Rule detail : 215005

NY LEG Parametric Ins Coverage Bill

NY LEG passed bill AB 10344/SB 9420, setting out provisions of parametric insurance.
Amends NY INS 28-11-1113 on kinds of insurance, NY INS 28-21-2105 re excess line brokers, NY INS 28-34-3425 re cancellation provisions; adds new NY INS 28-34-3416.
Also NY INS 28-41-4101 on definitions, NY INS 28-41-4102 re powers, NY INS 28-41-4103 re financial requirements, and NY INS 28-41-4107 domestic mutual companies.
Bill Provisions
Requires insurers of parametric insurance to include certain disclosures in application.
Parametric insurance means insurance against occurrence of a weather-related event.
Includes events as windstorm, flood, snow, wildfire, tornado, cyclone, or earthquake.
Legislative History
On May 17, 2024, bill introduced in Assembly; on May 29, 2024, bill passed Assembly.
On May 29, 2024, bill was introduced in Senate; on Jun. 5, 2024, bill passed Senate.
Effectiveness
If enacted, this act shall take effect on 30th day after it shall have become a law.
Dec. 2024 NY LEG Governor Approval
On Dec. 13, 2024, NY LEG governor signed bill A10344 / S9420 into law, Chap. 569.
Effective on the thirtieth day after it shall have become a law, on Jan. 12, 2025.

Regulators	NY LEG
Entity Types	Ins
Reference	Ch. 569, 12/13/2024; Bill, A10344, S09420, 6/5/2024; ESG; Citation: NY INS 28-11-1113, 28-21-2105, 28-34, 28-34-3425, 28-41-4101, 28-41-4102, 28-41-4103, 28-41-4107;
Functions	Claims/Accelerated Benefits; Compliance; Legal; Underwriting
Countries	United States of America
Category
State
Products	Insurance; Insurance-Property; Surplus Lines
Regions	Am
Rule Type	Final
Rule Date	6/5/2024
Effective Date	1/12/2025
Rule Id	215005
Linked to	N/A
Reg. Last Update	12/13/2024
Report Section	US Consumer