New York S05052 allows insurers to rescind or retroactively cancel policies if an accident was staged to defraud the insurer.

New York S05052 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 policy insures against loss resulting from liability imposed by law for bodily injury or death arising out of the ownership, maintenance, and use of a motor vehicle involved in an accident staged to defraud the insurer. The bill also specifies the notice requirements for such cancellations and outlines the conditions under which an insurer may disclaim liability or deny coverage.

New York S05052 allows insurers to rescind or retroactively cancel policies if an accident was staged to defraud the insurer.

New York S05052 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 policy insures against loss resulting from liability imposed by law for bodily injury or death arising out of the ownership, maintenance, and use of a motor vehicle involved in an accident staged to defraud the insurer. The bill also specifies the notice requirements for such cancellations and outlines the conditions under which an insurer may disclaim liability or deny coverage.