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No co-sponsors yet.
History
- Referred to insurance
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4012
Title of bill
An act in relation to authorizing and directing the superintendent of financial services to conduct a study concerning the potential effect of a disaster on the insurance industry of this state
Purpose
The purpose of the bill is to require a study on the effect of disasters on the insurance industry of New York state.
Summary of provisions
Section 1. The superintendent of insurance is hereby authorized and directed to conduct a study concerning the potential effect of disasters on the insurance industry of New York State.
Existing law
2010: S.6465 - Held in Insurance
Justification
Insurance is a product that everyone purchases and no one hopes to use. However, after massive disasters such as hurricanes, earthquakes, and terrorist attacks many thousands of people may receive payment for damages they have experienced. often times this process can overwhelm companies and exhaust reserves. It is imperative that before disaster strikes we have a better understanding of how to prepare the insurance industry for such an event and what, if anything, the state of New York can do.
Fiscal implications
Minimal.
Local fiscal implications
None.
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.