What's happening
This bill extends the period during which the joint underwriting association may offer broad form insurance coverage from ten to fifteen years.
Why it matters
Helps maintain insurance stability in high-risk or underserved areas. By allowing the joint underwriting association to continue offering broad form coverage for five additional years, the bill helps ensure that property owners who have difficulty obtaining insurance in the voluntary market won’t abruptly lose access to necessary coverage.
Provides more time for policyholders and the insurance market to adjust. The extension gives homeowners, businesses, and the insurance industry a longer window to transition toward private market solutions or adapt to ongoing market challenges, rather than facing a sudden cutoff.
Reflects ongoing need for state-supported insurance options. The legislation signals that the issues leading to the need for joint underwriting association coverage—such as uninsurable properties or market failures—persist, warranting continued government intervention to protect property owners.
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Who cares
Headline styles
Extend Broad Form Insurance
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Signed chap.70
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading cal.43
- Substituted for A3676
- Referred to insurance
- Delivered to assembly
- Passed senateVote 61–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.21
Show 1 earlier action
- 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.
Extend Broad Form Insurance
Assembly Floor Calendar · Sponsor Jamie Romeo
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
642
2019-2020 Regular Sessions
IN SENATE (Prefiled)
January 9, 2019
Introduced by Sen. BRESLIN -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance
AN ACT to amend the insurance law, in relation to the issuance of broad form coverage by the joint underwriting association
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subsection (g) of section 5402 of the insurance law, as amended by chapter 542 of the laws of 2013, is amended to read as follows:
(g) In addition to fire insurance, extended coverage, coverage for additional perils and homeowners insurance should the same be made available through the association in accordance with a determination of necessity pursuant to section five thousand four hundred twelve of this article, the association may offer broad form coverage to applicants seeking to insure real property at fixed locations of this state, or the tangible personal property located thereon. The association may offer broad form coverage for a period of [ten] fifteen years beginning on June thirtieth, two thousand eight. On or before October first, two thousand seventeen the superintendent shall require the association to report to him or her as to the number of policies written pursuant to this subsection and paragraph three of subsection (f) of section five thousand four hundred five of this article, and any other information the superintendent may require. On or before January first, two thousand eighteen, the superintendent shall report to the governor and the legislature regarding the number of policies issued pursuant to this section and such paragraph and shall include recommendations as to the continuation of such insurance offerings.
§ 2. This act shall take effect immediately; provided, however that if this act shall not have become a law on or before June 30, 2018, section one of this act shall be deemed to have been in full force and effect on and after June 30, 2018.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06408-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the insurance law, in relation to the issuance of broad form coverage by the joint underwriting association
Purpose of the bill
The purpose of this bill is to extend for an additional five year period NYPIUA's authority to provide consumers with enhanced property insurance coverage.
Summary of provisions
Section 1 of the bill would amend the insurance law to extend the authority of NYPIUA to offer broad form coverage from 10 years to 15 years from June 30, 2009. Section 2 provides for an effective date.
Legislative history
Chapter 55 of the laws of 2013 authorized NYPIUA to continue to provide broad form coverage for an additional five year period.
Justification
Created by the Legislature in 1968, the New York Property Insurance Underwriting Association provides personal and commercial property insurance to persons unable to obtain coverage in the voluntary market. In 2008, the Legislature authorized NYPIUA to offer "broad form cover- age" to its customers. Broad form coverage includes perils that were previously unavailable. Some of the additional coverages include damage from ice, snow or sleet, glass breakage, accidental discharge or over- flow of water or steam and falling objects.
NYPIUA has been successfully offering this coverage at the option of the insured for over ten years. This legislation would extend that authority and allow NYPIUA to continue to provide enhanced coverage for New York consumers.
Fiscal implications
None to the State.
Effective date
This legislation would take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.