NY State Senate Bill 2021-S4057

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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 05, 2022	referred to insurance
Feb 02, 2021	referred to insurance

2021-S4057 (ACTIVE) - Details

Current Committee:: Senate Insurance
Law Section:: Insurance Law
Laws Affected:: Add §339, Ins L
Versions Introduced in Other Legislative Sessions:: 2013-2014: S5582
2015-2016: S2371, S5211
2017-2018: S2803
2019-2020: S3527

2021-S4057 (ACTIVE) - Summary

Relates to property/casualty insurer report cards.

2021-S4057 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S4057

SPONSOR: BRESLIN
 
TITLE OF BILL:

An act to amend the insurance law, in relation to property/casualty
insurer report cards

 
PURPOSE:

This bill creates a property/casualty insurer report card.

 
SUMMARY OF PROVISIONS:

This bill would require the Superintendent of Financial Services to
prepare a report card containing information on how insurers licensed to
write personal lines insurance or certain commercial lines insurance
policies respond to an emergency or disaster. The Superintendent would
be required to post the report card on the Department's website and make
it available in writing no later than twenty days following the declara-
tion of a disaster or emergency. The Superintendent would also have to

update the report card every seven days for at least six months or until
the Superintendent determines that the report card is no longer neces-
sary.

The report card would contain information on how each insurer responded
to the disaster or emergency, including the number of claims the insurer
received and the status of those claims; the number of independent
adjusters the insurer has working in the field; the number of policy-
holders who have hired public adjusters; the average amount of time, in
days, for the insurer to investigate a claim, make a payment, and close
a claim; the number of complaints the insurer has received from its
insureds; the number of complaints the Department has received on each
insurer; and other information the Superintendent deems necessary.  The
Superintendent would also have the discretion to waive the requirements
of this bill if the disaster or emergency does not result in a signif-
icant amount of insurance related claims and if the Superintendent does
not believe the best interests of the public will be served by issuing a
report card.

 
JUSTIFICATION:

After a disaster such as Superstorm Sandy, families and businesses often
rely on the insurance industry in the recovery process. Prompt assess-
ments of damages and processing of claims are key to providing individ-
uals and families a safe place to live and to providing businesses with
the resources they need to continue operating and serving the public.
F011owing Sandy, many issues that homeowners and businesses had with
their insurance companies came to light, including delays in the settle-
ment of insurance claims and the adequacy of settlement offers. This
bill would address these issues by requiring the Superintendent of
Financial Services to prepare and update a publicly available report
card or how well each insurance company responds to a specific disaster.
This transparency will allow members of the legislature, the public, and
the insurance industry itself to evaluate how insurance companies
respond to a disaster and to make improvements where necessary.

 
LEGISLATIVE HISTORY:

S.3527 of 2019-20;

S.2803 of 2018-19;

S.5211 of 2015-16.

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
Immediately.

2021-S4057 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4057
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 2, 2021
                                ___________
 
 Introduced  by  Sen. BRESLIN -- 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  property/casualty
   insurer report cards
 
   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 339 to
 read as follows:
   § 339. PROPERTY/CASUALTY INSURER REPORT CARDS. (A) IF AT  ANY  TIME  A
 LOCAL  STATE OF EMERGENCY IS DECLARED PURSUANT TO SECTION TWENTY-FOUR OF
 THE EXECUTIVE LAW, THE GOVERNOR DECLARES A DISASTER  EMERGENCY  PURSUANT
 TO  SECTION TWENTY-EIGHT OF THE EXECUTIVE LAW, OR THE PRESIDENT ISSUES A
 MAJOR DISASTER OR EMERGENCY DECLARATION  PURSUANT TO THE ROBERT T. STAF-
 FORD DISASTER RELIEF AND EMERGENCY ASSISTANCE  ACT  (P.L.  93-288),  THE
 SUPERINTENDENT SHALL PREPARE A REPORT CARD CONTAINING INFORMATION ON HOW
 EACH  INSURER  LICENSED  TO WRITE PERSONAL LINES INSURANCE OR COMMERCIAL
 LINES INSURANCE POLICIES THAT COVER LOSS OF OR DAMAGE TO REAL  PROPERTY,
 PERSONAL  PROPERTY,  OR OTHER LIABILITIES FOR LOSS OR DAMAGE TO PROPERTY
 RESPONDED TO THE EMERGENCY OR DISASTER.
   (B) NO LATER THAN TWENTY DAYS FOLLOWING THE DECLARATION OF THE  DISAS-
 TER  OR  EMERGENCY, THE SUPERINTENDENT SHALL POST THE REPORT CARD ON THE
 DEPARTMENT'S WEBSITE. THE REPORT CARD SHALL ALSO BE AVAILABLE IN WRITING
 UPON REQUEST.
   (C) THE SUPERINTENDENT SHALL UPDATE THE REPORT CARD EVERY  SEVEN  DAYS
 FOR  AT  LEAST  SIX  MONTHS FOLLOWING THE DECLARATION OF THE DISASTER OR
 EMERGENCY, OR UNTIL THE SUPERINTENDENT DETERMINES THAT SUCH REPORT  CARD
 IS  NO LONGER NECESSARY. SUCH REPORT CARD SHALL BE IN THE AGGREGATE. THE
 UPDATED VERSION SHALL BE POSTED ON THE DEPARTMENT'S WEBSITE AND SHALL BE
 MADE AVAILABLE IN WRITING UPON REQUEST.
   (D) INSURERS SPECIFIED IN SUBSECTION (A) OF THIS SECTION SHALL PROVIDE
 THE SUPERINTENDENT WITH ALL INFORMATION NECESSARY FOR THE SUPERINTENDENT
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD07469-01-1

