Bill Text: NY A01572 | 2025-2026 | General Assembly | Introduced

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Bill Title: Requires the superintendent to promulgate regulations which provide standardized definitions for commonly used terms and phrases in certain insurance policies.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2025-01-10 - referred to insurance [A01572 Detail]

Download: New_York-2025-A01572-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1572

                               2025-2026 Regular Sessions

                   IN ASSEMBLY

                                    January 10, 2025
                                       ___________

        Introduced  by  M.  of  A. WEPRIN, OTIS -- read once and referred to the
          Committee on Insurance

        AN ACT to amend the insurance law, in relation to requiring  the  super-
          intendent  of  financial  services  to  promulgate  regulations  which
          provide standardized definitions for commonly used terms  and  phrases
          in certain insurance policies

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 3425 of the insurance law is amended  by  adding  a
     2  new subsection (t) to read as follows:
     3    (t) Within six months after the effective date of this subsection, the
     4  superintendent  shall  promulgate regulations in accordance with section
     5  two hundred two of the state administrative procedure act which  provide
     6  standardized definitions for commonly used terms and phrases in policies
     7  that  provide  coverage for personal lines insurance as defined in para-
     8  graph two of subsection (a) of this section. Such standardized terms and
     9  phrases shall be used in such policies issued or delivered in this state
    10  on or after the date the regulations are finalized, which  shall  be  no
    11  later than January first, two thousand twenty-seven.  An insurer may use
    12  alternative  definitions,  so  long as such definitions are not any less
    13  favorable to the policyholder or claimant, as determined by  the  super-
    14  intendent.
    15    §  2.  Section  3426  of  the insurance law is amended by adding a new
    16  subsection (p) to read as follows:
    17    (p) Within six months after the effective date of this subsection, the
    18  superintendent shall promulgate regulations in accordance  with  section
    19  two  hundred two of the state administrative procedure act which provide
    20  standardized definitions for commonly used terms and phrases in policies
    21  that provide coverage for commercial lines insurance policies that cover
    22  loss or damage to real property, personal property, or other liabilities
    23  for loss or damage to property.  Such  standardized  terms  and  phrases

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03686-01-5
        A. 1572                             2

     1  shall  be  used in such policies issued or delivered in this state on or
     2  after the date the regulations are finalized, which shall  be  no  later
     3  than  January  first,  two  thousand  twenty-seven.   An insurer may use
     4  alternative  definitions,  so  long as such definitions are not any less
     5  favorable to the policyholder or claimant, as determined by  the  super-
     6  intendent.
     7    § 3. This act shall take effect immediately.