Senate Bill S5579

2013-2014 Legislative Session

Requires the superintendent to promulgate regulations which provide standardized definitions for commonly used terms and phrases in certain insurance policies

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Sponsored By

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

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2013-S5579 (ACTIVE) - Details

See Assembly Version of this Bill:
A7453
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd ยงยง3425 & 3426, Ins L
Versions Introduced in Other Legislative Sessions:
2015-2016: S4221, A1230
2017-2018: S2809, A391
2019-2020: S3501, A72
2021-2022: S3767, A8637
2023-2024: S1472, A4011

2013-S5579 (ACTIVE) - Summary

Requires the superintendent to promulgate regulations which provide standardized definitions for commonly used terms and phrases in certain insurance policies.

2013-S5579 (ACTIVE) - Sponsor Memo

2013-S5579 (ACTIVE) - Bill Text download pdf 

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

                                  5579

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              May 22, 2013
                               ___________

Introduced  by  Sen.  SEWARD -- 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 requiring  the  super-
  intendent  of  financial  services  to  promulgate  regulations  which
  provide standardized definitions for commonly used terms  and  phrases
  in certain insurance policies

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

  Section 1. Section 3425 of the insurance law is amended  by  adding  a
new subsection (t) to read as follows:
  (T) WITHIN SIX MONTHS AFTER THE EFFECTIVE DATE OF THIS SUBSECTION, THE
SUPERINTENDENT  SHALL  PROMULGATE REGULATIONS IN ACCORDANCE WITH SECTION
TWO HUNDRED TWO OF THE STATE ADMINISTRATIVE PROCEDURE ACT WHICH  PROVIDE
STANDARDIZED DEFINITIONS FOR COMMONLY USED TERMS AND PHRASES IN POLICIES
THAT  PROVIDE  COVERAGE FOR PERSONAL LINES INSURANCE AS DEFINED IN PARA-
GRAPH TWO OF SUBSECTION (A) OF THIS SECTION. SUCH STANDARDIZED TERMS AND
PHRASES SHALL BE USED IN SUCH POLICIES ISSUED OR DELIVERED IN THIS STATE
ON OR AFTER THE DATE THE REGULATIONS ARE FINALIZED, WHICH  SHALL  BE  NO
LATER  THAN  JANUARY  FIRST,  TWO THOUSAND FIFTEEN.   AN INSURER MAY USE
ALTERNATIVE DEFINITIONS, SO LONG AS SUCH DEFINITIONS ARE  NOT  ANY  LESS
FAVORABLE  TO  THE POLICYHOLDER OR CLAIMANT, AS DETERMINED BY THE SUPER-
INTENDENT.
  S 2. Section 3426 of the insurance law is  amended  by  adding  a  new
subsection (p) to read as follows:
  (P) WITHIN SIX MONTHS AFTER THE EFFECTIVE DATE OF THIS SUBSECTION, THE
SUPERINTENDENT  SHALL  PROMULGATE REGULATIONS IN ACCORDANCE WITH SECTION
TWO HUNDRED TWO OF THE STATE ADMINISTRATIVE PROCEDURE ACT WHICH  PROVIDE
STANDARDIZED DEFINITIONS FOR COMMONLY USED TERMS AND PHRASES IN POLICIES
THAT PROVIDE COVERAGE FOR COMMERCIAL LINES INSURANCE POLICIES THAT COVER
LOSS OR DAMAGE TO REAL PROPERTY, PERSONAL PROPERTY, OR OTHER LIABILITIES
FOR  LOSS  OR  DAMAGE  TO  PROPERTY. SUCH STANDARDIZED TERMS AND PHRASES

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11159-02-3

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