 S. 4057                             2
 
 TO PREPARE THE REPORT CARD, IN A MANNER AND ON A DATE PRESCRIBED BY  THE
 SUPERINTENDENT.
   (E)  THE  REPORT  CARD  SHALL  INDICATE WHETHER THE INFORMATION IS FOR
 PERSONAL LINES INSURANCE POLICIES OR COMMERCIAL  LINES  INSURANCE  POLI-
 CIES.  IF  THE INSURER WRITES BOTH PERSONAL LINES INSURANCE POLICIES AND
 COMMERCIAL LINES INSURANCE POLICIES, THE REPORT CARD SHALL DIFFERENTIATE
 BETWEEN THE TWO.
   (F) THE REPORT CARD SHALL CONTAIN THE  FOLLOWING  INFORMATION  ON  HOW
 EACH  INDIVIDUAL  INSURER  SPECIFIED  IN  SUBSECTION (A) OF THIS SECTION
 RESPONDED TO THE DISASTER OR EMERGENCY:
   (I) THE NUMBER OF CLAIMS THE INSURER HAS RECEIVED;
   (II) THE NUMBER OF CLAIMS CLOSED WITH PAYMENT;
   (III) THE NUMBER OF CLAIMS CLOSED WITHOUT PAYMENT;
   (IV) THE TOTAL NUMBER OF OPEN CLAIMS AND THE AVERAGE AMOUNT  OF  TIME,
 IN DAYS, THE CLAIMS HAVE BEEN OPEN;
   (V)  THE  NUMBER  OF  OPEN CLAIMS FOR WHICH A PARTIAL PAYMENT HAS BEEN
 MADE;
   (VI) THE NUMBER OF OPEN CLAIMS FOR WHICH A PAYMENT  HAS  BEEN  OFFERED
 THAT ARE BEING DISPUTED AND/OR NEGOTIATED BY THE POLICYHOLDER;
   (VII)  THE  NUMBER OF OPEN CLAIMS THAT ARE STILL BEING INVESTIGATED BY
 THE INSURER, THE STATUS OF THE INVESTIGATION AND THE REASON THE INVESTI-
 GATION IS NOT COMPLETE,  COMPILED  INTO  CATEGORIES  DETERMINED  BY  THE
 SUPERINTENDENT;
   (VIII)  THE NUMBER OF INDEPENDENT ADJUSTERS THAT THE INSURER HAS WORK-
 ING IN THE FIELD;
   (IX) THE NUMBER OF POLICYHOLDERS WHO HAVE HIRED PUBLIC ADJUSTERS;
   (X) THE AVERAGE TIME, IN DAYS: (A) FROM THE  DATE  A  CLAIM  IS  FILED
 UNTIL  THE  DATE ON WHICH THE INSPECTION IS INITIATED; (B) FROM THE DATE
 ON WHICH THE INSPECTION IS INITIATED UNTIL THE DATE THE INSURER PROVIDES
 THE INSURED WITH AN ESTIMATE; (C) FROM THE DATE THE INSURER PROVIDES THE
 INSURED WITH AN ESTIMATE UNTIL THE DATE A PAYMENT IS MADE; (D) FROM  THE
 DATE  A PAYMENT IS MADE UNTIL THE CLAIM IS CLOSED; AND (E) FROM THE DATE
 A CLAIM IS FILED UNTIL THE DATE THE CLAIM IS CLOSED;
   (XI) THE NUMBER OF COMPLAINTS  THAT  THE  INSURER  HAS  RECEIVED  FROM
 INSUREDS  AND THE PERCENTAGE OF THE INSURER'S CLAIMS FOR THE DISASTER OR
 EMERGENCY THAT THESE COMPLAINTS REPRESENT;
   (XII) THE NUMBER  OF  COMPLAINTS  THAT  THE  DEPARTMENT  HAS  RECEIVED
 REGARDING THE INSURER AND THE PERCENTAGE OF THE INSURER'S CLAIMS FOR THE
 DISASTER OR EMERGENCY THAT THESE COMPLAINTS REPRESENT; AND
   (XIII) ANY OTHER INFORMATION THAT THE SUPERINTENDENT DEEMS NECESSARY.
   (G)  THE  SUPERINTENDENT  MAY,  AT  HIS  OR  HER DISCRETION, WAIVE THE
 REQUIREMENT TO PREPARE A  REPORT  CARD  IF  THE  DECLARED  DISASTER,  AS
 DEFINED  IN SUBSECTION (A) OF THIS SECTION, DOES NOT RESULT IN A SIGNIF-
 ICANT AMOUNT OF INSURANCE RELATED CLAIMS FILED IN NEW YORK STATE AND THE
 SUPERINTENDENT DOES NOT BELIEVE THE BEST INTEREST OF THE PUBLIC WILL  BE
 SERVED BY ISSUING A REPORT CARD.
   § 2. This act shall take effect immediately.

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Senate Bill S4057

Sponsored By

Archive: Last Bill Status - In Senate Committee Insurance Committee

2021-S4057 (ACTIVE) - Details

2021-S4057 (ACTIVE) - Summary

2021-S4057 (ACTIVE) - Sponsor Memo

2021-S4057 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S4057

Share this bill

Sponsored By

Neil D. Breslin

Archive: Last Bill Status - In Senate Committee Insurance Committee

2021-S4057 (ACTIVE) - Details

2021-S4057 (ACTIVE) - Summary

2021-S4057 (ACTIVE) - Sponsor Memo

2021-S4057 (ACTIVE) - Bill Text download pdf

Comments