NY A07322

Allows insurers to rescind or retroactively cancel new automobile insurance policies within 60 days if the initial premium payment is rejected due to a nonexistent bank account, unauthorized use of a bank account, or unauthorized credit card use

Provides that persons injured during a rescinded policy period may recover under their own insurance policy or through the Motor Vehicle Accident Indemnification Corporation, unless they participated in fraudulent activity such as a staged accident

Expands uninsured motorist coverage definitions to include vehicles with rescinded/cancelled policies and vehicles involved in staged accidents (except for the perpetrators' own vehicles)

Protects innocent occupants of vehicles involved in staged accidents from losing no-fault benefits if they had no knowledge of the fraudulent scheme

Adds staged accidents to defraud insurers as a qualifying situation for Motor Vehicle Accident Indemnification Corporation coverage, with the law taking effect 270 days after enactment