Bill Text: NY S02987 | 2015-2016 | General Assembly | Amended
Bill Title: Requires all motor vehicle insurers to file annual detailed financial and claim data statements with the superintendent of financial services; provides all such statements shall be made available to the public.
Spectrum: Moderate Partisan Bill (Democrat 4-1)
Status: (Introduced - Dead) 2016-03-30 - PRINT NUMBER 2987A [S02987 Detail]
Download: New_York-2015-S02987-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 2987--A 2015-2016 Regular Sessions IN SENATE January 30, 2015 ___________ Introduced by Sens. MARTINS, AVELLA -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- recommitted to the Committee on Insurance in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the insurance law, in relation to requiring all motor vehicle insurers to file annual financial statements and detailed claim data with the superintendent of financial services The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. This act shall be known and may be cited as the "automobile 2 insurance sunshine act of 2016". 3 § 2. Legislative intent. The legislature hereby finds and declares 4 that insurance companies issuing motor vehicle policies in this state 5 owe a duty to the consumers they insure and to those who may in the 6 future be insured by them, to fully disclose in a public and transparent 7 manner all elements relating to their financial condition and solvency. 8 Automobile use and operation is a cornerstone of modern life; in fact, 9 auto insurance is the only coverage most New Yorkers are required by law 10 to purchase. New York's consumers have a right to know the details and 11 specifics of the factors and circumstances behind the financial solvency 12 of their insurer as well as the bases for the rates they are required to 13 pay to retain their legally mandated coverage. The determination of auto 14 insurance premiums in New York has, unfortunately, gone on too long in 15 obscurity, with those who bear the premium rates unable to learn reasons 16 why they are set where they are. As a matter of public trust, automobile 17 liability insurers should make public the pertinent facts related to 18 their premium determinations and financial solvency. It is the sense of 19 the legislature that this data should be disclosed in an open and public 20 manner. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD00089-04-6
