S.22.2-52: Insurance Assurance Act (PASSED)

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INSURANCE ASSURANCE ACT

1. No insurer in the Southern Region who insures property nor any insurer who insures property in the Southern Region shall automatically deny insurance coverage to a property because of a roof’s age if the roof is less than twenty (20) years old.

2. Homeowners with roofs twenty (20) years or older shall be permitted to get a roof inspection by a qualified inspector before any such insurers may deny them coverage. If an inspection shows that a roof has at least five (5) years of life remaining, insurers shall not refuse to issue a policy only based on the roof’s age. If a roof is more than 25% damaged but is less than twenty (20) years old or already complies with the  the rules for new roof construction in the Uniform Building Code, no insurer shall require replacement rather than repair as a condition of issuing a policy.  

3. The Uniform Building Code is hereby amended to require any condominiums higher than three (3) stories and more than ten (10) years old to be inspected for structural integrity every five (5) years. The results of such inspection shall be maintained by the Condominium Owner's Association (COA) for twenty (20) years and each member of the COA shall be given a copy.

4. If attorney's fees are awarded as part of a civil judgment in a case in which an insurer is a party, no such fees may be compensated at a rate higher than $75 an hour.

5. This act shall take effect January 1, 2023.

Sponsor: fhtagn

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If there are no more comments, I move we proceed to a vote. 24 hours for objections.

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A final vote on this bill is now open for 72 hours, or until 24 hours after this has enough votes to pass or fail, or until everybody votes, whichever occurs soonest.

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Aye

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This has enough votes to pass. 24 hours to vote/change your vote, or until everyone has voted, whichever happens soonest

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The bill now passes and awaits gubernatorial action.

Aye: 4
Nay:0
Present: 1
Not voting: 0

INSURANCE ASSURANCE ACT

1. No insurer in the Southern Region who insures property nor any insurer who insures property in the Southern Region shall automatically deny insurance coverage to a property because of a roof’s age if the roof is less than twenty (20) years old.

2. Homeowners with roofs twenty (20) years or older shall be permitted to get a roof inspection by a qualified inspector before any such insurers may deny them coverage. If an inspection shows that a roof has at least five (5) years of life remaining, insurers shall not refuse to issue a policy only based on the roof’s age. If a roof is more than 25% damaged but is less than twenty (20) years old or already complies with the  the rules for new roof construction in the Uniform Building Code, no insurer shall require replacement rather than repair as a condition of issuing a policy.  

3. The Uniform Building Code is hereby amended to require any condominiums higher than three (3) stories and more than ten (10) years old to be inspected for structural integrity every five (5) years. The results of such inspection shall be maintained by the Condominium Owner's Association (COA) for twenty (20) years and each member of the COA shall be given a copy.

4. If attorney's fees are awarded as part of a civil judgment in a case in which an insurer is a party, no such fees may be compensated at a rate higher than $75 an hour.

5. This act shall take effect January 1, 2023.