Assembly Actions -
Senate Actions - UPPERCASE
|Jan 05, 2022
referred to insurance
|Jan 06, 2021
referred to insurance
Senate Bill S499
2021-2022 Legislative Session
Archive: Last Bill Status - In Senate Committee Insurance Committee
- In Committee Assembly
- On Floor Calendar Assembly
- Passed Assembly
- Delivered to Governor
- Signed By Governor
2021-S499 (ACTIVE) - Details
2021-S499 (ACTIVE) - Sponsor Memo
BILL NUMBER: S499 SPONSOR: BRESLIN TITLE OF BILL: An act relating to the creation of a study of the minimum coverage amounts for non-commercial auto insurance PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to require DFS to conduct a study to deter- mine the impact of raising the minimum coverage limits of automobile insurance coverage. SUMMARY OF SPECIFIC PROVISIONS: This bill would require the Department of Financial Services (DFS.) to conduct a study that would include a review of the minimum coverage amounts for the following types of automobile insurance coverage: liability, uninsured motorist, no-fault, and additional coverage options, including but not limited to comprehensive collision, and supplemental uninsured/underinsured motorist coverage. Furthermore, the
2021-S499 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 499 2021-2022 Regular Sessions I N S E N A T E (PREFILED) January 6, 2021 ___________ Introduced by Sen. BRESLIN -- read twice and ordered printed, and when printed to be committed to the Committee 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, 2023. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.