Assembly Bill A5805

2019-2020 Legislative Session

Requires a reduction in the premium for fire insurance on a historic site with a sprinkler system and owned by a nonprofit corporation

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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2019-A5805 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Add §2346-b, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: A5514
2011-2012: A4613
2013-2014: A5481
2015-2016: A6299
2017-2018: A6850

2019-A5805 (ACTIVE) - Summary

Requires a reduction in the premium for fire insurance on a historic site with a sprinkler system and owned by a nonprofit corporation.

2019-A5805 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5805
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 19, 2019
                                ___________
 
 Introduced  by  M.  of  A.  ENGLEBRIGHT -- read once and referred to the
   Committee on Insurance
 
 AN ACT to amend the insurance law, in relation to requiring reduction in
   rates of premiums  for  commercial  risk  fire  insurance  on  certain
   historic sites owned and operated by a not-for-profit corporation

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The insurance law is amended by adding a new section 2346-b
 to read as follows:
   § 2346-B. REDUCTION IN RATES OF COMMERCIAL RISK FIRE INSURANCE  PREMI-
 UMS;  NONPROFIT  HISTORIC SITES. THE SUPERINTENDENT SHALL PROVIDE FOR AN
 ACTUARIALLY APPROPRIATE REDUCTION IN THE RATES  OF  THE  FIRE  INSURANCE
 COMPONENT OF COMMERCIAL RISK INSURANCE PREMIUMS APPLICABLE TO A HISTORIC
 SITE,  AS  DEFINED IN SUBDIVISION FOURTEEN OF SECTION 1.03 OF THE PARKS,
 RECREATION AND HISTORIC PRESERVATION  LAW,  EQUIPPED  WITH  AN  APPROVED
 SPRINKLER SYSTEM AND OWNED AND OPERATED BY A NOT-FOR-PROFIT CORPORATION.
   §  2.  This  act  shall take effect on the sixtieth day after it shall
 have become a law, and shall apply  to  all  policies  issued,  renewed,
 modified,  altered  or  amended  on or after such date.  Effective imme-
 diately, the addition, amendment and/or repeal of any rule or regulation
 necessary for the implementation of this act on its effective  date  are
 authorized to be made and completed on or before such date.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09747-01-9

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