Property Insurance Plan Extended For One Year
Assemblywoman Audrey I. Pheffer has announces that the Legislature recently agreed upon and passed legislation for a one-year extender to authorize the New York Property Insurance Underwriting Association (NYPIUA).
T he Senate’s lack of support for legislation to make the program permanent ensures that policyholders will face this same situation next year as well.
“The Senate’s refusal to make this program permanent means that the over 60,000 New York home and business owners across the state who have been forced to turn to NYPIUA for basic property insurance will again next year, as they have for the past 36 years, face concerns over the renewal of the program,” said Pheffer.
In 2003, legislative authority for NYPIUA lapsed for 56 days when the Senate linked its reauthorization with a bill to let insurance companies hike up insurance rates. The Senate tactic failed and NYPIUA was reinstated until April 30, 2004. The Assembly has passed legislation seven years in a row to make the program permanent.
“In the past NYPIUA has wasted valuable resources sending drop notices to a growing number of its policyholders, causing needless alarm,” said Pheffer. “I hope that in the 2006 Legislative Session the Senate realizes the impact that uncertainty of renewal has on people’s lives and works with the Assembly to pass permanent authorization for NYPIUA.”
The legislation has been passed by both the Assembly and the Senate and is expected to be signed by the Governor.