|
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
|---|---|
| Jan 03, 2018 |
referred to insurance |
| Mar 06, 2017 |
print number 2809a |
| Mar 06, 2017 |
amend and recommit to insurance |
| Jan 17, 2017 |
referred to insurance |
Senate Bill S2809A
2017-2018 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
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
Actions
Bill Amendments
2017-S2809 - Details
- See Assembly Version of this Bill:
- A391
- Current Committee:
- Senate Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §§3425 & 3426, Ins L
- Versions Introduced in Other Legislative Sessions:
-
2013-2014:
S5579, A7453
2015-2016: S4221, A1230
2019-2020: S3501, A72
2021-2022: S3767, A8637
2023-2024: S1472, A4011
2017-S2809 - Sponsor Memo
BILL NUMBER: S2809
TITLE OF BILL : An act to amend the insurance law, in relation to
requiring the superintendent of financial services to promulgate
regulations which provide standardized definitions for commonly used
terms and phrases in certain insurance policies
SUMMARY OF PROVISIONS :
This bill would require the Superintendent of Financial Services,
within six months of the effective date of this bill, to promulgate
regulations which provide standardized definitions for commonly used
terms and phrases found in homeowners policies and commercial lines
policies that provide coverage for loss or damage to real property,
personal property, or other liabilities for loss or damage to
property. Insurers would be required to use the standardized terms and
phrases in policies issued or delivered on or after the date, the
regulations are finalized, which would be no later than January 1,
2020. The bill would also allow insurers to use alternative
definitions at the discretion of the Superintendent, so long as such
definitions are not any less favorable to the policyholder or claimant
than those required under the regulations.
JUSTIFICATION :
Homeowners and commercial insurance policies provide necessary
2017-S2809 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2809
2017-2018 Regular Sessions
I N S E N A T E
January 17, 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 requiring the super-
intendent of financial services to promulgate regulations which
provide standardized definitions for commonly used terms and phrases
in certain insurance policies
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 3425 of the insurance law is amended by adding a
new subsection (t) to read as follows:
(T) WITHIN SIX MONTHS AFTER THE EFFECTIVE DATE OF THIS SUBSECTION, THE
SUPERINTENDENT SHALL PROMULGATE REGULATIONS IN ACCORDANCE WITH SECTION
TWO HUNDRED TWO OF THE STATE ADMINISTRATIVE PROCEDURE ACT WHICH PROVIDE
STANDARDIZED DEFINITIONS FOR COMMONLY USED TERMS AND PHRASES IN POLICIES
THAT PROVIDE COVERAGE FOR PERSONAL LINES INSURANCE AS DEFINED IN PARA-
GRAPH TWO OF SUBSECTION (A) OF THIS SECTION. SUCH STANDARDIZED TERMS AND
PHRASES SHALL BE USED IN SUCH POLICIES ISSUED OR DELIVERED IN THIS STATE
ON OR AFTER THE DATE THE REGULATIONS ARE FINALIZED, WHICH SHALL BE NO
LATER THAN JANUARY FIRST, TWO THOUSAND TWENTY. AN INSURER MAY USE
ALTERNATIVE DEFINITIONS, SO LONG AS SUCH DEFINITIONS ARE NOT ANY LESS
FAVORABLE TO THE POLICYHOLDER OR CLAIMANT, AS DETERMINED BY THE SUPER-
INTENDENT.
