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NY S09862
Bill
Status
6/6/2024
Primary Sponsor
Neil Breslin
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AI Summary
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Prohibits insurers from requiring that repairs to real property be completed by a particular entity or individual, though they may recommend specific contractors if they disclose any financial interest in the recommendation.
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Establishes minimum qualifications for independent adjuster license applicants: either one year of insurance industry experience in sales, underwriting, claims, or related work, or completion of 40 hours of approved formal training.
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Requires resident and non-resident public and independent adjusters to complete 15 credit hours of continuing education biennially through superintendent-approved courses, programs, or seminars.
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Allows non-resident adjusters to satisfy continuing education requirements through courses approved in their home state if deemed equivalent by the superintendent; otherwise they must meet New York requirements.
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Takes effect January 1 of the year following enactment.
Legislative Description
Relates to claims for loss or damage to real property; creates continuing education requirements for licensed persons and qualifications for public and independent adjusters; allows for a revocation of licenses with an opportunity to reapply for such licenses.
Last Action
REFERRED TO RULES
6/6/2024