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Assembly approves bill directing DFS to standardize key insurance-policy terms
Summary
The Assembly passed a Weprin-sponsored bill directing the New York Department of Financial Services to promulgate standardized definitions for commonly used terms in homeowners and commercial property policies after floor debate on statutory delegation and market effects.
The New York State Assembly on March 25 passed legislation requiring the Department of Financial Services (DFS) to promulgate standardized definitions for commonly used terms and phrases in homeowners and commercial property insurance policies.
Assemblymember Weprin introduced the bill on the floor, saying the measure was written after hearings and roundtables that followed Superstorm Sandy and that "people are often confused by what is in their homeowners and commercial policies" and the bill would "ensure that policies contain standardized terms and phrases." The bill text cited sections 3425 and 3426 of the Insurance Law as the statutory placement for the new regulatory requirement.
Supporters said the…
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