Bill Text: NY A04613 | 2011-2012 | General Assembly | Introduced

New York Assembly Bill 4613 (Prior Session Legislation)

Introduced

Bill Title: Requires a reduction in the premium for fire insurance on a historic site with a sprinkler system and owned by a nonprofit corporation.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-01-04 - referred to insurance [A04613 Detail]

Download: New_York-2011-A04613-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4613
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 4, 2011
                                      ___________
       Introduced  by  M.  of  A.  ENGLEBRIGHT -- read once and referred to the
         Committee on Insurance
       AN ACT to amend the insurance law, in relation to requiring reduction in
         rates of premiums  for  commercial  risk  fire  insurance  on  certain
         historic sites owned and operated by a not-for-profit corporation
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. The insurance law is amended by adding a new section 2346-b
    2  to read as follows:
    3    S 2346-B. REDUCTION IN RATES OF COMMERCIAL RISK FIRE INSURANCE  PREMI-
    4  UMS;  NONPROFIT  HISTORIC SITES. THE SUPERINTENDENT SHALL PROVIDE FOR AN
    5  ACTUARIALLY APPROPRIATE REDUCTION IN THE RATES  OF  THE  FIRE  INSURANCE
    6  COMPONENT OF COMMERCIAL RISK INSURANCE PREMIUMS APPLICABLE TO A HISTORIC
    7  SITE,  AS  DEFINED IN SUBDIVISION FOURTEEN OF SECTION 1.03 OF THE PARKS,
    8  RECREATION AND HISTORIC PRESERVATION  LAW,  EQUIPPED  WITH  AN  APPROVED
    9  SPRINKLER SYSTEM AND OWNED AND OPERATED BY A NOT-FOR-PROFIT CORPORATION.
   10    S  2.  This  act  shall take effect on the sixtieth day after it shall
   11  have become a law, and shall apply  to  all  policies  issued,  renewed,
   12  modified,  altered  or  amended on or after such date; provided that any
   13  and all rules and regulations and any other measures necessary to imple-
   14  ment any provision of this act on its effective date shall be promulgat-
   15  ed and taken on or before such date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD08843-01-1