NY State Senate Bill 2021-S6407B

Senate Bill S6407B

2021-2022 Legislative Session

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

download bill text pdf

Archive: Last Bill Status - In Senate Committee Insurance Committee

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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 21, 2022	print number 6407b
Jan 21, 2022	amend and recommit to insurance
Jan 05, 2022	referred to insurance
May 04, 2021	print number 6407a
May 04, 2021	amend and recommit to insurance
Apr 27, 2021	referred to insurance

Bill Amendments

Original

B (Active)

2021-S6407 - Details

See Assembly Version of this Bill:: A950
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: S4199, A2866

2021-S6407 - 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-S6407 - Sponsor Memo

                                 
BILL NUMBER: S6407

SPONSOR: SANDERS
 
TITLE OF BILL:

An act to amend the insurance law, in relation to homeowners insurance
deductibles triggers

 
PURPOSE:

The purpose of this bill is to help promote better understanding of the
applicability and amount of hurricane windstorm deductibles in homeown-
ers and dwelling fire policies and to establish reasonable standards for
the operation of hurricane windstorm deductibles.

 
SUMMARY OF PROVISIONS:

Section 1. This section makes amendments to section 3455 of the insur-
ance law to require the Superintendent of the Department of Financial
Services to promulgate, within 180 days of the effective date of this
bill, regulations providing standards for hurricane windstorm deduct-
ibles which create, to the greatest extent possible, uniformity in the

operation of such deductibles with respect to the triggering event.

Section 2. This section sets forth the effective date.

 
EXISTING LAW:


Section 3455 of the insurance law requires the superintendent to estab-
lish disclosure requirements in regulation with respect to the operation
of windstorm deductibles in homeowners and dwelling fire policies. The
regulation sets standards for such notice on the declarations page and
in a separate notice accompanying all new and renewed policies.

 
JUSTIFICATION:

Legislation is required to ensure that insurance consumers fully under-
stand the terms of the catastrophic windstorm deductible in their home-
owners and dwelling fire policies. In particular, consumers need to
understand the increased exposure they are assuming.  Currently, insur-
ers are utilizing a wide variety of windstorm deductible programs in
their homeowners and swelling fire policies.

Windstorm deductibles, which can range from 1% to 7.5%, are usually
expressed as a percentage of the homeowners' Coverage A limit (the value
of dwelling structure). A 6% deductible on a $500,000 would result in
the policy-holder having to pay the first $30,000 of damages sustained
to the home during a windstorm.

While windstorm deductibles are expressed as a percentage, most policy-
holders are used to relatively low deductibles expressed as a dollar
amount (i.e., $250, $500, $1,000). Percentage deductibles are generally
found in health insurance programs, where policy holders are required to
pay a percentage of a medical claim. Therefore, policy holders can easi-
ly misconstrue a 6% windstorm deductible as requiring them to pay only
6% of the damages sustained, rather than up to 6% of the value of their
home. Additionally, while the deductible is often described in terms of
a percentage of the Coverage A limit, it typically applies not only to
the losses to the dwelling structure, but also to additional structures
on the premises (Coverage B) and to the contents of the home (Coverage
C) Requiring insurers to issue a notice to policyholders which explains
in plain language the amount and circumstances in which the deductible
applies will help policyholders better understand these various and
complicated deductible provisions. Also, consumer confusion regarding
the amount and applicability of their percentage deductibles will be
further reduced by requiring the deductible to be expressed, on the
policy and declarations page, as a dollar amount of each coverage part
to which it applies.

Another area of confusion for consumers is understanding the event which
activates or "triggers" the applicability of their windstorm deductible.
Currently, insurers' deductible programs contain a variety of 'trigger-
ing' events. Since the triggering event will determine whether a wind-
storm deductible applies to a policyholder's loss, it is crucial that it
be fair and reasonable to both the policyholder and the insurer.

Uniform standards for and notice explaining the operation of catastroph-
ic windstorm deductibles are necessary to promote easier comparison
between different insurers' options, and to ensure clear understanding
of the extent of policyholder exposure under these options. The require-
ments for understandable and fair standards will ensure that catastroph-
ic windstorm deductibles are reasonable, actuarially appropriate and
applied in the proper circumstances.

