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Who cares
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Sponsors
1 Co-sponsor
History
- Referred to codes
- Delivered to assembly
- Passed senateVote 60–0
- Ordered to third reading cal.1586
- Referred to rules
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 the use of local cost data when adjusting claims
Assembly Floor Calendar · Sponsor N. Nick Perry
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7876
Title of bill
An act to amend the insurance law, in relation to use of local cost data when adjusting claims
Purpose
To assure that insurance adjusters use regionally appropriate cost data when estimating property damages for insurance claims.
Summary of provisions
This bill will require independent adjusters to adjust claims made under an insurance policy for loss of or damage to to property using cost data appropriate for the region of the state where the loss or damage occurred. It creates a new subsection (t) in section 2801 of the insurance law.
Justification
Super storm Sandy wreaked havoc in New York resulting in thousands of claims filed and a need to quickly provide relief to those whose homes were lost or damaged. As Insurance companies brought in out of state adjusters from across the country to handle the work load, problems emerged with computer programs supposed to provide data reflecting local costs for repair and construction services in New York City. This legislation will assure that in the future, regionally appro- priate data will always be used whether during catastrophe like Sandy or on a regular day to day basis.
Existing law
New bill.
Effective date
Immediate.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.