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History
- 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.
Establishes environmental standards and protections in the insurance business, and provides incentives and tax credits for offering green insurance
In Assembly Committee · Insurance · Sponsor Crystal Peoples-Stokes
Full text
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Sponsor's memo
Title of bill
An act to amend the insurance law, the workers' compensation law and the tax law, in relation to establishing environmental standards and protections in the insurance business, and providing incentives and tax credits for offering green insurance
Purpose or general idea of bill
This landmark legislation establishes environmental standards and protections in the insurance business, and provides incentives and tax credits for offering green insurance, and making green investments.
Summary of specific provisions
This bill amends the insurance law by adding two more sections, 2352 & 2353. Section 2352 gives new green insurance regulations to insurance companies for automobiles. It gives the insurance superintendent permission to make new regulations and conduct hearings regarding green insurance for automobiles. There is also a provision for green replacement coverage that would allow an insured, after loss, to replace conventional building materials with specified green alternatives. Section 134-A Green workers insurance provisions are laid out which will be used for establishing the appropriate workers compensation claims cost benchmark. Section 606 of the tax law is amended by adding a new subsection (g-3) which provides for Green insurance tax credits.
Justification
The potential adverse impacts of global warming include exacerbation of air quality problems, a reduction in the quality and supply of water to the state, damage to marine ecosystems and the natural environment, an increase in the incidence of infectious disease, asthma, and other human health-related problems, and an increase in the occurrences and severity of natural catastrophes. Global warming will have detrimental effects on some of the state of New York's largest industries, including the insurance industry. It will also increase the strain on energy and natural resources necessary to rebuild and restore property after losses.
This landmark legislation establishes environmental standards and protections in the insurance business and provides insurance incentives and tax credits for offering green' insurance and making green investments. Global warming and conservation of natural resources are the responsibility of everyone, including insurance companies. This legislation asks the insurance industry to its party to protect the environment and to help policy holders and consumers choose green alternatives. The legislation establishes Green Insurance provisions regarding automobile insurance, property insurance, workers compensation insurance. green investments as well as industry-wide mitigation provisions.
Prior legislative history
None.
Fiscal implications
To be determined.
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.