Ensures that supplemental uninsured/underinsured insurance coverage is included in certain insurance policies; provides for certain notice and information to be given to insured motorists; extends certain provisions relating to supplemental uninsured/underinsured insurance coverage until 6/30/2029.
Summary
Bill A00227 amends the New York insurance law to ensure that supplemental uninsured/underinsured motorist insurance coverage is included in certain motor vehicle insurance policies. It requires that any new, renewed, or amended insurance policies provide this coverage at limits equal to the bodily injury liability insurance limits unless the insured opts out in writing. The bill also mandates that insurers notify policyholders about this coverage and the option to decline or select lower coverage limits. Additionally, it extends certain provisions related to supplemental uninsured/underinsured insurance coverage until June 30, 2029.
Impact
The bill's passage would impact existing insurance laws by mandating the inclusion of supplemental uninsured/underinsured motorist coverage in new and renewed policies, thereby enhancing consumer protection for motorists in New York. It modifies the requirements for insurers to notify policyholders about this coverage, which could lead to increased awareness and uptake of such insurance, ultimately affecting the claims process and liability in motor vehicle accidents.
Sentiment
The sentiment surrounding Bill A00227 appears to be generally supportive, as it aims to enhance consumer protection in the insurance market. However, there may be concerns from some insurance providers regarding the implications of mandatory coverage and the potential increase in claims. The lack of recorded votes or committee discussions suggests that the bill has not yet faced significant opposition or debate.
Contention
Notable points of contention may arise from insurance companies who could argue that mandatory inclusion of supplemental uninsured/underinsured coverage may lead to increased costs for policyholders. Additionally, there may be differing opinions on the adequacy of the notification process and whether it sufficiently informs consumers about their options regarding this coverage.
Prohibits automobile insurance policies from disclaiming uninsured or underinsured motorist coverage based on use of motor vehicle owned by insured's employer.
Prohibits automobile insurance policies from disclaiming uninsured or underinsured motorist coverage based on use of motor vehicle owned by insured's employer.
An Act to amend and reenact ยงยง 8.01-66.1:1 and 38.2-2206 of the Code of Virginia, relating to underinsured motorist benefits; actions against released defendant.
Prohibits automobile insurance policies from disclaiming uninsured or underinsured motorist coverage based on use of motor vehicle owned by insured's employer.