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Who cares
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Sponsors
No co-sponsors yet.
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.
Relates to rate filings for homeowner's insurance policies
In Assembly Committee · Insurance · Sponsor Ann Rabbitt
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7245
Title of bill
An act to amend the insurance law, in relation to rate filings for homeowner's insurance policies
Purpose or general idea of bill
To more closely regulate homeowner's insurance contracts and practices.
Summary of specific provisions
Section one amends Insurance Law
Section 2305(b) by adding a new paragraph 14, providing that homeowner's insurance policies and subsequent calculations used to determine the increased value of dwelling limits for purposes of dwelling protection coverage will be subject to Department of Financial Services prior approval requirements.
Section two is the effective date.
Effects of present law which this bill would alter
Existing law subjects 13 different types of property/casualty insurance to prior to approval requirements. This bill would add a 14th.
Justification
This bill would add a measure of transparency to the sale and functionality of homeowner's insurance policies. With respect to the methodologies used by insurers to calculate dwelling protection coverage, there is no existing jurisdiction for the Department of Financial Services to regulate the methodology by which insurers determine increase coverage limits, resulting in wide variations for similar properties in adjacent jurisdictions.
Prior legislative history
New bill.
Fiscal implications
None.
Effective date
90 days after enactment.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.