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NY S08238
Bill
Status
6/17/2010
Primary Sponsor
Brian Foley
Click for details
AI Summary
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Prohibits insurers from rejecting applications for, refusing to issue or renew, limiting coverage, or canceling homeowners' insurance and fire policies based solely on geographical location of the risk or property within New York State
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Allows insurers to reject applications or deny renewal based on unreasonable distance from the insurer's ordinary service area or sound underwriting and actuarial principles reasonably related to actual or anticipated loss experience
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Requires the superintendent to establish regulations for notifying insureds of the insurer's specific reasons for refusal to issue, renew, or cancel such policies
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Prohibits insurers from terminating or refusing to renew contracts with licensed agents or brokers based solely on the geographical location of the agent/broker or the risks they handle
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Takes effect on the thirtieth day after becoming law and applies to all contracts and policies issued or renewed on and after that date
Legislative Description
Prohibits discrimination in the issuance of homeowner's insurance policies based upon the subject property's location; makes various provisions clarifying prohibition on refusal to issue or renew certain policies including homeowner's fire and extended coverage based solely on geographical location.
Last Action
REFERRED TO RULES
6/17/2010