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2004 Summary of New State Laws - New York

Issue

Bill #

Bill Description

FAIR Plans

SB 7576

Extends the New York Property Insurance Underwriting Association and certain provisions pertaining to the temporary panel on homeowners insurance coverage. Effective 6/28/04. Chapter 121, Laws of 2004.

Insurance Scoring

SB 5618

Restricts the use of credit information by personal lines insurers. Effective 4/23/05. Chapter 215, Laws of 2004.

Miscellaneous New Insurance Provisions

(Involuntary Unemployment Insurance)

SB 6546

Defines involuntary unemployment insurance and includes it as a line authorized for sale by licensed P/C insurers in New York. Effective 9/9/04. Chapter 326, Laws of 2004.

(Financial Guaranty Insurance)

SB 6679

Amends financial guaranty insurance laws to add provisions for credit default swaps. Effective 10/19/04. Chapter 605, Laws of 2004.

Motor Vehicle Insurance

(Insurance Verification Requirements)

SB 5120

Establishes insurer verification responsibilities with the Department of Motor Vehicles. Effective 7/20/04. Chapter No. 161, Laws of 2004.

(Traffic Safety - Child Safety Seats)

AB 996

Provides that both back seat and front seat passengers ages four to seven years old must be restrained in appropriate child restraint systems specially designed to meet federal motor vehicle safety standards. Back seat passengers between the ages eight to sixteen, must be restrained in a safety belt approved by the Commissioner. Effective 3/25/04. Chapter 409, Laws of 2004.

The information contained in this summary is not intended as a portrayal of every property/casualty-related law enacted in each state. Rather, it represents recently enacted legislation specifically identified by NAMIC State and Regulatory Affairs Staff as bearing direct relevance to those issues that represent NAMIC's National State Legislative Agenda or otherwise deemed pertinent to the interests of the majority of NAMIC members.

This summary is for use as a convenient tool for our members, and is not intended, and should not be considered to be, legal advice. Please consult your legal representatives.

New York State Resource Center