Senate Bill S7288

Signed By Governor
2017-2018 Legislative Session

Relates to certain supplementary insurance

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


  • 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-S7288 (ACTIVE) - Details

See Assembly Version of this Bill:
A8933
Law Section:
Insurance Law
Laws Affected:
Amd §3420, Ins L

2017-S7288 (ACTIVE) - Summary

Relates to the rights of the first named insured on a commercial risk insurance policy.

2017-S7288 (ACTIVE) - Sponsor Memo

2017-S7288 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7288
 
                             I N  S E N A T E
 
                              January 5, 2018
                                ___________
 
 Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the insurance law, in relation to certain  supplementary
   insurance
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Paragraph 2-a of subsection (f)  of  section  3420  of  the
 insurance  law,  as added by chapter 490 of the laws of 2017, is amended
 to read as follows:
   (2-a) (A) Notwithstanding paragraph two of this subsection, this para-
 graph shall apply to any new insurance policy  or  contract  SUBJECT  TO
 THIS SUBSECTION entered into after the effective date of this paragraph.
 This  paragraph  shall not be deemed to apply to any policies originally
 entered into prior to the effective date of this paragraph, but  renewed
 after  the effective date of this paragraph, OR TO ANY POLICY OF COMMER-
 CIAL RISK INSURANCE. Any new insurance policy or contract  entered  into
 after  the  effective date of this paragraph shall, at the option of the
 FIRST NAMED insured, also provide  supplementary  uninsured/underinsured
 motorists  insurance for bodily injury, in an amount equal to the bodily
 injury liability insurance limits of coverage provided under such  motor
 vehicle  liability  insurance  policy;  provided,  however, that [any] A
 FIRST named insured may exercise the choice to decline such supplementa-
 ry uninsured/underinsured motorists insurance or select a  lower  amount
 of  coverage  through a written waiver signed, or electronically signed,
 by such insured, subject to the requirements of subparagraph (B) of this
 paragraph.  Supplementary  uninsured/underinsured  motorists   insurance
 shall provide coverage, in any state or Canadian province, if the limits
 of liability under all bodily injury liability bonds and insurance poli-
 cies  of  any  other  motor  vehicle  liable for damages are in a lesser
 amount than the bodily injury liability  insurance  limits  of  coverage
 provided by such policy.  Upon written request by any insured covered by
 supplemental  uninsured/underinsured motorists insurance or [his] A duly
 authorized representative and upon disclosure  by  the  insured  of  the
 insured's  bodily  injury and supplemental uninsured/underinsured motor-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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