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Assembly Bill A7537A

2015-2016 Legislative Session

Makes provisions with respect to notices of homeowners deductibles triggers for hurricane windstorms

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Archive: Last Bill Status - In Senate Committee Insurance Committee

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Bill Amendments

co-Sponsors

2015-A7537 - Details

See Senate Version of this Bill:
S253
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Ren §3445 to be §3455, amd §3455, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4847
2011-2012: A3283, S3387
2013-2014: A2729, S2032
2017-2018: A6665, S2062
2019-2020: A2902, S3324
2021-2022: A950
2023-2024: A2866

2015-A7537 - Summary

Provides superintendent of financial services shall establish standards for hurricane windstorm deductibles, creating uniformity in the operation of such deductibles with respect to the triggering event.

2015-A7537 - Bill Text download pdf 

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

                                  7537

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 18, 2015
                               ___________

Introduced by M. of A. KAMINSKY, THIELE -- read once and referred 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 FIFTEEN 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 POLICY
REGISTERED AS A RESULT OF THE ADOPTION BY THE  SUPERINTENDENT  OF  REGU-
LATIONS UNDER THIS SECTION, MAY BE APPLIED TO SUCH POLICIES ON THE POLI-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00868-01-5

co-Sponsors

2015-A7537A (ACTIVE) - Details

See Senate Version of this Bill:
S253
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Ren §3445 to be §3455, amd §3455, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4847
2011-2012: A3283, S3387
2013-2014: A2729, S2032
2017-2018: A6665, S2062
2019-2020: A2902, S3324
2021-2022: A950
2023-2024: A2866

2015-A7537A (ACTIVE) - Summary

Provides superintendent of financial services shall establish standards for hurricane windstorm deductibles, creating uniformity in the operation of such deductibles with respect to the triggering event.

2015-A7537A (ACTIVE) - Bill Text download pdf 

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

                                 7537--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 18, 2015
                               ___________

Introduced by M. of A. KAMINSKY, THIELE, DILAN -- read once and referred
  to the Committee on Insurance -- ordered to a third reading -- commit-
  ted  to the Committee on Insurance in accordance with Assembly Rule 3,
  sec. 2 -- committee discharged, bill  amended,  ordered  reprinted  as
  amended and recommitted to said committee

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 SIXTEEN WHICH ADDED THIS
SUBSECTION. NOTWITHSTANDING PARAGRAPH SEVEN OF SUBSECTION (A) OF SECTION
THREE THOUSAND FOUR HUNDRED TWENTY-FIVE OF THIS ARTICLE, ANY CHANGES  IN

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00868-02-6

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