Assembly Bill A6785

2013-2014 Legislative Session

Provides for the disclosure of the exclusion of buried oil tanks in property/casualty insurance contracts

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-A6785 (ACTIVE) - Details

See Senate Version of this Bill:
S5598
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Add ยง3407-b, Ins L
Versions Introduced in Other Legislative Sessions:
2015-2016: A2533, S1711
2017-2018: A2958, S379
2019-2020: S3479

2013-A6785 (ACTIVE) - Summary

Provides for the disclosure of the exclusion of buried oil tanks in property/casualty insurance contracts in at least twelve point, boldface type.

2013-A6785 (ACTIVE) - Bill Text download pdf 

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

                                  6785

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                             April 18, 2013
                               ___________

Introduced  by M. of A. SKOUFIS -- read once and referred to the Commit-
  tee on Insurance

AN ACT to amend the insurance law, in  relation  to  disclosure  of  the
  exclusion  of  buried  oil  tanks in property/casualty  insurance con-
  tracts

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

  Section 1. The insurance law is amended by adding a new section 3407-b
to read as follows:
  S  3407-B.  PROPERTY/CASUALTY  INSURANCE  CONTRACT AND POLICY STANDARD
PROVISIONS FOR THE EXCLUSION OF BURIED  OIL  TANKS.  THE  SUPERINTENDENT
SHALL  BY  REGULATION  ESTABLISH DISCLOSURE REQUIREMENTS WITH RESPECT TO
THE DISCLOSURE IN A HOMEOWNER'S INSURANCE POLICY WHICH  APPLIES  TO  THE
EXCLUSION  OF  BURIED  OIL TANKS.   SUCH REGULATIONS SHALL PRESCRIBE THE
FORM OF A DISCLOSURE TO BE PROVIDED BY AN INSURER TO  AN  INSURED.  SUCH
DISCLOSURE  NOTICE  SHALL  EXPLAIN  IN  CLEAR AND PLAIN LANGUAGE, AND IN
PROMINENT, BOLDFACE TYPE AND  TWELVE  POINT  TYPE  OR  LARGER  THAT  THE
REMOVAL OF BURIED OIL TANKS IS NOT COVERED BY SUCH POLICY.
  S 2. This act shall take effect on the one hundred twentieth day after
it shall have become a law; provided, however, that effective immediate-
ly,  the  addition,  amendment  and/or  repeal of any rule or regulation
necessary for the implementation of this act on its effective  date  are
authorized  and  directed  to  be  made  and completed on or before such
effective date.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10208-01-3

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