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History
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Full text
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Sponsor's memo
BILL NUMBER:S8519
Title of bill
An act to amend the insurance law, in relation to motor vehicle liability insurance rates and to amend chapter 277 of the laws of 2010 amending the insurance law relating to prohibiting surcharges for certain automobile accidents, in relation to the effectiveness thereof
Purpose of bill
To address technical issues which have arisen with regard to the implementation of chapter 277 of the laws of 2010.
Summary of provisions of bill
This bill would remedy certain technical issues which have arisen in the implementation of chapter 277 of the laws of 2010. specifically, this bill would clarify that the $2,000 accident surcharge threshold is applicable to accidents occurring on or after January 1, 2011. This bill would also restore the superintendent of Insurance's authority to amend the surcharge threshold by regulation.
Justification
This bill is necessary to address certain unanticipated technical concerns which have arisen in connection with the implementation of chapter 277 of the laws of 2010. Specifically, this bill would ensure, and codify the legislature's original intent that there is no retroactive application of the provisions of chapter 277 of the laws of 2010. This measure would also restore the Superintendent of Insurance's authority to amend the surcharge threshold by regulation.
Legislative history
New Bill.
Fiscal implications for state and local governments
None.
Effective date
Section 1 of this act shall take effect on the first of January next succeeding the date on which it shall have become a law, provided, however, that section 2 of 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.