 
LEGISLATIVE HISTORY:

2019-20: A.2902-A Advanced to Third Reading

2017-18: A.6665-A Passed Assembly

2015-16: A.7537-A Passed Assembly

2013-14: A.2729 Passed Assembly

2011-12: A.3283-A Passed Assembly

2009-10: A.4847-A Passed Assembly

2007-08: A.4860 Passed Assembly

 
FISCAL IMPLICATIONS:

None to the State.

 
EFFECTIVE DATE:
Ninetieth day after it shall have become law, and shall apply to all
polices issued or renewed on or after the one hundred eightieth day
after the adoption of the required regulations.

2021-S6407 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6407
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              April 27, 2021
                                ___________
 
 Introduced  by  Sen. SANDERS -- 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  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-
 LATIONS UNDER THIS SECTION, MAY BE APPLIED TO SUCH POLICIES ON THE POLI-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05133-01-1

 S. 6407                             2
 
 CY'S INITIAL RENEWAL DATE OR THE POLICY'S NEXT ANNUAL RENEWAL AFTER  THE
 EFFECTIVE DATE OF SUCH REGULATIONS.
   §  2.  This  act shall take effect on the ninetieth day after it shall
 have become a law, and shall apply to all policies issued or renewed  on
 or  after  the one hundred eightieth day after the adoption of the regu-
 lations required in section 3445 of the insurance  law,  as  amended  by
 this act.

2021-S6407A - Details

See Assembly Version of this Bill:: A950
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: S4199, A2866

2021-S6407A - Summary

2021-S6407A - Sponsor Memo

                                 
BILL NUMBER: S6407A

SPONSOR: SANDERS
 
TITLE OF BILL:

An act to amend the insurance law, in relation to homeowners insurance
deductibles triggers

 
PURPOSE:

The purpose of this bill is to help promote better understanding of the
applicability and amount of hurricane windstorm deductibles in homeown-
ers and dwelling fire policies and to establish reasonable standards for
the operation of hurricane windstorm deductibles.

 
SUMMARY OF PROVISIONS:

Section 1. This section makes amendments to section 3455 of the insur-
ance law to require the Superintendent of the Department of Financial
Services to promulgate, within 180 days of the effective date of this
bill, regulations providing standards for hurricane windstorm deduct-
ibles which create, to the greatest extent possible, uniformity in the

operation of such deductibles with respect to the triggering event.

Section 2. This section sets forth the effective date.

 
EXISTING LAW:

Section 3455 of the insurance law requires the superintendent to estab-
lish disclosure requirements in regulation with respect to the operation
of windstorm deductibles in homeowners and dwelling fire policies. The
regulation sets standards for such notice on the declarations page and
in a separate notice accompanying all new and renewed policies.

 
JUSTIFICATION:

Legislation is required to ensure that insurance consumers fully under-
stand the terms of the catastrophic windstorm deductible in their home-
owners and dwelling fire policies. In particular, consumers need to
understand the increased exposure they are assuming.  Currently, insur-
ers are utilizing a wide variety of windstorm deductible programs in
their homeowners and swelling fire policies.

Windstorm deductibles, which can range from 1% to 7.5%, are usually
expressed as a percentage of the homeowners' Coverage A limit (the value
of dwelling structure). A 6% deductible on a $500,000 would result in
the policy-holder having to pay the first $30,000 of damages sustained
to the home during a windstorm.  While windstorm deductibles are
expressed as a percentage, most policyholders are used to relatively low
deductibles expressed as a dollar amount (i.e., $250, $500, $1,000).
Percentage deductibles are generally found in health insurance programs,
where policy holders are required to pay a percentage of a medical
claim. Therefore, policy holders can easily misconstrue a 6% windstorm
deductible as requiring them to pay only 6% of the damages sustained,
rather than up to 6% of the value of their home. Additionally, while the
deductible is often described in terms of a percentage of the Coverage A
limit, it typically applies not only to the losses to the dwelling
structure, but also to additional structures on the premises (Coverage
B) and to the contents of the home (Coverage C) Requiring insurers to
issue a notice to policyholders which explains in plain language the
amount and circumstances in which the deductible applies will help poli-
cyholders better understand these various and complicated deductible
provisions. Also, consumer confusion regarding the amount and applica-
bility of their percentage deductibles will be further reduced by
requiring the deductible to be expressed, on the policy and declarations
page, as a dollar amount of each coverage part to which it applies.

