Assembly Bill A8949

2017-2018 Legislative Session

Enacts the "construction insurance transparency act of 2017"

download bill text pdf

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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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2017-A8949 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Add §343, Ins L
Versions Introduced in Other Legislative Sessions:
2013-2014: A8745
2015-2016: A4718
2019-2020: A5980
2021-2022: A1176
2023-2024: A332

2017-A8949 (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.

2017-A8949 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8949
 
                           I N  A S S E M B L Y
 
                              January 9, 2018
                                ___________
 
 Introduced  by M. of A. BRONSON -- read once and referred to the Commit-
   tee on Insurance
 
 AN ACT  to  amend  the  insurance  law,  in  relation  to  enacting  the
   "construction insurance transparency act of 2017" 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 2017".
   §  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
 state has, unfortunately, gone on too long in obscurity, with even those
 who bear the cost of premiums unable to learn why prices are set as they
 are. As a matter of public trust, liability insurers should be  required
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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