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NY A10529
Bill
Status
7/6/2022
Primary Sponsor
Jennifer Lunsford
Click for details
AI Summary
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Allows service contract providers to purchase one or more reimbursement insurance policies from multiple insurers instead of requiring a single policy with one insurer.
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Requires each reimbursement insurance policy to obligate the insurer to either reimburse the provider for all service contract obligations or pay on behalf of the provider in case of nonperformance.
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Mandates that service contracts disclose the name, address, and toll-free telephone number of each insurer providing reimbursement insurance coverage.
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Requires providers to comply with insurance requirements within 45 days if their reimbursement insurance lapses or is terminated.
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Takes effect immediately upon enactment.
Legislative Description
Relates to contractual liability insurance policies; requires reimbursement to the provider for all obligations incurred by a provider under the terms of a service contract, or in the event of the provider's nonperformance, provide or pay on behalf of the provider all covered contractual obligations incurred by the provider.
Last Action
referred to insurance
7/6/2022