Assembly Bill A871

2021-2022 Legislative Session

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

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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

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2021-A871 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance
Versions Introduced in 2019-2020 Legislative Session:
A10903

2021-A871 (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.

2021-A871 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    871
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by M. of A. CARROLL -- read once and referred to the Commit-
   tee 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

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