Senate Bill S2062A

2017-2018 Legislative Session

Makes provisions with respect to notices of homeowners deductibles triggers for hurricane windstorms

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Sponsored By

Archive: Last Bill Status - In Senate Committee Insurance 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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Bill Amendments

co-Sponsors

2017-S2062 - Details

See Assembly Version of this Bill:
A6665
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §3445, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4847
2011-2012: S3387, A3283
2013-2014: S2032, A2729
2015-2016: S253, A7537
2019-2020: S3324, A2902
2021-2022: A950
2023-2024: A2866

2017-S2062 - Summary

Provides that the superintendent of financial services shall establish standards for hurricane windstorm deductibles, creating uniformity in the operation of such deductibles with respect to the triggering event.

2017-S2062 - Sponsor Memo

2017-S2062 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2062
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 11, 2017
                                ___________
 
 Introduced  by  Sens.  LAVALLE,  KAMINSKY, RANZENHOFER -- 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 homeowners insurance
   deductibles triggers
 
   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 renumbered section 3455 and amended to  read  as
 follows:
   § 3455. Windstorm insurance notice; DEDUCTIBLE TRIGGER STANDARDS.  (A)
 The superintendent shall by regulation establish disclosure requirements
 with  respect to the operation of any deductible in a homeowner's insur-
 ance 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, the
 circumstances under which the deductible applies and any  other  matters
 which the superintendent, in his or her discretion, shall deem necessary
 or appropriate.
   (B)  THE  SUPERINTENDENT  SHALL  BY REGULATION ESTABLISH STANDARDS FOR
 HURRICANE WINDSTORM DEDUCTIBLES, WHICH CREATE, TO  THE  GREATEST  EXTENT
 POSSIBLE,  UNIFORMITY  IN THE OPERATION OF SUCH DEDUCTIBLES WITH RESPECT
 TO THE TRIGGERING EVENT.
   THE SUPERINTENDENT SHALL  PROMULGATE  SUCH  REGULATIONS  BY  EMERGENCY
 ADOPTION  OR  OTHERWISE, WITHIN ONE HUNDRED EIGHTY DAYS OF THE EFFECTIVE
 DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND  SEVENTEEN  WHICH  ADDED
 THIS  SUBSECTION.  NOTWITHSTANDING  PARAGRAPH SEVEN OF SUBSECTION (A) OF
 SECTION THREE THOUSAND FOUR HUNDRED TWENTY-FIVE  OF  THIS  ARTICLE,  ANY
 CHANGES IN A HOMEOWNER'S INSURANCE POLICY OR DWELLING, FIRE, OR PERSONAL
 POLICY  REGISTERED  AS A RESULT OF THE ADOPTION BY THE SUPERINTENDENT OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

2017-S2062A (ACTIVE) - Details

See Assembly Version of this Bill:
A6665
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §3445, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4847
2011-2012: S3387, A3283
2013-2014: S2032, A2729
2015-2016: S253, A7537
2019-2020: S3324, A2902
2021-2022: A950
2023-2024: A2866

2017-S2062A (ACTIVE) - Summary

Provides that the superintendent of financial services shall establish standards for hurricane windstorm deductibles, creating uniformity in the operation of such deductibles with respect to the triggering event.

2017-S2062A (ACTIVE) - Sponsor Memo

2017-S2062A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2062--A
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             January 11, 2017
                                ___________
 
 Introduced by Sens. LAVALLE, BROOKS, KAMINSKY, RANZENHOFER -- read twice
   and ordered printed, and when printed to be committed to the Committee
   on  Insurance  -- recommitted to the Committee on Insurance in accord-
   ance with Senate Rule 6, sec. 8 -- committee discharged, bill amended,
   ordered reprinted as amended and recommitted to said committee

 AN ACT to amend the insurance law, in relation to  homeowners  insurance
   deductibles triggers
 
   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; DEDUCTIBLE TRIGGER STANDARDS.  (A)
 The superintendent shall by regulation establish disclosure requirements
 with  respect to the operation of any deductible in a homeowner's insur-
 ance 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, the
 circumstances under which the deductible applies and any  other  matters
 which the superintendent, in his or her discretion, shall deem necessary
 or appropriate.
   (B)  THE  SUPERINTENDENT  SHALL  BY REGULATION ESTABLISH STANDARDS FOR
 HURRICANE WINDSTORM DEDUCTIBLES, WHICH CREATE, TO  THE  GREATEST  EXTENT
 POSSIBLE,  UNIFORMITY  IN THE OPERATION OF SUCH DEDUCTIBLES WITH RESPECT
 TO THE TRIGGERING EVENT.
   THE SUPERINTENDENT SHALL  PROMULGATE  SUCH  REGULATIONS  BY  EMERGENCY
 ADOPTION  OR  OTHERWISE, WITHIN ONE HUNDRED EIGHTY DAYS OF THE EFFECTIVE
 DATE OF THE CHAPTER OF THE LAWS OF TWO  THOUSAND  EIGHTEEN  WHICH  ADDED
 THIS  SUBSECTION.  NOTWITHSTANDING  PARAGRAPH SEVEN OF SUBSECTION (A) OF
 SECTION THREE THOUSAND FOUR HUNDRED TWENTY-FIVE  OF  THIS  ARTICLE,  ANY
 CHANGES IN A HOMEOWNER'S INSURANCE POLICY OR DWELLING, FIRE, OR PERSONAL
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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