| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 08, 2020 |
referred to insurance |
| Feb 08, 2019 |
referred to insurance |
Senate Bill S3501
2019-2020 Legislative Session
Sponsored By
(D, WF) Senate District
Archive: Last Bill Status - In Senate Committee Insurance Committee
Actions
co-Sponsors
(R, C, IP, RFM) Senate District
2019-S3501 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A72
- 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
2017-2018: S2809, A391
2021-2022: S3767, A8637
2023-2024: S1472, A4011
2025-2026: S4963, A1572
2019-S3501 (ACTIVE) - Sponsor Memo
BILL NUMBER: S3501
SPONSOR: BRESLIN
TITLE OF BILL:
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
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, 2021. The bill would also allow insur-
ers to use alternative definitions at the discretion of the Superinten-
2019-S3501 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
3501
2019-2020 Regular Sessions
I N S E N A T E
February 8, 2019
___________
Introduced by Sens. BRESLIN, 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-ONE. 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.
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