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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to insurance
- Print number 5475a
- Amend (t) and recommit 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.
Relates to limits on certain supplementary insurance
In Assembly Committee · Insurance · Sponsor J. Gary Pretlow
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 limits on certain supplementary insurance
Purpose
This bill provides for supplementary uninsured/underinsured motorists insurance in standard policy.
Summary of specific provisions
Section 1. Subparagraph (A) of paragraph 2 of subsection (f) of section 3420 of the insurance law, as separately amended by chapters 547 and 568 of the laws of 1997.
Justification
This bill would make the Supplemental Underinsured Motorist (SUM) Insurance limit equal to the liability limit that each insured acquires. Presently, all motorists with the minimum $25,000/$50,000 liability coverage must carry the same SUM coverage. Those who choose higher liability limits have the option of the SUM matching the liability limits. Currently, many drivers who chose higher liability limits are unaware that they have the option to insure themselves up to the limits of their liability levels. Subsequently, when they are injured, they frequently learn that they have not exercised the option to protect themselves above the SUM minimum level, though they were protecting the rest of society at a much higher coverage. By automatically linking liability and SUM coverage, the insured is protected to the degree that he protects the rest of the state.
Legislative history
A.151 of 2007-2008: A.151 - Held for consideration in Insurance
Fiscal implications
None to the state.
Effective date
This act shall take effect on the thirtieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.