Bill Text: NY A07488 | 2021-2022 | General Assembly | Amended

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Bill Title: Relates to prohibiting the exclusion of coverage for losses or damages caused by exposure to lead-based paint; provides that no insurer licensed or permitted by the superintendent to provide liability coverage to rental property owners shall exclude coverage for losses or damages caused by exposure to lead-based paint.

Spectrum: Partisan Bill (Democrat 25-0)

Status: (Engrossed - Dead) 2022-03-24 - REFERRED TO INSURANCE [A07488 Detail]

Download: New_York-2021-A07488-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         7488--A
                                                                Cal. No. 246

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                      May 11, 2021
                                       ___________

        Introduced  by  M. of A. J. D. RIVERA, DINOWITZ, HEVESI, MEEKS, MAMDANI,
          SEAWRIGHT, JACKSON, GALEF, GOTTFRIED,  FAHY,  McMAHON,  CLARK,  SIMON,
          PEOPLES-STOKES -- read once and referred to the Committee on Insurance
          --  ordered to a third reading, amended and ordered reprinted, retain-
          ing its place on the order of third reading

        AN ACT to amend the insurance law, in relation to prohibiting the exclu-
          sion of coverage for losses or damages caused  by  exposure  to  lead-
          based paint

          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  3462
     2  to read as follows:
     3    §  3462. Exclusion for lead hazards prohibited. No insurer licensed or
     4  permitted by the superintendent to provide liability coverage to  rental
     5  property  owners  shall  exclude,  after twenty-six months following the
     6  effective date of this section, coverage for losses or damages caused by
     7  exposure to lead-based paint. The department shall not permit, authorize
     8  or approve any exclusion for injury or damage resulting from exposure to
     9  lead-based paint, except as specifically provided for in law,  that  was
    10  not  in  effect as of the effective date of this section, and all previ-
    11  ously approved exclusions shall terminate on or before twenty-six months
    12  following the effective date of this section.
    13    § 2. This act shall take effect immediately.



         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD05070-03-2