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Who cares
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Sponsors
12 Co-sponsors
History
- Held for consideration in insurance
- Referred to insurance
- Referred to insurance
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A8041 REVISED 4/5/2010
Title of bill
An act to amend the insurance law, in relation to requiring insurers to refund or credit to the insured a percentage of the premiums paid, after they receive a non-renewal notice for homeown- ers insurance
Purpose
To require insurers to refund or credit to the insured a percentage of the premiums paid after receiving a non-renewal notice.
Summary of provisions
Amends § 3430-a of the Insurance law.
(a) Creates the right of insured upon notice of non-renewal of homeown- er's insurance to be refunded a percentage of the premiums paid for the number of years a claim was not made, provided however, the insured's non-renewal notice was based solely on the geographical location of the property or risks and not based on any claim or claims made by the insured.
(b) The superintendent shall promulgate rules and regulations regarding the manner and percentage in which premiums are to be refunded or cred- ited.
Justification
Thousands of homeowners and families whose homes are located within 3 miles of tidal waters have been informed that their insurance companies will no longer renew their homeowner's insurance policies. Many of these families have lived in that same coastal home for decades without ever filing a claim.
After being told they will no longer be able to have their homes insured, homeowners are left feeling vulnerable and unsure of how they could ever be able to afford repairing or rebuilding their homes should a hurricane or other destructive storm ravage their house. Destruction to their house could leave them struggling financially in addition to the worry of not having somewhere to live,
To these families, refunding a percentage of their premiums would give them a small amount of financial security should anything ever-happen to their home while it remains uninsured.
Legislative history
2008 - A10380 - Referred to Insurance
Fiscal implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.