Another area of confusion for consumers is understanding the event which
activates or "triggers" the applicability of their windstorm deductible.
Currently, insurers' deductible programs contain a variety of 'trigger-
ing' events. Since the triggering event will determine whether a wind-
storm deductible applies to a policyholder's loss, it is crucial that it
be fair and reasonable to both the policyholder and the insurer.
Uniform standards for and notice explaining the operation of catastroph-
ic windstorm deductibles are necessary to promote easier comparison
between different insurers' options, and to ensure clear understanding
of the extent of policyholder exposure under these options. The require-
ments for understandable and fair standards will ensure that catastroph-
ic windstorm deductibles are reasonable, actuarially appropriate and
applied in the proper circumstances.

 
LEGISLATIVE HISTORY:

2019-20: A.29Q2-A Advanced to Third Reading

2017-18: A.6665-A Passed Assembly

2015-16: A.7537-A Passed Assembly

2013-14: A.2729 Passed Assembly

2011-12: A.3283-A Passed Assembly

2009-10: A.4847-A Passed Assembly

2007-08: A.4860 Passed Assembly

 
FISCAL IMPLICATIONS:

None to the State.

 
EFFECTIVE DATE:
Ninetieth day after it shall have become law, and shall apply to all
polices issued or renewed on or after the one hundred eightieth day
after the adoption of the required regulations.

2021-S6407A - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6407--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              April 27, 2021
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee  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
 POLICY REGISTERED AS A RESULT OF THE ADOPTION BY THE  SUPERINTENDENT  OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD05133-04-1

 S. 6407--A                          2
 
 REGULATIONS  UNDER  THIS SECTION, MAY BE APPLIED TO SUCH POLICIES ON THE
 POLICY'S INITIAL RENEWAL DATE OR THE POLICY'S NEXT ANNUAL RENEWAL  AFTER
 THE EFFECTIVE DATE OF SUCH REGULATIONS.
   §  2.  This  act shall take effect on the ninetieth day after it shall
 have become a law, and shall apply to all policies issued or renewed  on
 or  after  the one hundred eightieth day after the adoption of the regu-
 lations required in section 3445 of the insurance  law,  as  amended  by
 this act.

co-Sponsors

2021-S6407B (ACTIVE) - Details

See Assembly Version of this Bill:: A950
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: S4199, A2866

2021-S6407B (ACTIVE) - Summary

2021-S6407B (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S6407B

SPONSOR: SANDERS
 
TITLE OF BILL:

An act to amend the insurance law, in relation to homeowners insurance
deductibles triggers

 
PURPOSE:

The purpose of this bill is to help promote better understanding of the
applicability and amount of hurricane windstorm deductibles in homeown-
ers and dwelling fire policies and to establish reasonable standards for
the operation of hurricane windstorm deductibles.

 
SUMMARY OF PROVISIONS:

Section 1. This section makes amendments to section 3455 of the insur-
ance law to require the Superintendent of the Department of Financial
Services to promulgate, within 180 days of the effective date of this
bill, regulations providing standards for hurricane windstorm deduct-
ibles which create, to the greatest extent possible, uniformity in the

operation of such deductibles with respect to the triggering event.

Section 2. This section sets forth the effective date.

 
EXISTING LAW:

Section 3455 of the insurance law requires the superintendent to estab-
lish disclosure requirements in regulation with respect to the operation
of windstorm deductibles in homeowners and dwelling fire policies. The
regulation sets standards for such notice on the declarations page and
in a separate notice accompanying all new and renewed policies.

