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NY A09761
Bill
Status
12/23/2020
Primary Sponsor
Nick Perry
Click for details
AI Summary
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Requires all authorized insurers in New York to establish and offer group fleet policies covering motor vehicles with at least 8 passenger seats engaged in for-hire passenger transportation, with coverage for multiple vehicles under one policy.
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Allows group fleet policies to be issued to individual entities that own for-hire vehicles or to associations where members share the same profession or trade and the association has been in existence for at least two years.
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Mandates insurers provide multiple vehicle reductions based on actuarially appropriate calculations and submit annual reports to the superintendent on policies eligible for and receiving such discounts.
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Requires insurers to make group fleet policies available for purchase no later than January 1, 2021, and prohibits insurers from increasing rates on other policies as a result of group fleet policy premiums.
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Grants the superintendent authority to promulgate rules and regulations necessary to implement the law, which takes effect immediately upon enactment.
Legislative Description
Provides that every authorized insurer that issues or issues for delivery in this state a policy of commercial risk insurance insuring against losses or liabilities arising out of the ownership, operation, or use of a motor vehicle, shall establish a group fleet policy insuring against the losses or liabilities arising out of the ownership of motor vehicles engaged in the business of carrying or transporting passengers for-hire, having a seating capacity of not less than eight passengers.
Last Action
APPROVAL MEMO.67
12/23/2020