assembly Bill A8698

Signed By Governor
2021-2022 Legislative Session

Provides for a policy term of less than one year in certain situations

download bill text pdf

Sponsored By

Current Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 24, 2022 signed chap.23
delivered to governor
Jan 25, 2022 returned to assembly
passed senate
3rd reading cal.141
substituted for s7768
referred to rules
delivered to senate
passed assembly
Jan 20, 2022 advanced to third reading cal.302
reported
Jan 10, 2022 referred to insurance

A8698 (ACTIVE) - Details

See Senate Version of this Bill:
S7768
Law Section:
Insurance Law
Laws Affected:
Amd §3426, Ins L (as proposed in S.4326 & A.5379)

A8698 (ACTIVE) - Summary

Provides for a policy term of less than one year where an insured requests such a policy from an insurer offering such a policy; requires that the insurer shall offer additional information regarding such policy.

A8698 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8698
 
                           I N  A S S E M B L Y
 
                             January 10, 2022
                                ___________
 
 Introduced by M. of A. HUNTER -- read once and referred to the Committee
   on Insurance
 
 AN ACT to amend the insurance law, in relation to providing for a policy
   term of less than one year in certain situations
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Subparagraph (E)  of  paragraph  2  of  subsection  (d)  of
 section  3426 of the insurance law, as added by a chapter of the laws of
 2021 amending the insurance law relating to providing for a policy  term
 of  less than one year in certain situations, as proposed in legislative
 bills numbers S. 4326 and A. 5379, is amended to read as follows:
   (E) where an insured requests a LIABILITY INSURANCE policy with a term
 of less than one  year  from  an  insurer  that  offers  such  policies;
 PROVIDED THAT THE INSURER ALSO OFFERS THE INSURED THE OPTION OF PURCHAS-
 ING A POLICY WITH A TERM OF ONE YEAR, AND:
   (I) THE INSURER WRITES THE POLICY ON AN OCCURRENCE BASIS;
   (II)  THE  INSURER  WRITES THE POLICY ON A DEFENSE COST OUTSIDE LIMITS
 BASIS;
   (III) THE INSURER MAY EXTEND THE POLICY, PROVIDED THAT:
   (A) THE COVERAGE REMAINS IN EFFECT AT THE SAME TERMS AND CONDITIONS;
   (B) THE RATE ACCORDS WITH THE RATES FILED WITH THE  SUPERINTENDENT  AT
 THE POLICY'S INCEPTION; AND
   (C) THE EXTENSION DOES NOT RESULT IN THE POLICY PERIOD EXCEEDING ELEV-
 EN MONTHS IN TOTAL;
   (IV)  THE  POLICY HAS NO ANNUAL AGGREGATE LIABILITY LIMIT BUT MAY HAVE
 AGGREGATE LIMITS FOR THE TERM OF THE POLICY, AND SUCH  AGGREGATE  LIMITS
 SHALL CONTINUE WITH ANY POLICY EXTENSION PROVIDED PURSUANT TO ITEM (III)
 OF THIS SUBPARAGRAPH;
   (V)  THE POLICY DOES NOT PROVIDE MEDICAL MALPRACTICE COVERAGE; LIABIL-
 ITY INSURANCE REQUIRED BY ARTICLES SIX, EIGHT, OR  FORTY-FOUR-B  OF  THE
 VEHICLE  AND TRAFFIC LAW OR UNDER ANY OTHER FINANCIAL RESPONSIBILITY LAW
 OF THIS STATE; OR PUBLIC ENTITY INSURANCE;
   (VI) THE POLICY PROVIDES FOR A TERM OF AT LEAST ONE MONTH;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08787-02-2