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Senate Bill S8487

2019-2020 Legislative Session

Requires that an insurer participating in the assigned risk plan shall review the risk profiles of each policy holder

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Archive: Last Bill Status - In Senate Committee Rules Committee

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2019-S8487 (ACTIVE) - Details

See Assembly Version of this Bill:
A9762
Current Committee:
Senate Rules
Law Section:
Insurance Law
Laws Affected:
Add §5305, amd §309, Ins L
Versions Introduced in Other Legislative Sessions:
2021-2022: S4158, A3827
2023-2024: S1627, A2588
2025-2026: S3062, A4462

2019-S8487 (ACTIVE) - Summary

Requires that an insurer participating in the assigned risk plan shall review the risk profiles of each policy holder that has been assigned to such insurer through the plan to determine if such policy holders are eligible for motor vehicle insurance coverage written by such insurer in the voluntary market.

2019-S8487 (ACTIVE) - Sponsor Memo

2019-S8487 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8487
 
                             I N  S E N A T E
 
                               June 5, 2020
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the insurance law, in relation to certain policy review
 
   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 5305
 to read as follows:
   § 5305. POLICY REVIEW. (A) WITHIN NINETY DAYS AFTER THE EFFECTIVE DATE
 OF THIS SECTION AND EVERY TWO YEARS THEREAFTER, AN INSURER PARTICIPATING
 IN THE ASSIGNED RISK PLAN PURSUANT TO THIS ARTICLE SHALL REVIEW THE RISK
 PROFILES OF EACH POLICY HOLDER THAT HAS BEEN ASSIGNED  TO  SUCH  INSURER
 THROUGH  THE  PLAN  TO DETERMINE IF SUCH POLICY HOLDERS ARE ELIGIBLE FOR
 MOTOR VEHICLE INSURANCE COVERAGE WRITTEN BY SUCH INSURER IN  THE  VOLUN-
 TARY  MARKET.  SUCH  INSURER  SHALL,  UPON  RENEWAL, WRITE MOTOR VEHICLE
 INSURANCE COVERAGE IN THE VOLUNTARY MARKET FOR ANY POLICY HOLDER  DETER-
 MINED TO BE ELIGIBLE FOR SUCH COVERAGE.
   (B)  AN  INSURER  SHALL  SEND WRITTEN NOTICE OF THE REVIEW REQUIRED BY
 SUBSECTION (A) OF THIS SECTION TO EACH POLICY  HOLDER  AT  LEAST  THIRTY
 DAYS  PRIOR TO THE DATE THAT SUCH REVIEW IS CONDUCTED. SUCH NOTICE SHALL
 ALSO INFORM EACH POLICY HOLDER OF A POLICY HOLDER'S RIGHT TO SEARCH  FOR
 AND OBTAIN COVERAGE ON THE VOLUNTARY MARKET AT ANY TIME.
   (C)  AN INSURER SHALL ALSO SEND WRITTEN NOTICE OF THE DETERMINATION OF
 ELIGIBILITY FOR COVERAGE  IN  THE  VOLUNTARY  MARKET  MADE  PURSUANT  TO
 SUBSECTION  (A) OF THIS SECTION TO A POLICY HOLDER WITHIN TEN DAYS AFTER
 SUCH DETERMINATION IS MADE.
   (D) ANY PERSON INSURED PURSUANT TO THIS ARTICLE MAY FILE  A  COMPLAINT
 WITH  THE  SUPERINTENDENT  REGARDING  ANY  VIOLATIONS OF THIS SECTION BY
 INSURERS PARTICIPATING IN THE ASSIGNED RISK PLAN.
   § 2. Section 309 of the insurance law  is  amended  by  adding  a  new
 subsection (d) to read as follows:
   (D)  AS PART OF AN EXAMINATION, THE SUPERINTENDENT SHALL REVIEW DETER-
 MINATIONS MADE PURSUANT TO SECTION FIVE THOUSAND THREE HUNDRED  FIVE  OF
 THIS CHAPTER REGARDING THE ELIGIBILITY OF POLICY HOLDERS FOR COVERAGE ON
 THE  VOLUNTARY  MARKET  TO  ENSURE  SUCH  DETERMINATIONS   ARE ISSUED IN
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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