NY S05052

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

Protects innocent injured parties whose coverage is canceled under this provision by allowing them to recover under their own insurance policy or through the Motor Vehicle Accident Indemnification Corporation, provided they did not participate in fraudulent activity

Expands uninsured motorist coverage to include vehicles involved in staged accidents intended to defraud insurers, except for vehicles owned and operated by the perpetrators of such staged accidents

Preserves no-fault insurance benefits for occupants or other persons involved in staged accidents who had no knowledge of the staging or fraudulent intent

Adds staged accidents intended to defraud insurers to the list of qualified persons eligible for coverage under the Motor Vehicle Accident Indemnification Corporation