New York Assembly Bill A03176 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 3176 2023-2024 Regular Sessions  IN ASSEMBLY February 2, 2023 ___________ Introduced by M. of A. REILLY -- read once and referred to the Committee on Insurance AN ACT to amend the insurance law, in relation to requiring a notice for renewal of certain policies be delivered at least ninety days prior to the expiration of such policy The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Paragraph 3 of subsection (e) of section 3426 of the insur- 2 ance law, as amended by chapter 235 of the laws of 1989, is amended to 3 read as follows: 4 (3) The notice required by paragraph one of this subsection shall be 5 mailed or delivered at least sixty, but not more than one hundred twen- 6 ty, days in advance of the expiration date of the policy, except that: 7 (A) for an excess liability policy or a policy issued to a jumbo risk, 8 the notice shall be mailed or delivered at least thirty, but not more 9 than one hundred twenty, days in advance of the expiration date of the 10 policy; and 11 (B) for a notice of a new premium quote for a renewal of a policy 12 shall be mailed or delivered at least ninety days in advance of the 13 expiration date of such policy. 14 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02049-01-3