S T A T E O F N E W Y O R K
________________________________________________________________________
8130
2019-2020 Regular Sessions
I N A S S E M B L Y
June 3, 2019
___________
Introduced by M. of A. HYNDMAN -- read once and referred to the Commit-
tee on Insurance
AN ACT relating to the creation of a study of the minimum coverage
amounts for non-commercial auto insurance
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The department of financial services shall conduct a study
of the minimum coverage amounts for liability and uninsured motorist
coverage currently required under article 3 of the vehicle and traffic
law for non-commercial auto insurance in New York state, the minimum
amount of no-fault coverage required by article 51 of the insurance law,
and additional coverage options, including but not limited to comprehen-
sive, collision, and supplemental uninsured/underinsured motorist cover-
age. In conducting this study, such department shall consider whether
the current minimum coverage amounts are adequate to protect consumers;
whether and to what extent consumers purchase higher coverage amounts;
the impact higher coverage amounts have on premiums, claims processing,
and consumer satisfaction; and any other factors such department deems
relevant. Such department shall consult with relevant stakeholders,
including insurance companies, insurance producers, consumer advocacy
groups, and any other person or entity such department deems necessary.
Such department shall issue a report of its findings as well as recom-
mendations as to whether the required minimum coverage amounts for
liability, uninsured motorist coverage, and no-fault should be
increased, the extent to which such amounts should be increased, and the
impact this would have on premiums. Such department shall submit its
report to the governor, the temporary president of the senate, the
speaker of the assembly, and the chairs of the senate and assembly
standing committees on insurance no later than April 15, 2021.
ยง 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03113-01-9