§ 2. Section 3426 of the insurance law is amended by adding a new
subsection (p) to read as follows:
(P) WITHIN SIX MONTHS AFTER THE EFFECTIVE DATE OF THIS SUBSECTION, THE
SUPERINTENDENT SHALL PROMULGATE REGULATIONS IN ACCORDANCE WITH SECTION
TWO HUNDRED TWO OF THE STATE ADMINISTRATIVE PROCEDURE ACT WHICH PROVIDE
STANDARDIZED DEFINITIONS FOR COMMONLY USED TERMS AND PHRASES IN POLICIES
THAT PROVIDE COVERAGE FOR COMMERCIAL LINES INSURANCE POLICIES THAT COVER
LOSS OR DAMAGE TO REAL PROPERTY, PERSONAL PROPERTY, OR OTHER LIABILITIES
FOR LOSS OR DAMAGE TO PROPERTY. SUCH STANDARDIZED TERMS AND PHRASES
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
co-Sponsors
(R, C, IP) Senate District
2017-S2809A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A391
- Current Committee:
- Senate Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §§3425 & 3426, Ins L
- Versions Introduced in Other Legislative Sessions:
-
2013-2014:
S5579, A7453
2015-2016: S4221, A1230
2019-2020: S3501, A72
2021-2022: S3767, A8637
2023-2024: S1472, A4011
2017-S2809A (ACTIVE) - Sponsor Memo
BILL NUMBER: S2809A
TITLE OF BILL : An act to amend the insurance law, in relation to
requiring the superintendent of financial services to promulgate
regulations which provide standardized definitions for commonly used
terms and phrases in certain insurance policies
SUMMARY OF PROVISIONS :
This bill would require the Superintendent of Financial Services,
within six months of the effective date of this bill, to promulgate
regulations which provide standardized definitions for commonly used
terms and phrases found in homeowners policies and commercial lines
policies that provide coverage for loss or damage to real property,
personal property, or other liabilities for loss or damage to
property. Insurers would be required to use the standardized terms and
phrases in policies issued or delivered on or after the date, the
regulations are finalized, which would be no later than January 1,
2019. The bill would also allow insurers to use alternative
definitions at the discretion of the Superintendent, so long as such
definitions are not any less favorable to the policyholder or claimant
than those required under the regulations.
JUSTIFICATION :
Homeowners and commercial insurance policies provide necessary
2017-S2809A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
2809--A
2017-2018 Regular Sessions
I N S E N A T E
January 17, 2017
___________
Introduced by Sen. SEWARD -- read twice and ordered printed, and when
printed to be committed to the Committee on Insurance -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee
AN ACT to amend the insurance law, in relation to requiring the super-
intendent of financial services to promulgate regulations which
provide standardized definitions for commonly used terms and phrases
in certain insurance policies
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 3425 of the insurance law is amended by adding a
new subsection (t) to read as follows:
(T) WITHIN SIX MONTHS AFTER THE EFFECTIVE DATE OF THIS SUBSECTION, THE
SUPERINTENDENT SHALL PROMULGATE REGULATIONS IN ACCORDANCE WITH SECTION
TWO HUNDRED TWO OF THE STATE ADMINISTRATIVE PROCEDURE ACT WHICH PROVIDE
STANDARDIZED DEFINITIONS FOR COMMONLY USED TERMS AND PHRASES IN POLICIES
THAT PROVIDE COVERAGE FOR PERSONAL LINES INSURANCE AS DEFINED IN PARA-
GRAPH TWO OF SUBSECTION (A) OF THIS SECTION. SUCH STANDARDIZED TERMS AND
PHRASES SHALL BE USED IN SUCH POLICIES ISSUED OR DELIVERED IN THIS STATE
ON OR AFTER THE DATE THE REGULATIONS ARE FINALIZED, WHICH SHALL BE NO
LATER THAN JANUARY FIRST, TWO THOUSAND NINETEEN. AN INSURER MAY USE
ALTERNATIVE DEFINITIONS, SO LONG AS SUCH DEFINITIONS ARE NOT ANY LESS
FAVORABLE TO THE POLICYHOLDER OR CLAIMANT, AS DETERMINED BY THE SUPER-
INTENDENT.
§ 2. Section 3426 of the insurance law is amended by adding a new
subsection (p) to read as follows:
(P) WITHIN SIX MONTHS AFTER THE EFFECTIVE DATE OF THIS SUBSECTION, THE
SUPERINTENDENT SHALL PROMULGATE REGULATIONS IN ACCORDANCE WITH SECTION
TWO HUNDRED TWO OF THE STATE ADMINISTRATIVE PROCEDURE ACT WHICH PROVIDE
STANDARDIZED DEFINITIONS FOR COMMONLY USED TERMS AND PHRASES IN POLICIES
THAT PROVIDE COVERAGE FOR COMMERCIAL LINES INSURANCE POLICIES THAT COVER
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
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