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Full text
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Sponsor's memo
BILL NUMBER:S7785
Title of bill
An act to amend the insurance law, in relation to limits on certain supplementary insurance
Purpose
Provides that insurance companies must provide motorists with supplementary insurance coverage equal to bodily injury liability coverage, unless the insured specifically accepts lower supplementary insurance coverage in writing.
Summary of provisions
This bill would amend Section 1. Subparagraph (A) of paragraph 2 of subsection (f) of section 3420 of the insurance law as amended by Chapters 547 and 566 of the laws of 1997, to provides that supplementary insurance coverage must equal bodily injury liability insurance limits unless the insured declines such supplementary uninsured/underinsured motorists insurance or selects lower coverage with a written waiver signed by the insured.
Justification
This bill would amend the insurance law in relation to unknowingly waiving supplementary insurance coverage. Supplementary insurance, also known as uninsured or underinsured motorist insurance, protects motorists who suffer severe and devastating injuries in accidents with drivers who carry inadequate or no insurance. Few drivers are aware of the value of supplementary insurance and insurance companies rarely offer supplementary insurance coverage above the statutory minimum. This bill will ensure that drivers are fully protected by supplementary insurance, equal to the bodily injury liability insurance coverage they select, unless they affirmatively elect lower coverage.
Legislative history
New bill.
Fiscal implications
None.
Effective date
30 days after becoming a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.