Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Jan 08, 2014 |
referred to insurance |
May 24, 2013 |
referred to insurance |
Senate Bill S5606
2013-2014 Legislative Session
Sponsored By
(R, C, IP, RFM) 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
co-Sponsors
(D) Senate District
(D) Senate District
(D, WF) Senate District
(D, WF) 28th Senate District
2013-S5606 (ACTIVE) - Details
2013-S5606 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5606 TITLE OF BILL: An act to amend the insurance law, in relation to limits on certain supplementary insurance PURPOSE: The purpose of this bill is to provide auto insurance consumers with information necessary to make an informed decision regarding their SUM coverage. SUMMARY OF PROVISIONS: This bill would require that the amount of supplementary uninsured/underinsured motorist (SUM) coverage that insurance carriers must make available to consumers is equal to the bodily injury limits on a policy, removing a $250,000 cap on required coverage. In addition, this bill would require that, at the time a policy is purchased, consumers be offered a choice of purchasing: 1) SUM coverage equal to the level of bodily injury limits on the policy; 2) SUM coverage at limits less than bodily injury limits on the policy; or 3) mandatory minimum SUM coverage. The insurer or agent would be required to disclose to the insured what SUM coverage is and what premiums would apply at each level of coverage. JUSTIFICATION: Supplementary insurance, also known as uninsured or underinsured motorist insurance, protects motorists who suffer severe and devastating injuries in accidents with drivers who carry inadequate or no insurance. Few drivers are aware of the value of supplementary insurance and insurance companies rarely offer
2013-S5606 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5606 2013-2014 Regular Sessions I N S E N A T E May 24, 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 limits on certain supplementary insurance THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 2 of subsection (f) of section 3420 of the insur- ance law, as separately amended by chapters 547 and 568 of the laws of 1997, is amended to read as follows: (2) (A) Any such policy shall, at the option of the insured, also provide supplementary uninsured/underinsured motorists insurance for bodily injury, in an amount up to the bodily injury liability insurance limits of coverage provided under such policy[, subject to a maximum of two hundred fifty thousand dollars because of bodily injury to or death of one person in any one accident and, subject to such limit for one person, up to five hundred thousand dollars because of bodily injury to or death of two or more persons in any one accident, or a combined single limit policy of five hundred thousand dollars because of bodily injury to or death of one or more persons in any one accident. Provided however, an insurer issuing such policy, in lieu of offering to the insured the coverages stated above, may provide supplementary uninsured/underinsured motorists insurance for bodily injury, in an amount up to the bodily injury liability insurance limits of coverage provided under such policy, subject to a maximum of one hundred thousand dollars because of bodily injury to or death of one person in any one accident and, subject to such limit for one person, up to three hundred thousand dollars because of bodily injury to or death of two or more persons in any one accident, or a combined single limit policy of three hundred thousand dollars because of bodily injury to or death of one or more persons in any one accident, if such insurer also makes available a personal umbrella policy with liability coverage limits up to at least EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10294-01-3
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