On Jan. 18, 2022, a bill to amend the recently enacted Comprehensive Insurance Disclosure Act (“CIDA”) was introduced in the NYS Senate. The proposed changes in Bill S07882 are virtually identical to those Governor Hochul proposed, which were outlined in our Jan. 6th alert. As you may recall, the Governor qualified her signing of the bill by issuing a “signing memo” stating that she did so after coming to an agreement with the Legislature to “properly tailor” the CIDA for its intended purpose, i.e., ensuring litigants were adequately notified of insurance coverage limits.
The most significant proposed changes to the CIDA include:
It is our understanding that passage of the Bill could take at least several weeks. Therefore, while it appears possible that the proposed amendments will be enacted into law by or very close to the CIDA’s present Mar. 1st compliance deadline for existing cases, we must stress that its significant requirements (also outlined in our Jan. 6th alert) remain the law until that time.
We will continue to monitor and keep you updated as to the Bill’s progress.