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Senate Bill S4969

2017-2018 Legislative Session

Expands flexibility in the automobile insurance market for the benefit of policyholders

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Archive: Last Bill Status - In Senate Committee Insurance Committee

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2017-S4969 (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §3425, Ins L
Versions Introduced in Other Legislative Sessions:
2019-2020: S3626
2021-2022: S3557

2017-S4969 (ACTIVE) - Summary

Expands flexibility in the automobile insurance market for the benefit of policyholders.

2017-S4969 (ACTIVE) - Sponsor Memo

2017-S4969 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4969
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               March 3, 2017
                                ___________
 
 Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
   printed to be committed to the Committee on Insurance
 
 AN ACT to amend the insurance law, in relation to expanding  flexibility
   in the automobile insurance market for the benefit of policyholders
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subsection (r) of section 3425 of  the  insurance  law,  as
 added by chapter 136 of the laws of 2008, is amended to read as follows:
   (r) An insurer that has no more than [seven] TWO THOUSAND FIVE hundred
 [fifty]  automobile  insurance  policies in-force [at last year-end] and
 intends to non-renew all of the policies shall submit to the superinten-
 dent a plan for the orderly nonrenewal of  the  policies.  The  proposed
 plan  shall not become effective without the approval of the superinten-
 dent. The plan shall:
   (1) describe the contemplated action;
   (2) set forth the reasons for the action;
   (3) describe the measures the insurer will take or has taken to  mini-
 mize market disruption as set forth in subsection (o) of this section;
   (4)  explain  why the action would not be detrimental to the interests
 of the people of this state; and
   (5) provide any other information as the superintendent may require.
   § 2. This act shall take effect immediately.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10423-01-7

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