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Who cares
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Sponsors
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.
Relates to personal and commercial lines insurance
Assembly Floor Calendar · Sponsor Kevin Cahill
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5578
Title of bill
An act to amend the insurance law, in relation to personal and commercial lines insurance
Purpose
The purpose of this bill is to require insurers to provide consumers with copies of certain insurance policies prior to the policy being purchased in order to allow consumers to make informed decisions about their insurance coverage.
Summary of provisions
This bill would require an insurer, agent, or broker to provide to consumers in the market for homeowners and certain commercial policies a copy of the policy, prior to the time such policy is sold or purchased. The potential insured would have sufficient time to read and review the policy.
Justification
Insurance policies can be vital following a disaster such as Superstorm Sandy, when payments from insurers are vital to helping people recover and rebuild. However, many home and business owners find their homeowners and commercial insurance policies to be confusing. One reason for this is because many times consumers are only provided with the entire policy after they have purchased it; prior to that, they only receive a general outline as to what the policy covers and excludes. This bill would address this by requiring insurers, agents, and brokers to provide consumers with copies of homeowners and certain commercial policies prior to the policy being purchased. Having this information will allow consumers to make informed decisions about the coverage that they need to adequately insure themselves and their property.
Legislative history
New bill.
Fiscal implications
None noted.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.