S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10903
 
                           I N  A S S E M B L Y
 
                              August 17, 2020
                                ___________
 
 Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Carroll) --
   read once and referred to the Committee on Insurance
 
 AN ACT in relation to  requiring  insurers  to  make  insurance  premium
   refunds  and other adjustments to all policyholders adversely impacted
   by COVID-19
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Notwithstanding any provisions of law, rule or regulation
 to the contrary, the department of financial services is authorized  and
 directed  to  require  insurers  to make initial premium refund or other
 adjustments to all  adversely  impacted  New  York  policyholders.  Such
 refund  or  adjustment shall be for each month during the declared state
 emergency due to the coronavirus disease 2019 (COVID-19) pandemic begin-
 ning March 7, 2020 and apply to the following lines of insurance:
   1. Private passenger automobile insurance;
   2. Commercial automobile insurance;
   3. Workers' compensation insurance;
   4. Commercial multiple-peril insurance;
   5. Commercial liability insurance;
   6. Medical malpractice insurance; and
   7. Any other line of coverage where the measures of risk  have  become
 substantially  overstated  as  a  result of the coronavirus disease 2019
 (COVID-19) pandemic.
   § 2. Insurers shall comply with the mandated premium refund to policy-
 holders by providing a premium credit,  reduction,  return  of  premium,
 dividend or other appropriate premium adjustment, based on reclassifica-
 tion  of  exposures  to comport with current exposure, or a reduction of
 the exposure base to reflect actual or anticipated exposure.
   § 3. Insurers shall provide such refund or other adjustments to  poli-
 cyholders no later than 30 days after the effective date of this act.
   §  4.  This  act shall take effect immediately, and shall be deemed to
 have been in full force and effect on and after March 7, 2020 and  shall
 apply to insurance policies in force on and after that date.

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

                                                            LBD17076-01-0