NY State Senate Bill 2013-S5582

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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2014	referred to insurance
May 22, 2013	referred to insurance

2013-S5582 (ACTIVE) - Details

Current Committee:: Senate Insurance
Law Section:: Insurance Law
Laws Affected:: Add §399, Ins L
Versions Introduced in Other Legislative Sessions:: 2015-2016: S2371, S5211
2017-2018: S2803
2019-2020: S3527
2021-2022: S4057

2013-S5582 (ACTIVE) - Summary

Relates to property/casualty insurer report cards.

2013-S5582 (ACTIVE) - Sponsor Memo

                                BILL NUMBER:S5582

TITLE OF BILL:  An act to amend the insurance law, in relation to
property/casualty insurer report cards

SUMMARY OF PROVISIONS: This bill would require the Superintendent of
Financial services to prepare a report card containing information on
how insurers licensed to write personal lines insurance or certain
commercial lines insurance policies respond to an emergency or
disaster. The Superintendent would be required to post the report card
on the Department's website and make it available in writing no later
than twenty days following the declaration of a disaster or emergency.
The Superintendent would also have to update the report card every
seven days for at least six months or until the Superintendent
determines that the report card is no longer necessary.

The report card would contain information on how each insurer
responded to the disaster or emergency, including the number of claims
the insurer received and the status of those claims; the number of
independent adjusters the insurer has working in the field; the number
of policyholders who have hired public adjusters; the average amount
of time, in days, for the insurer to investigate a claim, make a
payment, and close a claim; the number of complaints the insurere has
received from its insureds; the number of complaints the Department
has received on each insurer; and any other information the
Superintendent deems necessary.

The Superintendent would also have the discretion to waive the
requirements of this bill if the disaster or emergency does not result
in a significant amount of insurance related claims and if the
Superintendent does not believe the best interests of the public will
be served by issuing a report card.

JUSTIFICATION: After a disaster such as Superstorm Sandy, families and
businesses often rely on the insurance industry in the recovery
process. Prompt assessments of damages and processing of claims are
key to providing individuals and families a safe place to live and to
providing businesses with the resources they need to continue
operating and serving the public. Following Sandy, many issues that
homeowners and businesses had with their insurance companies came to
light, including delays in the settlement of insurance claims and the
adequacy of settlement offers. This bill would address these issues by
requiring the Superintendent of Financial Services to prepare and
update a publicly available report card on how well each insurance
company responds to a specific disaster. This transparency will allow
members of the legislature, the public, and the insurance industry
itself to evaluate how insurance companies respond to disaster and to
make improvements where necessary.

LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: To be determined.

EFFECTIVE DATE: Immediately.

2013-S5582 (ACTIVE) - Bill Text download pdf

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

                                  5582

                       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  property/casualty
  insurer report cards

  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 339 to
read as follows:
  S 399. PROPERTY/CASUALTY INSURER REPORT CARDS. (A) IF AT  ANY  TIME  A
LOCAL  STATE OF EMERGENCY IS DECLARED PURSUANT TO SECTION TWENTY-FOUR OF
THE EXECUTIVE LAW, THE GOVERNOR DECLARES A DISASTER  EMERGENCY  PURSUANT
TO  SECTION TWENTY-EIGHT OF THE EXECUTIVE LAW, OR THE PRESIDENT ISSUES A
MAJOR DISASTER OR EMERGENCY DECLARATION  PURSUANT TO THE ROBERT T. STAF-
FORD DISASTER RELIEF AND EMERGENCY ASSISTANCE  ACT  (P.L.  93-288),  THE
SUPERINTENDENT SHALL PREPARE A REPORT CARD CONTAINING INFORMATION ON HOW
EACH  INSURER  LICENSED  TO WRITE PERSONAL LINES INSURANCE OR COMMERCIAL
LINES INSURANCE POLICIES THAT COVER LOSS OF OR DAMAGE TO REAL  PROPERTY,
PERSONAL  PROPERTY,  OR OTHER LIABILITIES FOR LOSS OR DAMAGE TO PROPERTY
RESPONDED TO THE EMERGENCY OR DISASTER.
  (B) NO LATER THAN TWENTY DAYS FOLLOWING THE DECLARATION OF THE  DISAS-
TER  OR  EMERGENCY, THE SUPERINTENDENT SHALL POST THE REPORT CARD ON THE
DEPARTMENT'S WEBSITE. THE REPORT CARD SHALL ALSO BE AVAILABLE IN WRITING
UPON REQUEST.
  (C) THE SUPERINTENDENT SHALL UPDATE THE REPORT CARD EVERY  SEVEN  DAYS
FOR  AT  LEAST  SIX  MONTHS FOLLOWING THE DECLARATION OF THE DISASTER OR
EMERGENCY, OR UNTIL THE SUPERINTENDENT DETERMINES THAT SUCH REPORT  CARD
IS  NO LONGER NECESSARY. SUCH REPORT CARD SHALL BE IN THE AGGREGATE. THE
UPDATED VERSION SHALL BE POSTED ON THE DEPARTMENT'S WEBSITE AND SHALL BE
MADE AVAILABLE IN WRITING UPON REQUEST.
  (D) INSURERS SPECIFIED IN SUBSECTION (A) OF THIS SECTION SHALL PROVIDE
THE SUPERINTENDENT WITH ALL INFORMATION NECESSARY FOR THE SUPERINTENDENT

