Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Jan 06, 2010 |
referred to insurance |
Jan 07, 2009 |
referred to insurance |
Senate Bill S331
2009-2010 Legislative Session
Sponsored By
(D, WF) 46th Senate District
Archive: Last Bill Status - In Senate Committee Insurance Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2009-S331 (ACTIVE) - Details
- Current Committee:
- Senate Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §§2351 & 3425, add §2352, Ins L
2009-S331 (ACTIVE) - Summary
Reduces the percentage of policies that an insurer can cancel or not renew without state approval; requires insurers to demonstrate potential risk or loss to justify such cancellations or non-renewals before such approval shall be granted; authorizes the superintendent of insurance to have oversight over participation levels in a coastal market assistance program; and limits notices of intent by insurers.
2009-S331 (ACTIVE) - Sponsor Memo
BILL NUMBER: S331 TITLE OF BILL : An act to amend the insurance law, in relation to reducing the percentage of policies that an insurer can cancel or not renew without state approval, to require insurers to demonstrate potential risk or loss to justify such cancellations or non-renewals before such approval shall be granted, to authorize the superintendent of insurance to have oversight over participation levels in a coastal market assistance program and to limit notices of intent by insurers PURPOSE : This bill will protect homeowners' insurance policyholders by preventing insurers from denying some late-reported claims, authorizing the Superintendent of Insurance to have oversight over mandatory participation or increased levels of participation in a coastal market assistance program and limiting the notices of intent by insurers. SUMMARY OF PROVISIONS : Section 1: Amends Section 2351 of the Insurance Law to add a new Subsection (d) (1) To reduce the percentage of policies (from 4% to 2% in a single year and from 20% to 10% over a five year period) that an insurer can
2009-S331 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 331 2009-2010 Regular Sessions I N S E N A T E (PREFILED) January 7, 2009 ___________ 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 reducing the percent- age of policies that an insurer can cancel or not renew without state approval, to require insurers to demonstrate potential risk or loss to justify such cancellations or non-renewals before such approval shall be granted, to authorize the superintendent of insurance to have over- sight over participation levels in a coastal market assistance program and to limit notices of intent by insurers THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 2351 of the insurance law is amended by adding a new subsection (d) to read as follows: (D) (1) NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, THE TOTAL NUMBER (ROUNDED TO THE NEAREST WHOLE NUMBER) OF NOTICES OF INTEN- TION NOT TO RENEW A POLICY OF HOMEOWNERS' INSURANCE, AND OF NOTICES OF INTENTION TO CONDITION RENEWAL UPON REDUCTION OF LIMITS OR ELIMINATION OF ANY COVERAGE, WHICH AN INSURER MAY ISSUE SHALL BE LIMITED FOR EACH CALENDAR YEAR TO TWO PERCENT OF THE TOTAL NUMBER OF COVERED POLICIES OF THE INSURER IN FORCE AT LAST YEAR-END IN EACH SUCH INSURER'S RATING TERRITORY IN USE IN THIS STATE WHICH HAVE COMPLETED THEIR REQUIRED POLICY PERIOD UNDER THIS SECTION, AND SHALL BE LIMITED TO TEN PERCENT WITHIN A FIVE YEAR PERIOD OF TIME; PROVIDED, HOWEVER, THAT THE INSURER MAY NON-RENEW OR CONDITIONALLY RENEW ONE POLICY IN ANY SUCH INSURER'S RATING TERRITORY IN USE IN THIS STATE, IF THE APPLICABLE PERCENTAGE LIMITATION RESULTS IN LESS THAN ONE POLICY. CANCELLATIONS MADE PURSUANT TO SUBSECTION (B) OR (C) OF SECTION THREE THOUSAND FOUR HUNDRED TWENTY- FIVE OF THIS CHAPTER SHALL BE INDEPENDENT OF AND IN ADDITION TO THE NUMBER OF NOTICES OF INTENTION NOT TO RENEW OR TO CONDITION RENEWAL EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03612-01-9
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