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NY A04677
Bill
Status
Introduced
2/4/2011
Primary Sponsor
Peter Rivera
Click for details
AI Summary
- Adds definitions for "commercial lines insurance" and "commercial lines insurance consumer" to the Insurance Law
- Requires insurers using credit information to underwrite or rate commercial lines insurance to disclose this fact and name the credit information source to the consumer for both new and renewed policies
- Mandates that disclosure be provided in a separate written document on a separate piece of paper, except for new business applications which may be provided in writing or the same medium as the application
- Requires insurers to notify consumers when credit information is the basis for denying, canceling, or nonrenewing a policy, or for increasing charges or making other adverse changes, with clear and specific reasons identifying the basis for the determination and credit information source
- Takes effect 120 days after becoming law and applies to policies issued and/or renewed on or after that date
Legislative Description
Requires commercial lines insurers to provide notice to consumers when credit information is used in the rating or underwriting of such insurance.
Last Action
enacting clause stricken
9/4/2012
Committee Referrals
Insurance2/4/2011
Full Bill Text
No bill text available