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NY S08437
Bill
Status
12/23/2020
Primary Sponsor
John Liu
Click for details
AI Summary
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Requires all authorized insurers in New York to establish and offer group fleet policies covering multiple for-hire passenger vehicles with seating capacity of at least eight passengers by January 1, 2021.
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Allows group fleet policies to be issued to individual owners or associations whose members share the same profession or trade, with associations required to have been in existence for at least two years.
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Mandates insurers provide multiple vehicle discounts based on actuarially appropriate reductions for policies covering more than one vehicle.
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Requires insurers to submit annual reports to the superintendent identifying the number of policies eligible for and receiving multiple vehicle discounts.
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Prohibits insurers from increasing premiums on other policies as a result of group fleet policy rates, and grants the superintendent authority to promulgate implementing regulations.
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