scaffold law to report, on an annual basis, to the superintendent of financial services relating to its finances and claims paid thereunder.

2013-S6700 (ACTIVE) - Sponsor Memo

2013-S6700 (ACTIVE) - Bill Text download pdf

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

                                  6700

                            I N  S E N A T E

                            February 28, 2014
                               ___________

Introduced  by  Sens.  LANZA, RITCHIE -- 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  enacting  the
  "construction insurance transparency act of 2014" requiring all insur-
  ers  which  issue  policies  of  liability  insurance insuring against
  claims made in reliance upon the duty imposed by the "scaffold law" to
  file annual financial statements and  detailed  claim  data  with  the
  superintendent of financial services

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

  Section  1.  This  act  shall  be  known  and  may  be  cited  as  the
"construction insurance transparency act of 2014".
  S  2.  Declarations  of  legislative  findings. The legislature hereby
finds and declares that persons,  corporations,  associations  or  other
business  entities  which issue policies of liability insurance insuring
an owner of real property or a contractor who  is  performing  work  and
services  on  real  property  against  claims  made in reliance upon the
duties imposed upon such parties  by  section  240  of  the  labor  law,
commonly  referred  to  as  the "scaffold law", owe an obligation to the
public, to those they insure and to those  who  may  in  the  future  be
insured  by  them,  to fully disclose in a public and transparent manner
all elements relating to the premiums paid for such insurance, the meth-
od and manner in which such premiums are  determined  and  imposed  upon
insureds,  and  claims  made  by  injured persons who rely on owners and
contractors to provide a safe and secure worksite as  required  in  such
section  of  such  law. It is essential that the public be made aware of
such an insurer's responsibility  to  inform  them  of  their  financial
condition and solvency, and the details and specifics of the factors and
circumstances behind its financial solvency as well as the basis for the
rates they charge to owners and contractors to obtain such coverage. The
determination  of  premiums  for such liability insurance policy in this
state has, unfortunately, gone on too long in obscurity, with even those
who bear the cost of premiums unable to learn why prices are set as they
are. As a matter of public trust, liability insurers should be  required

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

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