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NY A02588
Bill
Status
1/26/2023
Primary Sponsor
Clyde Vanel
Click for details
AI Summary
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Insurers in the assigned risk plan must review policyholder risk profiles within 90 days of the law's effective date and every two years thereafter to determine eligibility for voluntary market motor vehicle insurance coverage.
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Eligible policyholders must be written into the insurer's voluntary market coverage upon renewal.
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Insurers must notify policyholders at least 30 days before conducting a review, informing them of their right to search for coverage on the voluntary market at any time.
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Insurers must send written notice to policyholders within 10 days of making an eligibility determination.
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The Superintendent of Insurance must review insurer determinations during examinations to ensure compliance with this section and verify that determinations follow sound underwriting and actuarial principles.
Legislative Description
Requires that an insurer participating in the assigned risk plan shall review the risk profiles of each policy holder that has been assigned to such insurer through the plan to determine if such policy holders are eligible for motor vehicle insurance coverage written by such insurer in the voluntary market.
Last Action
referred to insurance
1/3/2024