 
JUSTIFICATION:

Legislation is required to ensure that insurance consumers fully under-
stand the terms of the catastrophic windstorm deductible in their home-
owners and dwelling fire policies. In particular, consumers need to
understand the increased exposure they are assuming.  Currently, insur-
ers are utilizing a wide variety of windstorm deductible programs in
their homeowners and swelling fire policies.  Windstorm deductibles,
which can range from 1% to 7.5%, are usually expressed as a percentage
of the homeowners' Coverage A limit (the value of dwelling structure). A
6% deductible on a $500,000 would result in the policy-holder having to
pay the first $30,000 of damages sustained to the home during a wind-
storm.

While windstorm deductibles are expressed as a percentage, most policy-
holders are used to relatively low deductibles expressed as a dollar
amount (i.e., $250, $500, $1,000). Percentage deductibles are generally
found in health insurance programs, where policy holders are required to
pay a percentage of a medical claim. Therefore, policy holders can easi-
ly misconstrue a 6% windstorm deductible as requiring them to pay only
6% of the damages sustained, rather than up to 6% of the value of their
home. Additionally, while the deductible is often described in terms of
a percentage of the Coverage A limit, it typically applies not only to
the losses to the dwelling structure, but also to additional structures
on the premises (Coverage B) and to the contents of the home (Coverage
C) Requiring insurers to issue a notice to policyholders which explains
in plain language the amount and circumstances in which the deductible
applies will help policyholders better understand these various and
complicated deductible provisions. Also, consumer confusion regarding
the amount and applicability of their percentage deductibles will be
further reduced by requiring the deductible to be expressed, on the
policy and declarations page, as a dollar amount of each coverage part
to which it applies.

Another area of confusion for consumers is understanding the event which
activates or "triggers" the applicability of their windstorm deductible.
Currently, insurers' deductible programs contain a variety of 'trigger-
ing' events. Since the triggering event will determine whether a wind-
storm deductible applies to a policyholder's loss, it is crucial that it
be fair and reasonable to both the policyholder and the insurer. Uniform
standards for and notice explaining the operation of catastrophic wind-
storm deductibles are necessary to promote easier comparison between
different insurers' options, and to ensure clear understanding of the
extent of policyholder exposure under these options. The requirements
for understandable and fair standards will ensure that catastrophic
windstorm deductibles are reasonable, actuarially appropriate and
applied in the proper circumstances.

 
LEGISLATIVE HISTORY:

2020-21: A.950-B Advanced to Third Reading

2019-20: A.2902-A Advanced to Third Reading

2017-18: A.6665-A Passed Assembly

2015-16: A.7537-A Passed Assembly

2013-14: A.2729 Passed Assembly

2011-12: A.3283-A Passed Assembly

2009-10: A.4847-A Passed Assembly

2007-08: A.4860 Passed Assembly

 
FISCAL IMPLICATIONS:

None to the State.

 
EFFECTIVE DATE:
Ninetieth day after it shall have become law, and shall apply to all
polices issued or renewed on or after the one hundred eightieth day
after the adoption of the required regulations.

2021-S6407B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6407--B
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                              April 27, 2021
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee  on  Insurance  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to  said  committee  --  recommitted  to the Committee on Insurance in
   accordance with Senate Rule 6, sec. 8 --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee
 
 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-TWO  WHICH  ADDED
 THIS  SUBSECTION.  NOTWITHSTANDING  PARAGRAPH SEVEN OF SUBSECTION (A) OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05133-07-2

 S. 6407--B                          2
 
 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
 REGULATIONS  UNDER  THIS SECTION, MAY BE APPLIED TO SUCH POLICIES ON THE
 POLICY'S INITIAL RENEWAL DATE OR THE POLICY'S NEXT ANNUAL RENEWAL  AFTER
 THE EFFECTIVE DATE OF SUCH REGULATIONS.
   §  2.  This  act shall take effect on the ninetieth day after it shall
 have become a law, and shall apply to all policies issued or renewed  on
 or  after  the one hundred eightieth day after the adoption of the regu-
 lations required in section 3445 of the insurance  law,  as  amended  by
 this act.

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