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;