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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to finance
- Referred to finance
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the executive law, the insurance law and the state finance law, in relation to enacting the "Comprehensive Motor Vehicle Insurance Rate Reform Act" and extending certain expired provisions of the insurance law relating thereto
Purpose/summary of provisions
To enact the "Comprehensive Motor Vehicle Insurance Rate Reform Act", which would revive previously expired provisions of law relating to automobile insurance rates and create the Office of Public Insurance Advocate; to reduce auto insurance premiums and protect consumers from skyrocketing insurance rates, and to protect against auto insurance fraud. Extends through June 30, 2004 certain provisions of the insurance law relating to excess profits from automobile insurance, cancellation and non-renewal of private passenger auto insurance policies, flex rating and competitive rating for non-business auto insurance policies. These extensions would exempt the period from August 3, 2001 (when the lapse occurred) through the effective date of this bill.
Justification
New York's auto insurance rates are among the highest rates paid in the country, with the average Brooklyn insurance consumer paying as much as four times the national average annually. New York insurer's profits on private passenger automobile insurance have been hovering around twice the national average for the past five years. This "Comprehensive Motor Vehicle Insurance Rate Reform Act" seeks to alleviate this burden by allowing provisions that would make vital insurance coverage more available while stabilizing rates. Creating the Office of Public Insurance Advocate would aid in oversight of the industry, and would allow for more accountability.
Existing law
None.
Fiscal implications
None.
Effective date
This act shall take effect immediately, provided however, that the amendments made to section 89-d of the state finance law by section five of this act shall not affect the expiration of such section and shall be deemed to expire therewith. This act shall apply to insurance contracts issued or renewed on or after such effective date, and shall apply at the next required policy period, commencing on or after such date, to any insurance contract written prior to the effective date of this act.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.