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Who cares
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Sponsors
Senator · Senate District 5
No co-sponsors yet.
History
- Referred to insurance
- 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.
Requires full disclosure of the amount and duration of assessments in insurance policies
In Assembly Committee · Insurance · Sponsor Andrew Raia
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4976
Title of bill
An act to amend the insurance law, in relation to requiring full disclosure of the amount and duration of assessments in insurance policies
Purpose
This bill requires full disclosure of the amount and duration of assessments in insurance policies.
Summary of provisions
Section 1 amends Section 3102 of the New York State Insurance Law by adding a new subsection g to require full disclosure of the amount and duration of assessments in insurance policies.
Each insurance policy issued or renewed must specify the amount of any assessment for the immediate policy period, the method it was calculated, the total years for which it will be assessed and the number of years remaining in the levy.
Justification
New York State insurance consumers deserve detail accuracy when it comes to their policies. It is often difficult for policy holders to understand the assessments that are contained within their policy and ultimately on their bill.
This legislation seeks to simply provide clarity for the consumer. The bill requires full disclosure of the amount and duration of assessments in new and renewed insurance policies in New York State.
Legislative history
New bill.
Fiscal implications
None.
Effective date
This act shall take effect on the first of January next succeeding the date on which it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.