Assembly Bill A3676

Signed By Governor
2019-2020 Legislative Session

Relates to the issuance of broad form coverage by the joint underwriting association

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Archive: Last Bill Status Via S642 - Signed by Governor

  • 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-A3676 (ACTIVE) - Details

See Senate Version of this Bill:
S642
Law Section:
Insurance Law
Laws Affected:
Amd §5402, Ins L

2019-A3676 (ACTIVE) - Summary

Extends authorization for the issuance of broad form coverage.

2019-A3676 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3676
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 30, 2019
                                ___________
 
 Introduced  by M. of A. ROMEO -- read once and referred to the Committee
   on Insurance
 
 AN ACT to amend the insurance law, in relation to the issuance of  broad
   form coverage by the joint underwriting association
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subsection (g) of section 5402 of  the  insurance  law,  as
 amended  by  chapter  542  of  the  laws  of 2013, is amended to read as
 follows:
   (g) In addition to fire insurance,  extended  coverage,  coverage  for
 additional  perils  and  homeowners  insurance  should  the same be made
 available through the association in accordance with a determination  of
 necessity  pursuant to section five thousand four hundred twelve of this
 article, the association may offer broad  form  coverage  to  applicants
 seeking to insure real property at fixed locations of this state, or the
 tangible  personal  property  located thereon. The association may offer
 broad form coverage for a period of [ten]  FIFTEEN  years  beginning  on
 June  thirtieth,  two  thousand  eight.  On or before October first, two
 thousand seventeen the superintendent shall require the  association  to
 report  to  him  or her as to the number of policies written pursuant to
 this subsection and paragraph three of subsection (f)  of  section  five
 thousand  four  hundred  five of this article, and any other information
 the superintendent may require. On or before January first, two thousand
 eighteen, the superintendent shall report to the governor and the legis-
 lature regarding the number of policies issued pursuant to this  section
 and such paragraph and shall include recommendations as to the continua-
 tion of such insurance offerings.
   § 2. This act shall take effect immediately; provided, however that if
 this act shall not have become a law on or before June 30, 2018, section
 one of this act shall be deemed to have been in full force and effect on
 and after June 30, 2018.

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

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