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Who cares
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Sponsors
1 Co-sponsor
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.
Provides that the maximum deductible allowed on policies for windstorms shall not be greater than $1,500
In Assembly Committee · Insurance · Sponsor Fred Thiele
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the insurance law, in relation to windstorm insurance notice regarding deductibles
Purpose
This bill provides that catastrophic windstorm deductibles applicable to certain insurance policies shall not be applicable to losses incurred by theft, fire or other events.
Summary of provisions
Section 3445 of the Insurance Law, as added by Chapter 44 of the Laws of 1998, is amended to require the Superintendent to determine disclosure requirements due to a windstorm. Also to be determined by the Superintendent, shall be a notice which will state the amount of the deductible, the circumstances under which the deductible applies and any other matters which the Superintendent, in his or her discretion, shall deem necessary and appropriate.
Justification
The residents of the coastal areas of the State have been, for the past few years, subject to a homeowner's insurance market that has vacillated and fluctuated. Without real damage experience in these areas, insurance companies have instituted policies of huge deductibles predicted on hurricanes with minimum wind speeds. This bill will provide those residents with a stable market with reasonable coverage.
Legislative history
2013-14 S.1760/A.1222; 2011-12 S.1460/A.1413; 2009-10 S.241/A.337; 2007-08 S.139/A 177; 2005-06 S.716/A.1456; 2003-04 S.724/A.1337; 2001-00 S.2080/A.3479; 1999-00 S.4982/A.10714
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.