New York Senate Bill S05899 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 5899 2023-2024 Regular Sessions  IN SENATE March 22, 2023 ___________ Introduced by Sen. BRISPORT -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance AN ACT to amend the insurance law, in relation to alternative forms of identification for renters insurance The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The insurance law is amended by adding a new section 3422 2 to read as follows: 3 § 3422. Renters insurance; alternative forms of identification. 4 Notwithstanding any other provision of this chapter or any other law to 5 the contrary, every insurer issuing a policy or contract for renters 6 insurance, shall accept, in lieu of a social security number, a munici- 7 pal identification card, or other state or local government-issued iden- 8 tification card. The insurer may also require, as proof of identity, a 9 notarized copy of the rental lease signed by the property owner, the 10 property management firm and the insured. The premium for such policy or 11 contract which insures renters shall be based on sound underwriting and 12 actuarial principles. Insurers shall provide insureds with the option to 13 pay such renters insurance premium in one full payment, in twelve month- 14 ly payments, or by biannual payments. 15 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02052-01-3