NY A03521

Eliminates the option for insureds to decline supplementary uninsured/underinsured motorists (UIM) insurance coverage and makes it mandatory on auto policies.

Changes UIM coverage limits from "up to" the bodily injury liability limits to "no less than" those limits, with maximum caps of $250,000 per person and $500,000 per accident (or $500,000 combined single limit).

Requires insurers to provide UIM coverage at minimum limits of $100,000 per person and $300,000 per accident (or $300,000 combined single limit) if they offer a personal umbrella policy with at least $500,000 in liability and UIM coverage.

Establishes that stretch limousines with 8+ passenger capacity used for hire must have a combined single limit of $1.5 million in UIM coverage.

Takes effect 30 days after enactment and applies to insurance policies issued, entered into, or renewed on or after the effective date.