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NY A03176

Bill

Official Source

Status

Introduced

2/2/2023

Primary Sponsor

Michael Reilly

Click for details

Origin

Assembly

2023-2024 General Assembly

AI Summary

  • Amends New York Insurance Law Section 3426(e)(3) to modify notice requirements for policy renewals
  • Requires notice of a new premium quote for policy renewal be delivered at least 90 days before policy expiration date
  • Maintains existing 60-120 day notice requirement for standard policies
  • Maintains existing 30-120 day notice requirement for excess liability policies and jumbo risk policies
  • 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

1/3/2024

Committee Referrals

Insurance2/2/2023

Full Bill Text

No bill text available