Assembly Bill A2578A

2015-2016 Legislative Session

Relates to the creation of a study of the minimum coverage amounts for non-commercial auto insurance

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Archive: Last Bill Status - In Assembly 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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Bill Amendments

2015-A2578 - Details

Current Committee:
Assembly Insurance
Law Section:
Vehicle and Traffic
Versions Introduced in Other Legislative Sessions:
2013-2014: A10115
2017-2018: A3787
2019-2020: A251, A8130
2021-2022: A2618
2023-2024: A2577

2015-A2578 - Summary

Relates to the creation of a study of the minimum coverage amounts for non-commercial auto insurance.

2015-A2578 - Bill Text download pdf 

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

                                  2578

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 20, 2015
                               ___________

Introduced  by M. of A. BRENNAN -- read once and referred to the Commit-
  tee on Insurance

AN ACT relating to the creation of  a  study  of  the  minimum  coverage
  amounts for non-commercial auto insurance

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

  Section 1. The department of financial services shall conduct a  study
of  the  minimum  coverage  amounts for liability and uninsured motorist
coverage currently required under article 3 of the vehicle  and  traffic
law  for  non-commercial  auto  insurance in New York state, the minimum
amount of no-fault coverage required by article fifty-one of the  insur-
ance  law, and additional coverage options, including but not limited to
comprehensive, collision, and supplemental uninsured/underinsured motor-
ist coverage.  In conducting this study, the department  shall  consider
whether  the  current  minimum  coverage amounts are adequate to protect
consumers; whether and to what extent consumers purchase higher coverage
amounts; the impact higher coverage amounts  have  on  premiums,  claims
processing, and consumer satisfaction; and any other factors the depart-
ment  deems  relevant. The department shall consult with relevant stake-
holders, including insurance companies,  insurance  producers,  consumer
advocacy  groups,  and  any  other person or entity the department deems
necessary. The department shall issue a report of its findings  as  well
as  recommendations  as to whether the required minimum coverage amounts
for liability, uninsured  motorist  coverage,  and  no-fault  should  be
increased, the extent to which such amounts should be increased, and the
impact  this  would  have  on  premiums. The department shall submit its
report to the governor, the  temporary  president  of  the  senate,  the
speaker  of  the  assembly,  and  the  chairs of the senate and assembly
standing committees on insurance no later than April 15, 2016.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02514-01-5

2015-A2578A (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Vehicle and Traffic
Versions Introduced in Other Legislative Sessions:
2013-2014: A10115
2017-2018: A3787
2019-2020: A251, A8130
2021-2022: A2618
2023-2024: A2577

2015-A2578A (ACTIVE) - Summary

Relates to the creation of a study of the minimum coverage amounts for non-commercial auto insurance.

2015-A2578A (ACTIVE) - Bill Text download pdf 

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

                                 2578--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            January 20, 2015
                               ___________

Introduced  by M. of A. BRENNAN -- read once and referred to the Commit-
  tee on Insurance -- recommitted  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  commit-
  tee

AN  ACT  relating  to  the  creation  of a study of the minimum coverage
  amounts for non-commercial auto insurance

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

  Section  1. The department of financial services shall conduct a study
of the minimum coverage amounts for  liability  and  uninsured  motorist
coverage  currently  required under article 3 of the vehicle and traffic
law for non-commercial auto insurance in New  York  state,  the  minimum
amount of no-fault coverage required by article 51 of the insurance law,
and additional coverage options, including but not limited to comprehen-
sive, collision, and supplemental uninsured/underinsured motorist cover-
age.    In conducting this study, such department shall consider whether
the current minimum coverage amounts are adequate to protect  consumers;
whether  and  to what extent consumers purchase higher coverage amounts;
the impact higher coverage amounts have on premiums, claims  processing,
and  consumer  satisfaction; and any other factors such department deems
relevant. Such department  shall  consult  with  relevant  stakeholders,
including  insurance  companies,  insurance producers, consumer advocacy
groups, and any other person or entity such department deems  necessary.
Such  department  shall issue a report of its findings as well as recom-
mendations as to whether  the  required  minimum  coverage  amounts  for
liability,   uninsured   motorist   coverage,  and  no-fault  should  be
increased, the extent to which such amounts should be increased, and the
impact this would have on premiums. Such  department  shall  submit  its
report  to  the  governor,  the  temporary  president of the senate, the
speaker of the assembly, and the  chairs  of  the  senate  and  assembly
standing committees on insurance no later than April 15, 2018.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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