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NY A09638

Bill

Official Source

Status

Introduced

3/28/2022

Primary Sponsor

Michael Reilly

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Origin

Assembly

2021-2022 General Assembly

AI Summary

  • Amends New York Insurance Law Section 3426(e)(3) to establish notice requirements for policy renewal premiums
  • Maintains existing 60-120 day notice requirement for standard policies before expiration
  • Reduces notice requirement to 30-120 days for excess liability policies and jumbo risk policies
  • Requires notice of new premium quotes for policy renewals to be delivered at least 90 days before policy expiration
  • Takes effect immediately upon enactment

Legislative Description

Requires a notice of a change in premium for a renewal of a commercial insurance policy shall be mailed or delivered at least ninety days in advance of the expiration date of such policy.

Last Action

referred to insurance

3/28/2022

Committee Referrals

Insurance3/28/2022

Full Bill Text

No bill text available