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NY S04199
Bill
Status
2/6/2023
Primary Sponsor
James Sanders
Click for details
AI Summary
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Amends insurance law to require the superintendent of financial services to establish regulations for hurricane windstorm deductibles in homeowners and dwelling fire personal lines policies
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Directs superintendent to create standards that establish uniformity in how hurricane windstorm deductibles are triggered across policies
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Requires superintendent to promulgate regulations within 180 days of the law's effective date, using emergency adoption procedures if necessary
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Allows insurers to apply policy changes resulting from new regulations at the policyholder's initial renewal date or next annual renewal after regulations take effect
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Takes effect 90 days after enactment and applies to all policies issued or renewed 180 days after the regulations are adopted
Legislative Description
Provides that the superintendent of financial services shall establish standards for hurricane windstorm deductibles, creating uniformity in the operation of such deductibles with respect to the triggering event.
Last Action
SUBSTITUTED BY A2866
6/6/2024