assembly Bill A4718A

2015-2016 Legislative Session

Enacts the "construction insurance transparency act of 2016" 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 Assembly Committee


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

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Actions

view actions (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 21, 2016 print number 4718a
Jan 21, 2016 amend (t) and recommit to insurance
Jan 06, 2016 referred to insurance
Mar 19, 2015 reported referred to codes
Feb 05, 2015 referred to insurance

Co-Sponsors

view additional co-sponsors

Multi-Sponsors

A4718 - Details

See Senate Version of this Bill:
S3392
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Add §343, Ins L
Versions Introduced in Other Legislative Sessions:
2013-2014: A8745, S6700
2017-2018: A1855, A8949, S5109
2019-2020: A5980, S465

A4718 - Summary

Enacts the "construction insurance transparency act" 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.

A4718 - Bill Text download pdf

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

                                  4718

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 5, 2015
                               ___________

Introduced  by  M. of A. MOYA -- read once and referred to the Committee
  on Insurance

AN ACT  to  amend  the  insurance  law,  in  relation  to  enacting  the
  "construction insurance transparency act of 2015" 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 2015".
  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02019-02-5

Co-Sponsors

view additional co-sponsors

Multi-Sponsors

A4718A (ACTIVE) - Details

See Senate Version of this Bill:
S3392
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Add §343, Ins L
Versions Introduced in Other Legislative Sessions:
2013-2014: A8745, S6700
2017-2018: A1855, A8949, S5109
2019-2020: A5980, S465

A4718A (ACTIVE) - Summary

Enacts the "construction insurance transparency act" 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.

A4718A (ACTIVE) - Bill Text download pdf

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

                                 4718--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 5, 2015
                               ___________

Introduced  by  M. of A. MOYA, BRONSON, STIRPE, SKOUFIS, CROUCH, LAVINE,
  SIMOTAS, CLARK, BICHOTTE, BRINDISI, WALKER, MILLER, ORTIZ, SCHIMEL  --
  Multi-Sponsored  by  --  M.  of  A.  BRAUNSTEIN,  CERETTO,  DenDEKKER,
  PEOPLES-STOKES -- read once and referred to the Committee on Insurance
  -- recommitted to the Committee on Insurance in accordance with Assem-
  bly 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  enacting the
  "construction insurance transparency act of 2016" 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 2016".
  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02019-04-6