NY A02866

Amends Insurance Law Section 3445 to require the superintendent to establish regulatory standards for hurricane windstorm deductibles in homeowners and dwelling fire personal lines policies that create uniformity in how deductibles are triggered.

Mandates the superintendent promulgate these regulations within 180 days of the law's effective date, either through emergency adoption or standard rulemaking procedures.

Allows insurers to apply policy changes resulting from new regulations at the initial renewal date or next annual renewal following the regulations' effective date, rather than requiring immediate implementation.

Maintains existing superintendent authority to establish disclosure requirements explaining deductible amounts, circumstances of application, and other relevant policy information in clear and plain language.

Takes effect 90 days after becoming law and applies to all policies issued or renewed 180 days after the superintendent adopts the required regulations.