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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A5015
- Ordered to third reading cal.1458
- Committee discharged and committed to rules
- 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 the use of local cost data when adjusting claims
Vetoed · Sponsor N. Nick Perry
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4276
Title of bill
An act to amend the insurance law, in relation to use of local cost data when adjusting claims
Purpose
To ensure that temporary adjusters and insurers are utilizing cost data that is regionally appropriate.
Summary of provisions
Creates a new subsection (t) in section 2801 of the insurance law. This bill would require independent adjusters who are issued a temporary permit by the Superintendent of Financial Services to utilize cost data that is appropriate for the region of the state where they are adjusting claims. In addition, insurers, when certifying to the Superintendent that such adjusters have the training and experience necessary to adjust claims, would also have to certify that the adjusters will use regionally appropriate cost data.
Justification
Super Storm Sandy wreaked havoc in New York resulting. in over $60 billion in damages. Thousands of claims were filed and the need to quickly provide relief to those who lost their homes and livelihoods forced insurance companies to import hundreds of out-of-state adjustors from across the country to handle the work load.
Out-of-state insurance adjusters are equipped with computer software that is supposed to adjust for local cost data to reflect the costs for repair and construction services in New York State. Unfortunately, that does not automatically occur and the cost data is inaccurate. Consequently, in many cases, policy holders cannot rebuild based on the reimbursement received from insurance companies.
Legislative history
A8834/S7876 (2014)
Fiscal impact on the state
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.