Assembly Bill A10903

2019-2020 Legislative Session

Relates to requiring insurers to make insurance premium refunds and other adjustments to all policyholders adversely impacted by COVID-19

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2019-A10903 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance
Versions Introduced in 2021-2022 Legislative Session:
A871

2019-A10903 (ACTIVE) - Summary

Authorizes and directs the department of financial services to require insurers to make insurance premium refunds and other adjustments for all policyholders adversely impacted by COVID-19.

2019-A10903 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10903
 
                           I N  A S S E M B L Y
 
                              August 17, 2020
                                ___________
 
 Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Carroll) --
   read once and referred to the Committee on Insurance
 
 AN ACT in relation to  requiring  insurers  to  make  insurance  premium
   refunds  and other adjustments to all policyholders adversely impacted
   by COVID-19
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Notwithstanding any provisions of law, rule or regulation
 to the contrary, the department of financial services is authorized  and
 directed  to  require  insurers  to make initial premium refund or other
 adjustments to all  adversely  impacted  New  York  policyholders.  Such
 refund  or  adjustment shall be for each month during the declared state
 emergency due to the coronavirus disease 2019 (COVID-19) pandemic begin-
 ning March 7, 2020 and apply to the following lines of insurance:
   1. Private passenger automobile insurance;
   2. Commercial automobile insurance;
   3. Workers' compensation insurance;
   4. Commercial multiple-peril insurance;
   5. Commercial liability insurance;
   6. Medical malpractice insurance; and
   7. Any other line of coverage where the measures of risk  have  become
 substantially  overstated  as  a  result of the coronavirus disease 2019
 (COVID-19) pandemic.
   § 2. Insurers shall comply with the mandated premium refund to policy-
 holders by providing a premium credit,  reduction,  return  of  premium,
 dividend or other appropriate premium adjustment, based on reclassifica-
 tion  of  exposures  to comport with current exposure, or a reduction of
 the exposure base to reflect actual or anticipated exposure.
   § 3. Insurers shall provide such refund or other adjustments to  poli-
 cyholders no later than 30 days after the effective date of this act.
   §  4.  This  act shall take effect immediately, and shall be deemed to
 have been in full force and effect on and after March 7, 2020 and  shall
 apply to insurance policies in force on and after that date.

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

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.