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New York State Assembly

Speaker Carl E. Heastie
 
     
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A09740 Summary:

BILL NOA09740
 
SAME ASNo Same As
 
SPONSORWeprin
 
COSPNSR
 
MLTSPNSR
 
Amd 2324, Ins L
 
Provides that certain provisions relating to rebating and discrimination regarding insurance contracts shall not prohibit any insurer from providing loss mitigation or loss control programs at no cost or a reduced cost to policyholders.
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A09740 Actions:

BILL NOA09740
 
04/03/2024referred to insurance
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A09740 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
 submitted in accordance with Assembly Rule III, Sec 1(f)




 
BILL NUMBER: A9740
 
SPONSOR: Weprin

 
TITLE OF BILL:
 
An act to amend the insurance law, in relation to loss prevention
programs
 
 
PURPOSE OF THE BILL:
 
The purpose of this bill is to encourage property insurers to offer
voluntary loss mitigation programe to their insureds.
 
 
SUMMARY OF PROVISION:
 
This bill amends Section 2324 of the Insurance Law to allow insurers to
provide loss mitigation programs to policyholders pursuant to regu-
lations promulgated by the superintendent.
 
 
JUSTIFICATION:

This Legislation would allow property insurers to provide their insureds
with loss prevention devices such as water detection shut off valves and
fire suppression systems at no or reduced costs pursuant to regulations
promulgated by the Department of Financial Services. This bill makes
clear that the furnishing of these devices and related programs does not
violate New York's longstanding prohibition against premium rebating.
The enactment of this Legislation will benefit consumers through the
mitigation and prevention of future property losses.
 
 
PRIOR LEGISLATIVE HISTORY:
 
New bill.
 
 
FISCAL IMPLICATIONS:
 
None.
 
 
EFFECTIVE DATE:
Immediate
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A09740 Text:




 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9740
 
                   IN ASSEMBLY
 
                                      April 3, 2024
                                       ___________
 
        Introduced by M. of A. WEPRIN -- read once and referred to the Committee
          on Insurance
 
        AN  ACT  to  amend  the  insurance  law,  in relation to loss prevention
          programs
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Subsection  (f)  of  section 2324 of the insurance law is
     2  relettered subsection (g) and a new subsection (f) is added to  read  as
     3  follows:
     4    (f)  This  section  shall not prohibit any insurer from providing loss
     5  mitigation or loss control programs at no cost  or  a  reduced  cost  to
     6  policyholders,  pursuant  to  regulations promulgated by the superinten-
     7  dent.
     8    § 2. This act shall take effect immediately.
 
 
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14957-01-4
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