Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2024 |
referred to insurance |
Jan 23, 2023 |
referred to insurance |
Assembly Bill A2095
2023-2024 Legislative Session
Sponsored By
MEEKS
Current 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
Actions
co-Sponsors
Harry B. Bronson
Jessica Gonzalez-Rojas
2023-A2095 (ACTIVE) - Details
- Current Committee:
- Assembly Insurance
- Law Section:
- Insurance Law
- Laws Affected:
- Amd §3420, Ins L
- Versions Introduced in 2021-2022 Legislative Session:
-
A7523
2023-A2095 (ACTIVE) - Summary
Requires a liability insurer that has an opportunity to settle a claim at or within the policy limits, and refuses to do so, to be liable for any verdict in excess of the insurance policy limits; prohibits the insurer from recovering such excess judgment from the insured.
2023-A2095 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2095 2023-2024 Regular Sessions I N A S S E M B L Y January 23, 2023 ___________ Introduced by M. of A. MEEKS, BRONSON, GONZALEZ-ROJAS -- read once and referred to the Committee on Insurance AN ACT to amend the insurance law, in relation to requiring a liability insurer that has received an offer to settle a claim at or within the policy limits, and refuses to do so, to be liable for any verdict in excess of such policy limits THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subsection (a) of section 3420 of the insurance law is amended by adding a new paragraph 7 to read as follows: (7) A PROVISION THAT, IF THE INSURER HAS RECEIVED AN OFFER TO SETTLE A CLAIM AT OR WITHIN THE INSURER'S POLICY LIMITS, AND THE INSURER REFUSES TO DO SO, THEREBY EXPOSING THE INSURED TO A VERDICT IN EXCESS OF THE POLICY LIMITS, THE INSURER SHALL BE LIABLE FOR ANY VERDICT IN EXCESS OF THE POLICY LIMITS, NOT LIMITED TO ANY OTHER POLICY PROVISIONS AND NOT SUBJECT TO THE LIMITATIONS AND CONDITIONS OF PARAGRAPH TWO OF THIS SUBSECTION. SUCH PROVISION SHALL CLEARLY STATE THAT THE INSURER SHALL HAVE NO RIGHT TO SEEK OR RECOVER DAMAGES AGAINST THE INSURED FOR SUCH A JUDGMENT RENDERED AGAINST THE INSURER OR THE INSURED. § 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04529-01-3
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