New York A07322 allows insurers to rescind or retroactively cancel policies if an accident was staged to defraud them.

New York A07322 amends the insurance law to permit insurers to rescind or retroactively cancel a newly issued automobile insurance policy within the first sixty days if the accident involved fraud. The bill specifies that the insurer must provide written notice to the insured and any injured parties. It also modifies the insurance policy terms to include lower coverage limits for accidents staged to defraud the insurer. The changes apply to both bodily injury and property damage claims.

New York A07322 allows insurers to rescind or retroactively cancel policies if an accident was staged to defraud them.

New York A07322 amends the insurance law to permit insurers to rescind or retroactively cancel a newly issued automobile insurance policy within the first sixty days if the accident involved fraud. The bill specifies that the insurer must provide written notice to the insured and any injured parties. It also modifies the insurance policy terms to include lower coverage limits for accidents staged to defraud the insurer. The changes apply to both bodily injury and property damage claims.