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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to insurance
- Referred to insurance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Reduces a retired or disabled owner's no fault insurance premium by providing appropriate automobile insurance rates to reflect a reduced exposure to loss
In Assembly Committee · Insurance · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the insurance law, in relation to automobile insurance rates for persons who are retired or disabled
Purpose
Reduces a retired or disabled owner's no fault insurance premium by providing appropriate automobile insurance rates to reflect a reduced exposure to loss.
Summary of provisions
Section 2330 of insurance law is amended.
Justification
No-fault provides first party coverage when someone is injured as a result of a car accident. No-fault consists of health coverage, loss of earnings from work, and certain incidental expenses. Certain operators of motor vehicles either have no earnings from work or are covered for lost earnings from work by other first payer insurance policies. Thus, there is less exposure from the motorist's insurance company on the loss earnings component of no-fault insurance. However, many insurance companies do not adjust the premiums to take into account this reduced exposure to loss.
This bill requires that an insurance company demonstrate to the Superintendent of Insurance that its premiums reflect reduced exposure.
Legislative history
New bill.
Fiscal implications
None to the state.
Effective date
This act shall take effect on the 180th day after it shall have become a law and shall apply to all policies issued, modified, altered, or renewed on or after such date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.