New York A 3676: Relates to the issuance of broad form coverage by the joint underwriting association

Bill Text

STATE OF NEW YORK
________________________________________________________________________
3676
2019-2020 Regular Sessions
IN ASSEMBLY
January 30, 2019
___________
Introduced by M. of A. ROMEO -- read once and referred to the Committee
on Insurance
AN ACT to amend the insurance law, in relation to the issuance of broad
form coverage by the joint underwriting association
The People of the State of New York, represented in Senate and Assem-
bly, do enact as follows:
1 Section 1. Subsection (g) of section 5402 of the insurance law, as
2 amended by chapter 542 of the laws of 2013, is amended to read as
3 follows:
4 (g) In addition to fire insurance, extended coverage, coverage for
5 additional perils and homeowners insurance should the same be made
6 available through the association in accordance with a determination of
7 necessity pursuant to section five thousand four hundred twelve of this
8 article, the association may offer broad form coverage to applicants
9 seeking to insure real property at fixed locations of this state, or the
10 tangible personal property located thereon. The association may offer
11 broad form coverage for a period of [ ] years beginning onten fifteen
12 June thirtieth, two thousand eight. On or before October first, two
13 thousand seventeen the superintendent shall require the association to
14 report to him or her as to the number of policies written pursuant to
15 this subsection and paragraph three of subsection (f) of section five
16 thousand four hundred five of this article, and any other information
17 the superintendent may require. On or before January first, two thousand
18 eighteen, the superintendent shall report to the governor and the legis-
19 lature regarding the number of policies issued pursuant to this section
20 and such paragraph and shall include recommendations as to the continua-
21 tion of such insurance offerings.
22 § 2. This act shall take effect immediately; provided, however that if
23 this act shall not have become a law on or before June 30, 2018, section
24 one of this act shall be deemed to have been in full force and effect on
25 and after June 30, 2018.
EXPLANATION--Matter in (underscored) is new; matter in bracketsitalics
[ ] is old law to be omitted.
LBD06408-01-9