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NY S02798
Bill
Status
6/7/2023
Primary Sponsor
Neil Breslin
Click for details
AI Summary
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Allows service contract providers to obtain coverage under one or more service contract reimbursement insurance policies instead of requiring a single policy.
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Requires each service contract reimbursement insurance policy to obligate the insurer to either discharge the provider's obligations under service contracts or indemnify the provider for losses from performance of those obligations.
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Requires the insurer to return unearned provider fees upon termination or cancellation of service contracts in the event of provider non-performance.
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Mandates service contracts disclose the name, address, and toll-free telephone number of the insurer under each related service contract reimbursement insurance policy.
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Takes effect immediately upon enactment.
Legislative Description
Relates to contractual liability insurance policies; requires the insurer to either discharge the obligations of the provider under the terms of the service contract, or in the event of the provider's nonperformance, cancellation of the service contract.
Last Action
SUBSTITUTED BY A1231A
6/3/2024