NY S07746

Allows insurers to rescind or retroactively cancel newly issued automobile and commercial automobile policies within 30 days if the initial premium payment is rejected due to nonexistent, unauthorized, or fraudulent bank or credit card accounts.

Injured persons covered under a cancelled policy may recover under their own insurance policy or through the Motor Vehicle Accident Indemnification Corporation, provided they did not participate in fraudulent activity or staged accidents.

Adds coverage for motor vehicles involved in staged accidents to uninsured motorist protections, excluding vehicles owned or operated by the perpetrators of the staged accident.

Modifies notice requirements under Vehicle and Traffic Law Section 313 to allow insurers to rescind coverage without the standard 20-day cancellation notice period when authorized under the new insurance law provision.

Takes effect 270 days after becoming law.