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NY S02746
Bill
Status
12/21/2018
Primary Sponsor
Martin Golden
Click for details
AI Summary
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Requires out-of-state insurance adjusters with temporary permits to use cost data appropriate for the region of New York where claims are being adjusted.
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Mandates that insurers certify in applications that temporary permit holders will adjust claims using regionally appropriate cost data.
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Adds a new violation (paragraph 8) to insurance law making it an unfair practice to artificially deflate cost data or use inappropriate regional cost data when adjusting claims.
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Applies the cost data requirement to all claims adjusted by temporary permit holders during emergency situations involving widespread property losses.
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Takes effect immediately upon enactment.
Legislative Description
Relates to the use of local cost data when adjusting claims; requires an insurer and independent adjuster to adjust certain claims made under an insurance policy that provides coverage for loss of or damage to property using cost data appropriate for the region of this state where the loss or damage occurred.
Last Action
APPROVAL MEMO.16
12/21/2018