New York S 4963: Requires the superintendent of financial services to promulgate regulations which provide standardized definitions for commonly used terms and phrases in certain insurance policies

Bill Text

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S04963 Summary:

BILL NOS04963 

&nbsp

SAME ASSAME AS A01572

&nbsp

SPONSORBAILEY

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §§3425 & 3426, Ins L

&nbsp

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

Go to top S04963 Actions:

BILL NOS04963 

&nbsp

02/14/2025REFERRED TO INSURANCE

05/05/20251ST REPORT CAL.923

05/06/20252ND REPORT CAL.

05/07/2025ADVANCED TO THIRD READING 

06/11/2025SUBSTITUTED BY A1572

&nbspA01572 AMEND= Weprin

&nbsp01/10/2025referred to insurance

&nbsp02/24/2025reported 

&nbsp02/27/2025advanced to third reading cal.31

&nbsp03/25/2025passed assembly

&nbsp03/25/2025delivered to senate

&nbsp03/25/2025REFERRED TO INSURANCE

&nbsp06/11/2025SUBSTITUTED FOR S4963

&nbsp06/11/20253RD READING CAL.923

&nbsp06/11/2025PASSED SENATE

&nbsp06/11/2025RETURNED TO ASSEMBLY

&nbsp10/09/2025delivered to governor

&nbsp10/16/2025vetoed memo.35

&nbsp10/17/2025tabled

Go to topS04963 Committee&nbspVotes:

Go to topS04963 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS04963 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4963

 2025-2026 Regular Sessions

 IN SENATE

 February 14, 2025
 ___________

 Introduced by Sen. BAILEY -- 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 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

 S. 4963 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.

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