Assembly Bill A7603

2011-2012 Legislative Session

Requires all motor vehicle insurers to file annual detailed financial and claim data statements with the superintendent of insurance

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-A7603 (ACTIVE) - Details

See Senate Version of this Bill:
S5009
Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Add §342, Ins L
Versions Introduced in Other Legislative Sessions:
2013-2014: A1132, S1090
2015-2016: A328, S2987
2017-2018: A1228, S5510
2019-2020: A5606
2021-2022: A2504

2011-A7603 (ACTIVE) - Summary

Requires all motor vehicle insurers to file annual detailed financial and claim data statements with the superintendent of insurance; all such statements shall be made available to the public.

2011-A7603 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7603

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                              May 10, 2011
                               ___________

Introduced  by  M.  of  A.  WEINSTEIN, ZEBROWSKI, ORTIZ, WEPRIN, CUSICK,
  DINOWITZ, PEOPLES-STOKES, COLTON, LANCMAN -- Multi-Sponsored by --  M.
  of  A. ENGLEBRIGHT, RUSSELL -- read once and referred to the Committee
  on Insurance

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 insurance

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. This act shall be known and may be cited as the "automobile
insurance sunshine act of 2011".
  S  2.  Legislative  intent.  The legislature hereby finds and declares
that insurance companies issuing motor vehicle policies  in  this  state
owe  a  duty  to  the  consumers they insure and to those who may in the
future be insured by them, to fully disclose in a public and transparent
manner all elements relating to their financial condition and  solvency.
Automobile  use  and operation is a cornerstone of modern life; in fact,
auto insurance is the only coverage most New Yorkers are required by law
to purchase.  New York's consumers have a right to know the details  and
specifics of the factors and circumstances behind the financial solvency
of their insurer as well as the bases for the rates they are required to
pay to retain their legally mandated coverage. The determination of auto
insurance  premiums  in New York has, unfortunately, gone on too long in
obscurity, with those who bear the premium rates unable to learn reasons
why they are set where they are. As a matter of public trust, automobile
liability insurers should make public the  pertinent  facts  related  to
their  premium determinations and financial solvency. It is the sense of
the legislature that this data should be disclosed in an open and public
manner.
  S 3. The insurance law is amended by adding a new section 342 to  read
as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11249-01-1
              

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