Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 08, 2014 |
referred to insurance |
May 24, 2013 |
referred to insurance |
Senate Bill S5598
2013-2014 Legislative Session
Sponsored By
(D) 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
2013-S5598 (ACTIVE) - Details
2013-S5598 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5598 TITLE OF BILL: An act to amend the insurance law, in relation to disclosure of the exclusion of buried oil tanks in property/casualty insurance contracts PURPOSE: To establish a means by which those who have underground oil tanks are aware of whether they are properly insured for a leak or not. SUMMARY OF PROVISIONS: Section 1 of the bill adds a new section 3407-b to the insurance law to direct the superintendent to establish, by regulation, disclosure requirements with respect to the exclusion of coverage related to buried oil tanks. Section 2 provides the effective date. JUSTIFICATION: There are many people in New York State who use underground oil tanks, mostly at their residence. Insurers may well exclude coverage of an insured's oil tank leaking from his or her policy, often unbeknownst to the insured. Oil tank leaks often involve very extensive cleanup and DEC intervention, costing in the thousands, if not tens of thousands, of dollars if not covered by insurance. This bill will ensure that policyholders are at least aware of whether they
2013-S5598 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5598 2013-2014 Regular Sessions I N S E N A T E May 24, 2013 ___________ Introduced by Sen. CARLUCCI -- 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 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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