N.Y. Insurance Law § 3445: Windstorm insurance notice; deductible trigger standards

§ 3445. Windstorm insurance notice; deductible trigger standards. (a)

The superintendent shall by regulation establish disclosure requirements

with respect to the operation of any deductible in a homeowner's

insurance policy or dwelling fire personal lines policy which applies as

the result of a windstorm. Such regulations shall prescribe the form of

a notice to be provided by an insurer to an insured. The notice shall

explain in clear and plain language the amount of the deductible, the

circumstances under which the deductible applies and any other matters

which the superintendent, in his or her discretion, shall deem necessary

or appropriate.

(b) The superintendent shall by regulation establish standards for

hurricane windstorm deductibles, which create, to the greatest extent

possible, uniformity in the operation of such deductibles with respect

to the triggering event.

The superintendent shall promulgate such regulations by emergency

adoption or otherwise, within one hundred eighty days of the effective

date of the chapter of the laws of two thousand twenty-three which added

this subsection. Notwithstanding paragraph seven of subsection (a) of

section three thousand four hundred twenty-five of this article, any

changes in a homeowner's insurance policy or dwelling, fire, or personal

policy registered as a result of the adoption by the superintendent of

regulations under this section, may be applied to such policies on the

policy's initial renewal date or the policy's next annual renewal after

the effective date of such regulations.