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Senate Bill S7640

2021-2022 Legislative Session

Requires homeowners insurance policies to include coverage of residential solar power systems

download bill text pdf

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Archive: Last Bill Status - In Senate Committee Insurance Committee

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2021-S7640 (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Add §3425-a, Ins L

2021-S7640 (ACTIVE) - Summary

Requires homeowners insurance policies to include coverage of residential solar power systems; requires insurers to notify policyholders of such available coverage; permits insurers to impose a reasonable premium or increased rate for coverage of residential solar power systems.

2021-S7640 (ACTIVE) - Sponsor Memo

2021-S7640 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7640
 
                             I N  S E N A T E
 
                              January 5, 2022
                                ___________
 
 Introduced  by  Sen.  MAY  --  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  homeowners
   insurance  policies  to  include  coverage  of residential solar power
   systems
 
   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 3425-a
 to read as follows:
   §  3425-A.  HOMEOWNERS  INSURANCE; RESIDENTIAL SOLAR POWER SYSTEMS. 1.
 FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING  TERMS  SHALL  HAVE  THE
 FOLLOWING MEANINGS:
   (A)  "HOMEOWNERS  INSURANCE"  MEANS SUCH HOMEOWNERS INSURANCE POLICIES
 DEFINED IN SUBSECTION (A) OF SECTION TWO THOUSAND THREE  HUNDRED  FIFTY-
 ONE OF THIS CHAPTER.
   (B)  "RESIDENTIAL  SOLAR  POWER  SYSTEM"  MEANS A PHOTOVOLTAIC SYSTEM,
 COMPRISING OF SOLAR ELECTRIC GENERATING EQUIPMENT, INSTALLED ON A  ROOF-
 TOP OR AS A GROUND-MOUNTED ARRAY, WITH A RATED CAPACITY OF NOT MORE THAN
 TWENTY-FIVE KILOWATTS, AND THAT IS MANUFACTURED, INSTALLED, AND OPERATED
 IN ACCORDANCE WITH APPLICABLE GOVERNMENT AND INDUSTRY STANDARDS.
   2.  WITH  RESPECT  TO  HOMEOWNERS INSURANCE POLICIES, AN INSURER SHALL
 INCLUDE IN SUCH POLICY OR CONTRACT, COVERAGE OF  ANY  RESIDENTIAL  SOLAR
 POWER  SYSTEM  LOCATED  ON  THE  REAL PROPERTY COVERED BY SUCH POLICY OR
 CONTRACT. UPON RENEWAL OF ANY HOMEOWNERS INSURANCE  POLICY  OR  CONTRACT
 ALREADY IN EXISTENCE UPON THE EFFECTIVE DATE OF THIS SECTION, THE INSUR-
 ER  SHALL  NOTIFY  THE  INSURED  OF THE AVAILABILITY OF SUCH RESIDENTIAL
 SOLAR POWER SYSTEM COVERAGE.
   3. THE PROVISIONS OF THIS SECTION SHALL NOT PROHIBIT AN  INSURER  FROM
 IMPOSING A REASONABLY INCREASED PREMIUM OR RATE FOR COVERAGE OF RESIDEN-
 TIAL  SOLAR  POWER  SYSTEM  AS  PART OF A HOMEOWNERS INSURANCE POLICY OR
 CONTRACT.
   § 2. This act shall take effect on the ninetieth day  after  it  shall
 have become a law and shall apply to all policies issued, renewed, modi-
 fied, altered or amended on or after such effective date.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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