What's happening
This bill requires insurers to provide potential insureds with a copy of personal or commercial property insurance policies before purchase and time to review them.
Why it matters
Empowers consumers and businesses. by giving them a real opportunity to read and understand the exact terms of an insurance policy before they commit to buying, which can help prevent unpleasant surprises about coverage or exclusions after purchase.
Promotes transparency and informed decision-making. in the insurance marketplace, potentially reducing disputes and misunderstandings between policyholders and insurers regarding what is and isn’t covered.
May increase accountability for insurers and agents. , as providing the full policy beforehand could discourage the use of confusing or misleading summaries, and ensure that what’s presented during sales matches the actual contract language.
Could influence how insurance products are marketed and sold. , potentially slowing down high-pressure sales tactics and giving buyers time to compare policies from different providers more effectively.
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Who cares
Headline styles
Let Buyers Review Insurance Policies
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Advanced to third reading cal.328
- Reported
- 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.
Require Insurance Policy Review
In Senate Committee · Insurance · Sponsor Neil D. Breslin
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
395
2019-2020 Regular Sessions
IN ASSEMBLY (Prefiled)
January 9, 2019
Introduced by M. of A. CAHILL -- Multi-Sponsored by -- M. of A. ABINAN- TI, BUCHWALD, CUSICK, MALLIOTAKIS, WEPRIN -- read once and referred to the Committee on Insurance
AN ACT to amend the insurance law, in relation to personal and commercial lines insurance
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 3425 of the insurance law is amended by adding a new subsection (a-1) to read as follows:
(a-1) An insurer or producer shall, prior to the time a policy of personal lines insurance is sold or purchased, provide the potential insured with a copy of the policy and allow the potential insured sufficient time to review such policy. Personal lines insurance shall have the same meaning as paragraph two of subsection (a) of this section.
§ 2. Section 3426 of the insurance law is amended by adding a new subsection (a-1) to read as follows:
(a-1) An insurer or producer shall, prior to the time a policy of commercial lines insurance that provides coverage for loss or damage to real property, personal property, or other liabilities for loss or damage to property is sold or purchased, provide the potential insured with a copy of the policy and allow the potential insured sufficient time to review such policy.
§ 3. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01993-01-9
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.