What's happening
This bill requires the superintendent to set uniform standards for when hurricane windstorm deductibles are triggered in homeowners insurance policies.
Why it matters
Reduces confusion for homeowners. by creating a single, predictable standard for when hurricane windstorm deductibles apply, instead of leaving it up to each insurance company to set their own criteria.
Strengthens consumer protections. by requiring clear and uniform disclosure about when and how windstorm deductibles are triggered, helping policyholders better understand their coverage and potential out-of-pocket costs.
May impact insurance pricing and coverage options. as insurers adjust their policies to comply with the new standardized trigger, potentially affecting premiums or availability in high-risk areas.
Acts quickly to address inconsistencies. by requiring emergency regulations to be implemented within 180 days, ensuring that changes take effect promptly and apply to all new and renewed policies after the transition period.
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Who cares
Headline styles
Clarify Hurricane Deductible Notices
Plain English, a few words. Used as the page title.
Sponsors
Assembly Member · Assembly District 23
History
- Referred to rules
- Delivered to senate
- Passed assembly
- Advanced to third reading cal.792
- Reported
- Print number 6665a
- 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.
Clarify Hurricane Deductible Rules
In Senate Committee · Insurance · Sponsor Kenneth P. LaValle
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6665--A
2017-2018 Regular Sessions
IN ASSEMBLY
March 13, 2017
Introduced by M. of A. PHEFFER AMATO, JONES, ORTIZ, COOK, CRESPO, M. L. MILLER, DiPIETRO, HARRIS -- read once and referred to the Committee on Insurance -- recommitted to the Committee on Insurance in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee
AN ACT to amend the insurance law, in relation to homeowners insurance deductibles triggers
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 3445 of the insurance law, as added by chapter 44 of the laws of 1998, is amended to read as follows:
§ 3445. Windstorm insurance notice; deductible trigger standards. (a) The superintendent shall by regulation establish disclosure requirements with respect to the operation of any deductible in a homeowner's insurance policy or dwelling fire personal lines policy which applies as the result of a windstorm. Such regulations shall prescribe the form of a notice to be provided by an insurer to an insured. The notice shall explain in clear and plain language 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 or appropriate.
(b) The superintendent shall by regulation establish standards for hurricane windstorm deductibles, which create, to the greatest extent possible, uniformity in the operation of such deductibles with respect to the triggering event.
The superintendent shall promulgate such regulations by emergency adoption or otherwise, within one hundred eighty days of the effective date of the chapter of the laws of two thousand eighteen which added this subsection. Notwithstanding paragraph seven of subsection (a) of section three thousand four hundred twenty-five of this article, any
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07834-03-8
A. 6665--A 2
changes in a homeowner's insurance policy or dwelling, fire, or personal policy registered as a result of the adoption by the superintendent of regulations under this section, may be applied to such policies on the policy's initial renewal date or the policy's next annual renewal after the effective date of such regulations.
§ 2. This act shall take effect on the ninetieth day after it shall have become a law, and shall apply to all policies issued or renewed on or after the one hundred eightieth day after the adoption of the regulations required in section 3445 of the insurance law, as amended by this act.
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.