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Assembly Bill A950A

2021-2022 Legislative Session

Makes provisions with respect to notices of homeowners deductibles triggers for hurricane windstorms

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Archive: Last Bill Status - In Senate Committee Insurance Committee

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Bill Amendments

co-Sponsors

2021-A950 - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §3445, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4847
2011-2012: A3283
2013-2014: A2729
2015-2016: A7537
2017-2018: A6665
2019-2020: A2902
2023-2024: A2866

2021-A950 - Summary

Provides that the superintendent of financial services shall establish standards for hurricane windstorm deductibles, creating uniformity in the operation of such deductibles with respect to the triggering event.

2021-A950 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    950
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO, JONES, COOK, DiPIETRO, WALLACE,
   BENEDETTO, GRIFFIN, FERNANDEZ -- read once and referred to the Commit-
   tee on Insurance
 
 AN ACT to amend the insurance law, in relation to  homeowners  insurance
   deductibles triggers

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 3445 of the insurance law, as added by  chapter  44
 of the laws of 1998, is amended to read as follows:
   § 3445. Windstorm insurance notice; DEDUCTIBLE TRIGGER STANDARDS.  (A)
 The superintendent shall by regulation establish disclosure requirements
 with  respect to the operation of any deductible in a homeowner's insur-
 ance policy or dwelling fire personal lines policy which applies as  the
 result  of  a  windstorm. Such regulations shall prescribe the form of a
 notice to be provided by an insurer to  an  insured.  The  notice  shall
 explain  in  clear  and plain language the amount of the deductible, the
 circumstances under which the deductible applies and any  other  matters
 which the superintendent, in his or her discretion, shall deem necessary
 or appropriate.
   (B)  THE  SUPERINTENDENT  SHALL  BY REGULATION ESTABLISH STANDARDS FOR
 HURRICANE WINDSTORM DEDUCTIBLES, WHICH CREATE, TO  THE  GREATEST  EXTENT
 POSSIBLE,  UNIFORMITY  IN THE OPERATION OF SUCH DEDUCTIBLES WITH RESPECT
 TO THE TRIGGERING EVENT.
   THE SUPERINTENDENT SHALL  PROMULGATE  SUCH  REGULATIONS  BY  EMERGENCY
 ADOPTION  OR  OTHERWISE, WITHIN ONE HUNDRED EIGHTY DAYS OF THE EFFECTIVE
 DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY WHICH ADDED  THIS
 SUBSECTION. NOTWITHSTANDING PARAGRAPH SEVEN OF SUBSECTION (A) OF SECTION
 THREE  THOUSAND FOUR HUNDRED TWENTY-FIVE OF THIS ARTICLE, ANY CHANGES IN
 A HOMEOWNER'S INSURANCE POLICY OR DWELLING,  FIRE,  OR  PERSONAL  POLICY
 REGISTERED  AS  A  RESULT OF THE ADOPTION BY THE SUPERINTENDENT OF REGU-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

co-Sponsors

2021-A950A - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §3445, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4847
2011-2012: A3283
2013-2014: A2729
2015-2016: A7537
2017-2018: A6665
2019-2020: A2902
2023-2024: A2866

2021-A950A - Summary

Provides that the superintendent of financial services shall establish standards for hurricane windstorm deductibles, creating uniformity in the operation of such deductibles with respect to the triggering event.

2021-A950A - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  950--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO, JONES, COOK, DiPIETRO, WALLACE,
   BENEDETTO, GRIFFIN, FERNANDEZ -- read once and referred to the Commit-
   tee on  Insurance  --  committee  discharged,  bill  amended,  ordered
   reprinted as amended and recommitted to said committee

 AN  ACT  to amend the insurance law, in relation to homeowners insurance
   deductibles triggers
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section 3445 of the insurance law, as added by chapter 44
 of the laws of 1998, is amended to read as follows:
   § 3445. Windstorm insurance notice; DEDUCTIBLE TRIGGER STANDARDS.  (A)
 The superintendent shall by regulation establish disclosure requirements
 with respect to the operation of any deductible in a homeowner's  insur-
 ance  policy or dwelling fire personal lines policy which applies as the
 result of a windstorm. Such regulations shall prescribe the  form  of  a
 notice  to  be  provided  by  an insurer to an insured. The notice shall
 explain in clear and plain language the amount of  the  deductible,  the
 circumstances  under  which the deductible applies and any other matters
 which the superintendent, in his or her discretion, shall deem necessary
 or appropriate.
   (B) THE SUPERINTENDENT SHALL BY  REGULATION  ESTABLISH  STANDARDS  FOR
 HURRICANE  WINDSTORM  DEDUCTIBLES,  WHICH CREATE, TO THE GREATEST EXTENT
 POSSIBLE, UNIFORMITY IN THE OPERATION OF SUCH DEDUCTIBLES  WITH  RESPECT
 TO THE TRIGGERING EVENT.
   THE  SUPERINTENDENT  SHALL  PROMULGATE  SUCH  REGULATIONS BY EMERGENCY
 ADOPTION OR OTHERWISE, WITHIN ONE HUNDRED EIGHTY DAYS OF  THE  EFFECTIVE
 DATE  OF  THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE which added
 this subsection. Notwithstanding paragraph seven of  subsection  (a)  of
 section  three  thousand  four  hundred twenty-five of this article, any
 changes in a homeowner's insurance policy or dwelling, fire, or personal
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

co-Sponsors

2021-A950B - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §3445, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4847
2011-2012: A3283
2013-2014: A2729
2015-2016: A7537
2017-2018: A6665
2019-2020: A2902
2023-2024: A2866

2021-A950B - Summary

Provides that the superintendent of financial services shall establish standards for hurricane windstorm deductibles, creating uniformity in the operation of such deductibles with respect to the triggering event.

