Bill Text: NY S03626 | 2019-2020 | General Assembly | Introduced

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Bill Title: Expands flexibility in the automobile insurance market for the benefit of policyholders.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO INSURANCE [S03626 Detail]

Download: New_York-2019-S03626-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3626
                               2019-2020 Regular Sessions
                    IN SENATE
                                    February 11, 2019
                                       ___________
        Introduced  by  Sens. BRESLIN, SEWARD -- read twice and ordered printed,
          and when printed to be committed to the Committee on Insurance
        AN ACT to amend the insurance law, in relation to expanding  flexibility
          in the automobile insurance market for the benefit of policyholders
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subsection (r) of section 3425 of  the  insurance  law,  as
     2  added by chapter 136 of the laws of 2008, is amended to read as follows:
     3    (r) An insurer that has no more than [seven] two thousand five hundred
     4  [fifty]  automobile  insurance  policies in-force [at last year-end] and
     5  intends to non-renew all of the policies shall submit to the superinten-
     6  dent a plan for the orderly nonrenewal of  the  policies.  The  proposed
     7  plan  shall not become effective without the approval of the superinten-
     8  dent. The plan shall:
     9    (1) describe the contemplated action;
    10    (2) set forth the reasons for the action;
    11    (3) describe the measures the insurer will take or has taken to  mini-
    12  mize market disruption as set forth in subsection (o) of this section;
    13    (4)  explain  why the action would not be detrimental to the interests
    14  of the people of this state; and
    15    (5) provide any other information as the superintendent may require.
    16    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09805-01-9