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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.
Requires the removal from an insured's record of claims any claim paid for lost property which was not lost and the insured reimbursed the insurer for the claim
Assembly Floor Calendar · Sponsor Steven Englebright
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 requiring insurers of property to eliminate from the claims record of an insured, any claim of loss made and paid in good faith, which is discovered to be false and the proceeds of such claim are repaid to the insurer
Purpose
To require the removal from an insurer's record of claims any claim paid for lost property which was subsequently found to be not lost and the insured reimbursed the insurer for the claim.
Summary of provisions
This bill amends insurance law by adding a new section 3407-b.
Justification
There is no requirement in law that a claim be removed from an insured's record of claims should lost property be found and said claim be reimbursed by insured. Additionally, there have been instances in which an insured's reimbursement of a claim is missing from the record of claims. This creates an incomplete picture of an insured's claim history and disadvantages future ability to get insurance and/or distorts an insured's risk profile.
This bill would remedy this potential for misrepresentation of an insured's record of claim.
Legislative history
2007-08 A.10632 Third Reading
Fiscal implications
No fiscal implications.
Effective date
This act shall take effect immediately and shall apply to claims made on, before or after such effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.