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Assembly Bill A7782

2017-2018 Legislative Session

Authorizes the superintendent of financial services to investigate fraudulent activities relating to uninsured drivers and drivers who misrepresent their principal place of residence

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Archive: Last Bill Status - In Assembly Committee

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2017-A7782 (ACTIVE) - Details

See Senate Version of this Bill:
S5970
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §§401 & 405, Ins L
Versions Introduced in 2019-2020 Legislative Session:
A4347

2017-A7782 (ACTIVE) - Summary

Grants the superintendent of financial services authority to investigate fraudulent activities, such as motor vehicle operators who drive with no insurance coverage, and those who misrepresent their principal place of residence or where their motor vehicle is principally garaged and operated; requires insurance companies and self-insurers to report incidents of insurance fraud, relating to automobile liability insurance, to the department of financial services.

2017-A7782 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7782
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 15, 2017
                                ___________
 
 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
   on Insurance
 
 AN ACT to amend the insurance law, in relation to insurance fraud
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 401 of the insurance law is amended by adding a new
 subsection (d) to read as follows:
   (D) THE SUPERINTENDENT SHALL HAVE AUTHORITY PURSUANT TO  THIS  CHAPTER
 TO  INVESTIGATE  FRAUDULENT  ACTIVITIES  WITH REGARD TO INDIVIDUALS THAT
 OPERATE MOTOR VEHICLES WITH NO INSURANCE  COVERAGE,  AND  MOTOR  VEHICLE
 INSUREDS  WHO MISREPRESENT THE PRINCIPAL PLACE WHERE INSURED MOTOR VEHI-
 CLES ARE GARAGED AND OPERATED. OPERATING MOTOR VEHICLES  WITHOUT  PROPER
 INSURANCE  IN VIOLATION OF ARTICLE SIX OF THE VEHICLE AND TRAFFIC LAW IS
 A SIGNIFICANT DANGER TO THE PUBLIC BECAUSE DRIVERS ARE UNABLE TO COMPEN-
 SATE INDIVIDUALS FOR PERSONAL INJURIES, DEATH AND PROPERTY  DAMAGE  THEY
 INFLICT  UPON OTHERS.  FURTHERMORE, MOTOR VEHICLE INSUREDS WHO MISREPRE-
 SENT THE PRINCIPAL PLACE WHERE SUCH VEHICLES ARE  GARAGED  AND  OPERATED
 IMPROPERLY  SHIFT  THEIR  HIGH  LIABILITY  EXPOSURE COSTS TO OTHER MOTOR
 VEHICLE INSUREDS THAT DO NOT FACE SUCH HIGH LIABILITY RISK AND INSURANCE
 PREMIUM COSTS.
   § 2. Subsection (a) of section 405 of the insurance law, as amended by
 section 7 of part A of chapter 62 of the laws of  2011,  is  amended  to
 read as follows:
   (a)  Any  person  licensed or registered pursuant to the provisions of
 this chapter, and any person engaged in the  business  of  insurance  or
 life  settlement  in this state who is exempted from compliance with the
 licensing requirements of this chapter, including  the  state  insurance
 fund  of  this state, who has reason to believe that an insurance trans-
 action or life settlement act may be fraudulent, or has knowledge that a
 fraudulent insurance transaction or fraudulent life  settlement  act  is
 about  to take place, or has taken place shall, within thirty days after
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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