Assembly Bill A4371

2013-2014 Legislative Session

Relates to deductibles for physical damage insurance

download bill text pdf

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Archive: Last Bill Status - In Assembly 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

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2013-A4371 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Amd ยง3411, Ins L
Versions Introduced in Other Legislative Sessions:
2011-2012: A10318
2015-2016: A3090
2017-2018: A3269
2019-2020: A4544
2021-2022: A3062
2023-2024: A2779

2013-A4371 (ACTIVE) - Summary

Relates to deductibles for physical damage insurance.

2013-A4371 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4371

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            February 4, 2013
                               ___________

Introduced  by  M.  of A. COOK, MORELLE -- read once and referred to the
  Committee on Insurance

AN ACT to amend the insurance law, in relation to deductibles for  phys-
  ical damage insurance

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subsection (k) of section 3411  of  the  insurance  law  is
amended to read as follows:
  (k) (1) Each insurer which offers physical damage insurance subject to
the  provisions of this section shall offer such insurance with a stand-
ard deductible of two hundred dollars for each occurrence.  The  insured
shall, however, at the inception of the policy or at the annual anniver-
sary  date,  or at the time of the replacement or addition of an automo-
bile, have the option of purchasing a policy with a  lesser  deductible,
but  in no event may the insurer sell a policy with a deductible of less
than fifty dollars for fire, theft or comprehensive insurance  coverages
(one hundred dollars for assigned risk policies issued pursuant to para-
graph two of subsection (a) of section five thousand three hundred three
of  this chapter) and one hundred dollars for collision insurance cover-
age except that window glass coverage may be sold without a  deductible.
Each  insurer  which  offers  physical  damage  insurance subject to the
provisions of this section shall also offer  physical  damage  coverages
with  co-insurance  or  deductible provisions or combinations thereof as
the superintendent may prescribe, including but not limited  to  deduct-
ibles  of  two hundred fifty dollars, five hundred dollars and one thou-
sand dollars.
  (2) NOTWITHSTANDING THE DOLLAR LIMITS FOR DEDUCTIBLES IN PARAGRAPH ONE
OF THIS SUBSECTION, AN INSURER WHICH OFFERS  PHYSICAL  DAMAGE  INSURANCE
SUBJECT  TO  THE  PROVISIONS  OF THIS SECTION MAY OFFER A REDUCED DOLLAR
DEDUCTIBLE, A ZERO DOLLAR DEDUCTIBLE OR  A  DEDUCTIBLE  THAT  DIMINISHES
OVER TIME AND MAY ULTIMATELY BE REDUCED TO ZERO DOLLARS.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06631-01-3
              

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