Repeals provisions relating to mandatory anti-arson applications for insurance coverage to insure any building against the peril of fire or explosion.
Summary
This bill repeals Section 3403 of the New York Insurance Law, which requires anti-arson applications in connection with insurance coverage for buildings insured against fire or explosion. In practical terms, it would eliminate the statutory requirement that applicants provide certain anti-arson information as a condition of obtaining that type of property insurance.
The bill also directs the Superintendent of Financial Services to repeal any rules and regulations that implement the repealed section. It takes effect immediately, so the change would apply as soon as enacted and would remove both the statutory mandate and the related administrative framework.
Impact
If enacted, the bill would amend New York insurance law by deleting the legal requirement for mandatory anti-arson applications tied to fire or explosion coverage for buildings. It would affect insurers, insurance applicants, and the Department of Financial Services by removing a compliance step and requiring the agency to withdraw implementing regulations. The bill does not create a new program or substitute requirement; it simply eliminates the existing one.
Sentiment
There is no recorded committee transcript or vote history available with this bill, so no direct legislative debate or formal sentiment can be identified from the provided materials. Based on the text alone, the measure appears to be a deregulatory change focused on reducing insurance-related paperwork and regulatory obligations.
Contention
The main potential point of contention is whether eliminating anti-arson applications could weaken fraud-prevention or fire-loss screening tools used by insurers and regulators. Supporters would likely view the repeal as removing an outdated or burdensome requirement, while opponents may argue it could reduce safeguards against arson-related insurance fraud. No specific lawmakers or stakeholder positions are included in the available record.
Same As
Repeals provisions relating to mandatory anti-arson applications for insurance coverage to insure any building against the peril of fire or explosion.
Permits municipalities to place lien on fire-damaged property's insurance proceeds in certain instances and requires fire and explosion insurance coverage for certain individuals.
Permits municipalities to place lien on fire-damaged property's insurance proceeds in certain instances and requires fire and explosion insurance coverage for certain individuals.