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11124-02-3

S. 5582                             2

TO PREPARE THE REPORT CARD, IN A MANNER AND ON A DATE PRESCRIBED BY  THE
SUPERINTENDENT.
  (E)  THE  REPORT  CARD  SHALL  INDICATE WHETHER THE INFORMATION IS FOR
PERSONAL LINES INSURANCE POLICIES OR COMMERCIAL  LINES  INSURANCE  POLI-
CIES.  IF  THE INSURER WRITES BOTH PERSONAL LINES INSURANCE POLICIES AND
COMMERCIAL LINES INSURANCE POLICIES, THE REPORT CARD SHALL DIFFERENTIATE
BETWEEN THE TWO.
  (F) THE REPORT CARD SHALL CONTAIN THE  FOLLOWING  INFORMATION  ON  HOW
EACH  INDIVIDUAL  INSURER  SPECIFIED  IN  SUBSECTION (A) OF THIS SECTION
RESPONDED TO THE DISASTER OR EMERGENCY:
  (I) THE NUMBER OF CLAIMS THE INSURER HAS RECEIVED;
  (II) THE NUMBER OF CLAIMS CLOSED WITH PAYMENT;
  (III) THE NUMBER OF CLAIMS CLOSED WITHOUT PAYMENT;
  (IV) THE TOTAL NUMBER OF OPEN CLAIMS AND THE AVERAGE AMOUNT  OF  TIME,
IN DAYS, THE CLAIMS HAVE BEEN OPEN;
  (V)  THE  NUMBER  OF  OPEN CLAIMS FOR WHICH A PARTIAL PAYMENT HAS BEEN
MADE;
  (VI) THE NUMBER OF OPEN CLAIMS FOR WHICH A PAYMENT  HAS  BEEN  OFFERED
THAT ARE BEING DISPUTED AND/OR NEGOTIATED BY THE POLICYHOLDER;
  (VII)  THE  NUMBER OF OPEN CLAIMS THAT ARE STILL BEING INVESTIGATED BY
THE INSURER, THE STATUS OF THE INVESTIGATION AND THE REASON THE INVESTI-
GATION IS NOT COMPLETE,  COMPILED  INTO  CATEGORIES  DETERMINED  BY  THE
SUPERINTENDENT;
  (VIII)  THE NUMBER OF INDEPENDENT ADJUSTERS THAT THE INSURER HAS WORK-
ING IN THE FIELD;
  (IX) THE NUMBER OF POLICYHOLDERS WHO HAVE HIRED PUBLIC ADJUSTERS;
  (X) THE AVERAGE TIME, IN DAYS: (A) FROM THE  DATE  A  CLAIM  IS  FILED
UNTIL  THE  DATE ON WHICH THE INSPECTION IS INITIATED; (B) FROM THE DATE
ON WHICH THE INSPECTION IS INITIATED UNTIL THE DATE THE INSURER PROVIDES
THE INSURED WITH AN ESTIMATE; (C) FROM THE DATE THE INSURER PROVIDES THE
INSURED WITH AN ESTIMATE UNTIL THE DATE A PAYMENT IS MADE; (D) FROM  THE
DATE  A PAYMENT IS MADE UNTIL THE CLAIM IS CLOSED; AND (E) FROM THE DATE
A CLAIM IS FILED UNTIL THE DATE THE CLAIM IS CLOSED;
  (XI) THE NUMBER OF COMPLAINTS  THAT  THE  INSURER  HAS  RECEIVED  FROM
INSUREDS  AND THE PERCENTAGE OF THE INSURER'S CLAIMS FOR THE DISASTER OR
EMERGENCY THAT THESE COMPLAINTS REPRESENT;
  (XII) THE NUMBER  OF  COMPLAINTS  THAT  THE  DEPARTMENT  HAS  RECEIVED
REGARDING THE INSURER AND THE PERCENTAGE OF THE INSURER'S CLAIMS FOR THE
DISASTER OR EMERGENCY THAT THESE COMPLAINTS REPRESENT; AND
  (XIII) ANY OTHER INFORMATION THAT THE SUPERINTENDENT DEEMS NECESSARY.
  (G)  THE  SUPERINTENDENT  MAY,  AT  HIS  OR  HER DISCRETION, WAIVE THE
REQUIREMENT TO PREPARE A  REPORT  CARD  IF  THE  DECLARED  DISASTER,  AS
DEFINED  IN SUBSECTION (A) OF THIS SECTION, DOES NOT RESULT IN A SIGNIF-
ICANT AMOUNT OF INSURANCE RELATED CLAIMS FILED IN NEW YORK STATE AND THE
SUPERINTENDENT DOES NOT BELIEVE THE BEST INTEREST OF THE PUBLIC WILL  BE
SERVED BY ISSUING A REPORT CARD.
  S 2. This act shall take effect immediately.

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Senate Bill S5582

Sponsored By

Archive: Last Bill Status - In Senate Committee Insurance Committee

2013-S5582 (ACTIVE) - Details

2013-S5582 (ACTIVE) - Summary

2013-S5582 (ACTIVE) - Sponsor Memo

2013-S5582 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S5582

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Sponsored By

James L. Seward

Archive: Last Bill Status - In Senate Committee Insurance Committee

2013-S5582 (ACTIVE) - Details

2013-S5582 (ACTIVE) - Summary

2013-S5582 (ACTIVE) - Sponsor Memo

2013-S5582 (ACTIVE) - Bill Text download pdf

Comments