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Sponsors
No co-sponsors yet.
History
- Referred to insurance
- Delivered to assembly
- Passed senateVote 60–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.242
- Referred to insurance
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6706
Title of bill
An act to amend the insurance law, in relation to extending the effectiveness of certain provisions relating to automobile and property/casualty insurance rates
Purpose
To extend several important provisions of the Insurance Law that promote the stability of the property/casualty insurance market.
Summary of provisions
Section one of the bill would extend until June 30, 2017 provisions which allow the New York Property Insurance Underwriting Association to write certain coverage upon a determination by the Superintendent of Insurance that coverage is unavailable in a particular market.
Section two would extend sections 2328 and 2329 of the Insurance Law dealing with commercial motor vehicle insurance rates to June 30, 2017.
Sections three and four would extend for three years provisions of section 3425 of the Insurance Law dealing with non-renewal requirements for automobile insurance.
Section five extends the expiration of subsection (a) of section 2305 of the insurance law relating to prior approval of certain insurance rates to June 30, 2017.
Section six extends section 2342 of the Insurance Law which extends the expiration of sections 2307(c), 2308, 2310(a), 2316, 2320, 2323, 2326, 2335, 2336(b), and 2341 to June 30, 2017.
Section seven extends subsection (h) of section 2344 of the Insurance Law dealing with flexible rate limitations in problem markets to June 30, 2017.
Section eight extends subsection (c) of paragraph 3 of section 6302 of the Insurance Law dealing with surplus requirements for certain insurers authorized to write in the free trade zone to December 31, 2016.
Section nine provides for an immediate effective date.
Justification
Many of the provisions of this bill are important consumer protections that have been in place for years regarding rate regulation in certain areas of insurance. Several provisions of the bill also enable insurers to continue making certain types of insurance readily available in New York. While some provisions may merit future analysis, they must be maintained as presently in operation in order to preserve the stability of the market.
Legislative history
This is new legislation. These provisions were previously extended for a three year period by Chapter 490 of the laws of 2011.
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.