NY LEG passed bill AB 3172 / SB 5889 regarding the waiver of inspection by insurers.
Would make amendments to (d), (g), (m) of NY INS 3411 of State's Insurance law.
Bill Provisions
A newly issued policy shall not provide coverage for auto physical damage perils prior to an inspection of automobile by the insurer, unless the insurer has waived the right.
In its statement of operation, insurer may waive right to inspect some/all automobiles.
Every statement of operation shall take effect upon its filing with the superintendent.
Legislative History
On Feb. 2, 2023, bill introduced in Assembly; on Mar. 29, 2023, bill passed Assembly.
On Mar. 21, 2023, bill introduced in Senate; on Apr. 26, 2023, bill passed in Senate.
Effectiveness
Act would take effect on the one hundred eightieth (180th) day after it becomes a law.
Also would expire and be deemed repealed Oct. 1, 2027.
Nov. 2023 NY LEG Governor Approval
On Nov. 17, 2023, NY LEG governor signed bill, now Ch 638, effective May 15, 2024.
In Apr. 2024, NYDFS issued insurer underwriting inspection proposal, see #207214.
Regulators
NY LEG
Entity Types
Ins
Reference
Ch. 638, 11/17/2023; Bill A03172, S05889, 4/26/2023
