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Senate Bill S1622

2017-2018 Legislative Session

Provides that the maximum deductible allowed on policies for windstorms shall not be greater than $1,500

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Archive: Last Bill Status - In Senate Committee Insurance Committee

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2017-S1622 (ACTIVE) - Details

See Assembly Version of this Bill:
A978
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §3445, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: S241, A337
2011-2012: S1460, A1413
2013-2014: S1760, A1222
2015-2016: S322, A93

2017-S1622 (ACTIVE) - Summary

Provides that the maximum deductible allowed in catastrophic windstorms shall not be greater than fifteen hundred dollars and shall be stated in the policy in numerical terms; also provides that deductibles shall only be applicable to losses incurred in windstorms with speeds greater than 125 miles per hour.

2017-S1622 (ACTIVE) - Sponsor Memo

2017-S1622 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
     S. 1622                                                   A. 978
 
                        2017-2018 Regular Sessions
 
                       S E N A T E - A S S E M B L Y
 
                             January 10, 2017
                                ___________
 
 IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
   ed, and when printed to be committed to the Committee on Insurance
 
 IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
   to the Committee on Insurance
 
 AN ACT to amend the insurance law, in relation  to  windstorm  insurance
   notice regarding deductibles
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 3445 of the insurance law, as added by  chapter  44
 of the laws of 1998, is amended to read as follows:
   §  3445.  Windstorm  insurance  notice. 1. The superintendent shall by
 regulation establish disclosure requirements with respect to the  opera-
 tion  of  any  deductible  in a homeowner's insurance policy or dwelling
 fire personal lines policy which applies as the result of  a  windstorm.
 Such  regulations shall prescribe the form of a notice to be provided by
 an insurer to an insured. The notice shall explain in  clear  and  plain
 language  the  amount  of  the deductible SUBJECT TO SUBSECTION THREE OF
 THIS SECTION, the circumstances under which the deductible  applies  and
 any  other  matters  which the superintendent, in his or her discretion,
 shall deem necessary or appropriate.
   2. A CATASTROPHIC WINDSTORM DEDUCTIBLE  APPLICABLE  TO  A  HOMEOWNER'S
 INSURANCE  POLICY  OR  DWELLING  FIRE PERSONAL LINES POLICY SHALL NOT BE
 APPROVED BY THE DEPARTMENT UNLESS THE DEDUCTIBLE IS APPLICABLE  ONLY  TO
 LOSSES  INCURRED  IN A HURRICANE WHICH CAUSES WIND SPEEDS OF ONE HUNDRED
 TWENTY-FIVE MILES OR GREATER PER HOUR TO OCCUR WITHIN THE STATE.
   3. THE MAXIMUM DEDUCTIBLE ALLOWED SHALL NOT BE  GREATER  THAN  FIFTEEN
 HUNDRED DOLLARS AND SHALL BE STATED ON THE POLICY IN NUMERICAL TERMS.
   § 2. This act shall take effect immediately.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02106-01-7

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