NY LEG Hurricane Deductible Triggers

Updated on: Nov 26, 2024

Latest Event


  • Nov. 2024 NY LEG Governor Approval
  • On Nov. 22, 2024, NY LEG approved Bill AB 2866/SB 4199, and became Chapter 460.
  • Act will become effective on the 90th day after it becomes law, effective Feb. 20, 2025.

On Jun. 6, NY LEG passed bill on deductible triggers for hurricanes.

  • NY LEG passed AB 2866/SB 4199 on homeowner deductibles triggers for hurricanes.
  • Bill makes amendments to section NY INS 28-34-3445, (windstorm insurance notice).
  • Bill Provisions
  • Provides for establishment of standards for hurricane windstorm deductibles, creating uniformity in the operation of such deductibles with respect to the triggering event.
  • Superintendent of financial services tasked with establishing these uniform standards.
  • Bill helps to promote better understanding of the applicability and the amount of hurricane windstorm deductibles that are in homeowners and dwelling fire policies.
  • Establishes reasonable standards for the operation of hurricane windstorm deductibles.
  • Legislative History
  • On Jan. 27, 2023, bill introduced in Assembly; on May 17, 2023, bill passed Assembly.
  • On May 17, 2023, bill was introduced in Senate; on Jan. 3, 2024, bill died in Senate.
  • On Jan. 3, 2024, bill returned to Assembly; on Mar. 18, 2024, bill passed in Assembly.
  • On Mar. 18, 2024, bill was delivered to Senate; on Jun. 6, 2024, bill passed in Senate.
  • Effectiveness
  • If enacted, act will become effective on the 90th day after it becomes a law.
  • Will apply to all polices issued on or after 180th day after regulations are adopted.
  • Nov. 2024 NY LEG Governor Approval
  • On Nov. 22, 2024, NY LEG approved Bill AB 2866/SB 4199, and became Chapter 460.
  • Act will become effective on the 90th day after it becomes law, effective Feb. 20, 2025.
Regulators
NY LEG
Entity Types
Ins
Reference
Ch. 460, 11/22/2024; Bill, A02866, S04199, 6/7/2024; Citation: NY INS 28-34-3445;
Functions
Claims/Accelerated Benefits; Compliance; Legal; Underwriting
Countries
United States of America
Category
State
N/A
Products
Insurance; Insurance-Property
Rule Type
Final
Regions
Am
Rule Date
Jun 6, 2024
Effective Date
Feb 20, 2025
Rule ID
215185
Linked to
N/A
Reg. Last Update
Nov 22, 2024
Report Section
US Insurance