What's happening
This bill requires rate filings for homeowner's insurance policies and related dwelling limit calculations to be reviewed under existing regulations.
Why it matters
Adds a new regulatory requirement. Homeowner’s insurance policies and the methods insurers use to calculate increases in dwelling coverage limits will now be subject to formal rate filing review, increasing state oversight and transparency.
Potential impact on premiums. By requiring regulatory review of how dwelling limits (the maximum amount your insurer will pay to rebuild your home) are calculated and adjusted, the bill could help prevent arbitrary or excessive premium increases tied to those calculations.
Greater consumer protection. The amendment is designed to protect homeowners from unfair pricing practices by ensuring any changes in rates or coverage calculations are justified and reviewed under the state's established insurance regulations.
Aligns homeowner’s insurance with other regulated lines. This change places homeowner’s insurance on par with other types of insurance that already require rate filings, potentially leading to more consistent and predictable insurance costs for property owners.
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Who cares
Homeowners with homeowner’s insurance
The bill would extend rate-filing requirements to their policies and subsequent calculations used to increase dwelling limits for dwelling protection coverage.
Homeowner’s insurance companies
Insurers would need to include homeowner’s policies and subsequent dwelling-limit increase calculations under the specified rate-filing requirements.
State insurance regulators
The bill would expand the rate-filing provisions they administer to cover homeowner’s policies and calculations used to increase insured dwelling limits.
Headline styles
Regulate Home Insurance Rates
Plain English, a few words. Used as the page title.
Sponsors
3 Co-sponsors
History
- Held for consideration in insurance
- Referred to insurance
- Referred to insurance
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2252
2017-2018 Regular Sessions
IN ASSEMBLY
January 17, 2017
Introduced by M. of A. MONTESANO, RAIA, FINCH, McDONOUGH, SALADINO -- Multi-Sponsored by -- M. of A. McKEVITT -- read once and referred to the Committee on Insurance
AN ACT to amend the insurance law, in relation to rate filings for homeowner's insurance policies
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Paragraphs 11, 12 and 13 of subsection (b) of section 2305 of the insurance law, paragraphs 11 and 12 as amended by chapter 11 of the laws of 2008 and paragraph 13 as amended by chapter 136 of the laws of 2008, are amended and a new paragraph 14 is added to read as follows:
(11) credit property insurance, as defined in section two thousand three hundred forty of this article; [and]
(12) gap insurance;
(13) [Private] private passenger automobile insurance, except as provided in section two thousand three hundred fifty of this article[.]; and
(14) homeowner's insurance policies and subsequent calculations used to determine the increased value of dwelling limits for purposes of determining dwelling protection coverage.
§ 2. This act shall take effect on the ninetieth day after it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06059-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.