NY State Senate Bill 2017-S5883

Senate Bill S5883

2017-2018 Legislative Session

Relates to the creation of a study of the minimum coverage amounts for non-commercial auto insurance

download bill text pdf

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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2018	referred to insurance
May 04, 2017	referred to insurance

2017-S5883 (ACTIVE) - Details

See Assembly Version of this Bill:: A3787
Current Committee:: Senate Insurance
Law Section:: Vehicle and Traffic
Versions Introduced in Other Legislative Sessions:: 2013-2014: A10115
2015-2016: A2578
2019-2020: S2993, A251, A8130
2021-2022: S499, A2618
2023-2024: S2685, A2577

2017-S5883 (ACTIVE) - Summary

Relates to the creation of a study of the minimum coverage amounts for non-commercial auto insurance.

2017-S5883 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S5883

 TITLE OF BILL :

An act relating to the creation of a study of the minimum coverage
amounts for non-commercial auto insurance

 PURPOSE :

The purpose of this bill is to require DFS to conduct a study to
determine the impact of raising the minimum coverage limits of
automobile insurance coverage.

 SUMMARY OF PROVISIONS :

This bill would require the Department of Financial Services (DFS) to
conduct a study that would include a review of the minimum coverage
amounts for the following types of automobile insurance coverage:
liability, uninsured motorist, no-fault, and additional coverage
options, including but not limited to comprehensive collision, and
supplemental uninsured/underinsured motorist coverage. Furthermore,
the bill requires that a report detailing DFS' findings as well
as-recommendations as to whether the required minimum coverage amounts
for liability, uninsured motorist coverage, and no-fault should be
increased, the extent to which such coverage should be increased, and
the impact this would have on premiums be submitted to the Governor,

the temporary President of the Senate, the Speaker of the Assembly,
and the Chairs of the Senate and Assembly standing committees on
insurance no later than April 15, 2018. The study shall be created in
consultation with relevant stakeholders, including insurance
companies, insurance producers, consumer advocacy groups, and any
other person or entity DFS deems necessary.

 EXISTING LAW :

New York State law requires that motorists carry a minimum amount of
liability insurance of $25,000 for bodily injury to one person,
$50,000 for bodily injury to all persons, and $10,000 for property
damage in any one accident. Mandatory "no-fault" coverage of $50,000
is also required. However, many motorists carry higher liability
limits and additional personal injury protection beyond these minimum
benefits required by law. The law also requires all auto insurance
policies to provide uninsured motorists coverage (for bodily injury),
subject to the same minimums. In addition, SUM (Supplementary
Uninsured/Underinsured Motorists) coverage can also be purchased, in
amounts up to the bodily injury liability limits of an insured's own
policy.

 LEGISLATIVE HISTORY :

New bill.

 FISCAL IMPLICATIONS :

None.

 EFFECTIVE DATE :
Immediately.

2017-S5883 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5883
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                                May 4, 2017
                                ___________
 
 Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
   printed to be committed to the Committee on Insurance
 
 AN ACT relating to the creation of  a  study  of  the  minimum  coverage
   amounts for non-commercial auto insurance
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The department of financial services shall conduct a  study
 of  the  minimum  coverage  amounts for liability and uninsured motorist
 coverage currently required under article 3 of the vehicle  and  traffic
 law  for  non-commercial  auto  insurance in New York state, the minimum
 amount of no-fault coverage required by article 51 of the insurance law,
 and additional coverage options, including but not limited to comprehen-
 sive, collision, and supplemental uninsured/underinsured motorist cover-
 age.  In conducting this study, such department shall  consider  whether
 the  current minimum coverage amounts are adequate to protect consumers;
 whether and to what extent consumers purchase higher  coverage  amounts;
 the  impact higher coverage amounts have on premiums, claims processing,
 and consumer satisfaction; and any other factors such  department  deems
 relevant.  Such  department  shall  consult  with relevant stakeholders,
 including insurance companies, insurance  producers,  consumer  advocacy
 groups,  and any other person or entity such department deems necessary.
 Such department shall issue a report of its findings as well  as  recom-
 mendations  as  to  whether  the  required  minimum coverage amounts for
 liability,  uninsured  motorist  coverage,  and   no-fault   should   be
 increased, the extent to which such amounts should be increased, and the
 impact  this  would  have  on premiums. Such department shall submit its
 report to the governor, the  temporary  president  of  the  senate,  the
 speaker  of  the  assembly,  and  the  chairs of the senate and assembly
 standing committees on insurance no later than April 15, 2019.
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01675-01-7

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