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Sponsors
No co-sponsors yet.
History
- Print number 4221a
- Amend and recommit to insurance
- 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 the superintendent of financial services to promulgate regulations which provide standardized definitions for commonly used terms and phrases in certain insurance policies
In Senate Committee · Insurance · Sponsor Kevin Cahill
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 requiring the superintendent of financial services to promulgate regulations which provide standardized definitions for commonly used terms and phrases in certain insurance policies
Summary of provisions
This bill would require the Superintendent of Financial Services, within six months of the effective date of this bill, to promulgate regulations which provide standardized definitions for commonly used terms and phrases found in homeowners policies and commercial lines policies that provide coverage for loss or damage to real property, personal property, or other liabilities for loss or damage to property. Insurers would be required to use the standardized terms and phrases in policies issued or delivered on or after the date, the regulations are finalized, which would be no later than January 1, 2018. The bill would also allow insurers to use alternative definitions at the discretion of the Superintendent, so long as such definitions are not any less favorable to the policyholder or claimant than those required under the regulations.
Justification
Homeowners and commercial insurance policies provide necessary coverage to individuals and business owners that can prove vital in the aftermath of a disaster such as Superstorm Sandy. However, these policies can also be complex, and commonly used terms and phrases may have different meanings when used in different policies. This can cause confusion amongst policyholders, especially following a disaster when they need their insurance coverage the most. This bill would address this by ensuring that all homeowners policies and certain commercial policies contain standardized terms and phrases.
Legislative history
S.5579 of 2013-14.
Fiscal implications
To be determined.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.