senate Bill S5109A

2017-2018 Legislative Session

Enacts the "construction insurance transparency act of 2018"

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Insurance Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 09, 2018 print number 5109a
Jan 09, 2018 amend (t) and recommit to insurance
Jan 03, 2018 referred to insurance
Mar 08, 2017 referred to insurance

Co-Sponsors

S5109 - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Add §343, Ins L
Versions Introduced in Other Legislative Sessions:
2013-2014: S6700
2015-2016: S3392
2019-2020: S465

S5109 - Summary

Enacts the "construction insurance transparency act" to require insurers providing coverage for liability under the scaffold law to report, on an annual basis, to the superintendent of financial services relating to its finances and claims paid thereunder.

S5109 - Sponsor Memo

S5109 - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5109

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                              March 8, 2017
                               ___________

Introduced by Sens. LANZA, CARLUCCI, RITCHIE, STAVISKY -- 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  enacting  the
  "construction insurance transparency act of 2017" requiring all insur-
  ers  which  issue  policies  of  liability  insurance insuring against
  claims made in reliance upon the duty imposed by the "scaffold law" to
  file annual financial statements and  detailed  claim  data  with  the
  superintendent of financial services

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  This  act  shall  be  known  and  may  be  cited  as  the
"construction insurance transparency act of 2017".
  §  2.  Declarations  of  legislative  findings. The legislature hereby
finds and declares that persons,  corporations,  associations  or  other
business  entities  which issue policies of liability insurance insuring
an owner of real property or a contractor who  is  performing  work  and
services  on  real  property  against  claims  made in reliance upon the
duties imposed upon such parties  by  section  240  of  the  labor  law,
commonly  referred  to  as  the "scaffold law", owe an obligation to the
public, to those they insure and to those  who  may  in  the  future  be
insured  by  them,  to fully disclose in a public and transparent manner
all elements relating to the premiums paid for such insurance, the meth-
od and manner in which such premiums are  determined  and  imposed  upon
insureds,  and  claims  made  by  injured persons who rely on owners and
contractors to provide a safe and secure worksite as  required  in  such
section  of  such  law. It is essential that the public be made aware of
such an insurer's responsibility  to  inform  them  of  their  financial
condition and solvency, and the details and specifics of the factors and
circumstances behind its financial solvency as well as the basis for the
rates they charge to owners and contractors to obtain such coverage. The

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

Co-Sponsors

view additional co-sponsors

S5109A (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Add §343, Ins L
Versions Introduced in Other Legislative Sessions:
2013-2014: S6700
2015-2016: S3392
2019-2020: S465

S5109A (ACTIVE) - Summary

Enacts the "construction insurance transparency act" to require insurers providing coverage for liability under the scaffold law to report, on an annual basis, to the superintendent of financial services relating to its finances and claims paid thereunder.

S5109A (ACTIVE) - Sponsor Memo

S5109A (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 5109--A

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                              March 8, 2017
                               ___________

Introduced by Sens. LANZA, CARLUCCI, RITCHIE, STAVISKY -- read twice and
  ordered  printed, and when printed to be committed to the Committee on
  Insurance -- recommitted to the Committee on Insurance  in  accordance
  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  enacting  the
  "construction insurance transparency act of 2018" requiring all insur-
  ers  which  issue  policies  of  liability  insurance insuring against
  claims made in reliance upon the duty imposed by the "scaffold law" to
  file annual financial statements and  detailed  claim  data  with  the
  superintendent of financial services

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  This  act  shall  be  known  and  may  be  cited  as  the
"construction insurance transparency act of 2018".
  §  2.  Declarations  of  legislative  findings. The legislature hereby
finds and declares that persons,  corporations,  associations  or  other
business  entities  which issue policies of liability insurance insuring
an owner of real property or a contractor who  is  performing  work  and
services  on  real  property  against  claims  made in reliance upon the
duties imposed upon such parties  by  section  240  of  the  labor  law,
commonly  referred  to  as  the "scaffold law", owe an obligation to the
public, to those they insure and to those  who  may  in  the  future  be
insured  by  them,  to fully disclose in a public and transparent manner
all elements relating to the premiums paid for such insurance, the meth-
od and manner in which such premiums are  determined  and  imposed  upon
insureds,  and  claims  made  by  injured persons who rely on owners and
contractors to provide a safe and secure worksite as  required  in  such
section  of  such  law. It is essential that the public be made aware of
such an insurer's responsibility  to  inform  them  of  their  financial
condition and solvency, and the details and specifics of the factors and

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

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