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Assembly Bill A157

2017-2018 Legislative Session

Relates to personal and commercial lines insurance

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Archive: Last Bill Status - On Floor Calendar

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2017-A157 (ACTIVE) - Details

See Senate Version of this Bill:
S2812
Law Section:
Insurance Law
Laws Affected:
Amd §§3425 & 3426, Ins L
Versions Introduced in Other Legislative Sessions:
2013-2014: A7454, S5578
2015-2016: A2082, S2349
2019-2020: A395, S3498
2021-2022: A599, S503

2017-A157 (ACTIVE) - Summary

Relates to personal and commercial lines insurance; provides that an insurer or producer shall, prior to the time a policy of personal lines insurance is sold or purchased, provide the potential insured with a copy of the policy and allow the potential insured sufficient time to review such policy; further provides that an insurer or producer shall, prior to the time a policy of commercial lines insurance that provides coverage for loss or damage to real property, personal property, or other liabilities for loss or damage to property is sold or purchased, provide the potential insured with a copy of the policy and allow the potential insured sufficient time to review such policy.

2017-A157 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    157
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 4, 2017
                                ___________
 
 Introduced  by M. of A. CAHILL, HARRIS -- Multi-Sponsored by -- M. of A.
   ABINANTI, BUCHWALD, CUSICK,  MALLIOTAKIS,  WEPRIN  --  read  once  and
   referred to the Committee on Insurance
 
 AN  ACT  to amend the insurance law, in relation to personal and commer-
   cial lines insurance

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  3425 of the insurance law is amended by adding a
 new subsection (a-1) to read as follows:
   (A-1) AN INSURER OR PRODUCER SHALL, PRIOR TO  THE  TIME  A  POLICY  OF
 PERSONAL  LINES  INSURANCE  IS  SOLD OR PURCHASED, PROVIDE THE POTENTIAL
 INSURED WITH A COPY OF THE POLICY AND ALLOW THE POTENTIAL INSURED SUFFI-
 CIENT TIME TO REVIEW SUCH POLICY. PERSONAL LINES  INSURANCE  SHALL  HAVE
 THE SAME MEANING AS PARAGRAPH TWO OF SUBSECTION (A) OF THIS SECTION.
   §  2.  Section  3426  of  the insurance law is amended by adding a new
 subsection (a-1) to read as follows:
   (A-1) AN INSURER OR PRODUCER SHALL, PRIOR TO  THE  TIME  A  POLICY  OF
 COMMERCIAL  LINES INSURANCE THAT PROVIDES COVERAGE FOR LOSS OR DAMAGE TO
 REAL PROPERTY, PERSONAL PROPERTY,  OR  OTHER  LIABILITIES  FOR  LOSS  OR
 DAMAGE  TO  PROPERTY IS SOLD OR PURCHASED, PROVIDE THE POTENTIAL INSURED
 WITH A COPY OF THE POLICY AND ALLOW  THE  POTENTIAL  INSURED  SUFFICIENT
 TIME TO REVIEW SUCH POLICY.
   § 3. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01622-01-7

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