The Certificates of Insurance bill A03107-D that passed both houses in June was vetoed by New York Governor Andrew M. Cuomo on Wednesday, December 18, 2013. Independent Insurance Agents & Brokers of New York, Inc. IIABNY and other industry groups drafted this bill and were among its strongest supporters.
VETO MESSAGE – No. 257
TO THE ASSEMBLY:
I am returning herewith, without my approval, the following bill:
Assembly Bill Number 3107-D, entitled:
“AN ACT to amend the insurance law, in relation to certificates of insurance”
This bill would amend the Insurance Law to require that State agencies and other parties use only the expressly enumerated, standardized certificate of insurance forms specified in the bill to issue or obtain certification of the insurance coverage held by a contract counterparty. The bill would also prohibit any alteration of these forms.
State agencies frequently require counterparties to complete certificates of insurance that convey detailed information sufficient to ensure that their insurance policies meet the specific liability and other coverage requirements under a given State contract. The standardized forms mandated in this bill, however, are generic in nature and will not convey such detailed policy coverage information.
For the foregoing reasons, I am disapproving this bill. However, the Department of Financial Services will examine the manner in which certificates of insurance are used by State agencies and identify any means by which such use may be improved.
This bill is disapproved. ________________________ (signed) ANDREW M. CUOMO
BILL NO: A03107D
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