NY A04847

Renames and amends Section 3445 of the insurance law to Section 3453 regarding windstorm insurance notice and deductible trigger standards.

Requires the superintendent of insurance to establish regulations setting disclosure requirements for windstorm deductibles in homeowners and dwelling fire personal lines policies, including the deductible amount, triggering circumstances, and other relevant matters.

Mandates the superintendent establish standards for hurricane windstorm deductibles to create uniformity in how such deductibles are triggered across policies.

Requires the superintendent to promulgate regulations within 180 days of the law's enactment through emergency adoption or other regulatory means.

Allows policy changes resulting from the new regulations to be applied at the policy's initial renewal date or next annual renewal after the regulations become effective.