What's happening
This bill requires auto insurance premiums to be reduced for retired or disabled individuals to reflect their lower risk.
Why it matters
Defines exactly who qualifies as “retired” or “disabled”. for the purpose of insurance discounts, ensuring only those 65+ not earning income, or those officially recognized as disabled by Social Security, Railroad Retirement, or state authorities, are eligible.
Requires insurers to adjust premiums based on reduced risk. , acknowledging that retired or disabled individuals are less likely to incur work-related losses, and thus represent a lower cost to insurers.
Establishes a verification process. insurers can require proof of retirement/disability (like an award letter or certificate) and may use renewal questionnaires to confirm ongoing eligibility, helping prevent abuse of the discount.
Standardizes when and how the premium adjustments take effect. by applying the new requirements to all relevant policies issued or renewed after the law takes effect, making it clear for both policyholders and insurers.
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Who cares
Headline styles
Lower Car Insurance for Retirees
Plain English, a few words. Used as the page title.
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.
Lower Car Insurance for Retirees
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
S. 1621 A. 977
2017-2018 Regular Sessions
SENATE - ASSEMBLY
January 10, 2017
IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance
IN ASSEMBLY -- Introduced by M. of A. THIELE, SIMOTAS -- read once and referred to the Committee on Insurance
AN ACT to amend the insurance law, in relation to automobile insurance rates for persons who are retired or disabled
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 2330 of the insurance law is amended to read as follows:
§ 2330. No fault motor vehicle insurance rates; reflection of reduced exposure to loss. (a) Where the principal operator of a motor vehicle or such operator's spouse is eligible for medicare benefits for items of basic economic loss specified in paragraph one of subsection (a) of section five thousand one hundred two of this chapter, or where the insurer's obligation to pay first party benefits for loss of earnings from work is reduced by virtue of the provisions of such subsection, or by virtue of the principal operator or such operator's spouse being retired or disabled, the premium attributable to coverage under the automobile insurance policy for such items shall be appropriately modified to reflect the insurer's reduced exposure to loss.
(b) For purposes of this section, the term (1) "retired" shall mean a person who has attained age sixty-five years and is not engaged in any activities for income; and the term (2) "disabled" shall mean a person who is not engaged in any activities for income and who (A) is certified as disabled and eligible to receive social security disability insurance (SSDI) or supplemental security income (SSI) benefits under the federal Social Security Act, or (B) is certified as disabled and eligible to receive Railroad Retirement Disability benefits under the federal Railroad Retirement Act, or (C) has received a certificate from the state
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02104-01-7
S. 1621 2 A. 977
commission for the blind and visually handicapped stating that such person is legally blind.
An award letter from the Social Security Administration or the Railroad Retirement Board or a certificate from the state commission for the blind and visually handicapped may be submitted as proof of disability.
The insurer, at the time of renewal, may determine by the renewal questionnaire if the principal operator or such operator's spouse qualifies for a continuation of the modified premium.
§ 2. This act shall take effect on the one hundred eightieth day after it shall have become a law and shall apply to all policies issued, modified, amended, altered, or renewed on or after such date.
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.