2021-A950B - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  950--B
                                                         Cal. No. 118
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  M. of A. PHEFFER AMATO, JONES, COOK, WALLACE, BENEDETTO,
   GRIFFIN, FERNANDEZ, ZINERMAN, BARRON -- read once and referred to  the
   Committee  on Insurance -- committee discharged, bill amended, ordered
   reprinted as amended and recommitted to  said  committee  --  reported
   from  committee,  advanced  to  a  third  reading, amended and ordered
   reprinted, retaining its place on the order of third reading
 
 AN ACT to amend the insurance law, in relation to  homeowners  insurance
   deductibles triggers
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 3445 of the insurance law, as added by  chapter  44
 of the laws of 1998, is amended to read as follows:
   § 3445. Windstorm insurance notice; DEDUCTIBLE TRIGGER STANDARDS.  (A)
 The superintendent shall by regulation establish disclosure requirements
 with  respect to the operation of any deductible in a homeowner's insur-
 ance policy or dwelling fire personal lines policy which applies as  the
 result  of  a  windstorm. Such regulations shall prescribe the form of a
 notice to be provided by an insurer to  an  insured.  The  notice  shall
 explain  in  clear  and plain language the amount of the deductible, the
 circumstances under which the deductible applies and any  other  matters
 which the superintendent, in his or her discretion, shall deem necessary
 or appropriate.
   (B)  THE  SUPERINTENDENT  SHALL  BY REGULATION ESTABLISH STANDARDS FOR
 HURRICANE WINDSTORM DEDUCTIBLES, WHICH CREATE, TO  THE  GREATEST  EXTENT
 POSSIBLE,  UNIFORMITY  IN THE OPERATION OF SUCH DEDUCTIBLES WITH RESPECT
 TO THE TRIGGERING EVENT.
   THE SUPERINTENDENT SHALL  PROMULGATE  SUCH  REGULATIONS  BY  EMERGENCY
 ADOPTION  OR  OTHERWISE, WITHIN ONE HUNDRED EIGHTY DAYS OF THE EFFECTIVE
 DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND TWENTY-ONE  WHICH  ADDED
 THIS  SUBSECTION.  NOTWITHSTANDING  PARAGRAPH SEVEN OF SUBSECTION (A) OF

co-Sponsors

2021-A950C (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §3445, Ins L
Versions Introduced in Other Legislative Sessions:
2009-2010: A4847
2011-2012: A3283
2013-2014: A2729
2015-2016: A7537
2017-2018: A6665
2019-2020: A2902
2023-2024: A2866

2021-A950C (ACTIVE) - Summary

Provides that the superintendent of financial services shall establish standards for hurricane windstorm deductibles, creating uniformity in the operation of such deductibles with respect to the triggering event.

2021-A950C (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  950--C
                                                          Cal. No. 58
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  M. of A. PHEFFER AMATO, JONES, COOK, WALLACE, BENEDETTO,
   GRIFFIN, FERNANDEZ, ZINERMAN -- read once and referred to the  Commit-
   tee  on  Insurance  --  committee  discharged,  bill  amended, ordered
   reprinted as amended and recommitted to  said  committee  --  reported
   from  committee,  advanced  to  a  third  reading, amended and ordered
   reprinted, retaining its place  on  the  order  of  third  reading  --
   ordered  to  a third reading, amended and ordered reprinted, retaining
   its place on the order of third reading
 
 AN ACT to amend the insurance law, in relation to  homeowners  insurance
   deductibles triggers
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 3445 of the insurance law, as added by  chapter  44
 of the laws of 1998, is amended to read as follows:
   § 3445. Windstorm insurance notice; DEDUCTIBLE TRIGGER STANDARDS.  (A)
 The superintendent shall by regulation establish disclosure requirements
 with  respect to the operation of any deductible in a homeowner's insur-
 ance policy or dwelling fire personal lines policy which applies as  the
 result  of  a  windstorm. Such regulations shall prescribe the form of a
 notice to be provided by an insurer to  an  insured.  The  notice  shall
 explain  in  clear  and plain language the amount of the deductible, the
 circumstances under which the deductible applies and any  other  matters
 which the superintendent, in his or her discretion, shall deem necessary
 or appropriate.
   (B)  THE  SUPERINTENDENT  SHALL  BY REGULATION ESTABLISH STANDARDS FOR
 HURRICANE WINDSTORM DEDUCTIBLES, WHICH CREATE, TO  THE  GREATEST  EXTENT
 POSSIBLE,  UNIFORMITY  IN THE OPERATION OF SUCH DEDUCTIBLES WITH RESPECT
 TO THE TRIGGERING EVENT.
   THE SUPERINTENDENT SHALL  PROMULGATE  SUCH  REGULATIONS  BY  EMERGENCY
 ADOPTION  OR  OTHERWISE, WITHIN ONE HUNDRED EIGHTY DAYS OF THE EFFECTIVE
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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