senate Bill S3271

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

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Archive: Last Bill Status - In Senate Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 12, 2012 committee discharged and committed to rules
notice of committee consideration - requested
Jan 04, 2012 referred to insurance
Feb 15, 2011 referred to insurance

S3271 - Details

See Assembly Version of this Bill:
A631
Law Section:
Insurance Law
Laws Affected:
Add ยง342, Ins L
Versions Introduced in 2009-2010 Legislative Session:
S7531, A10738

S3271 - 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.

S3271 - Sponsor Memo

S3271 - Bill Text download pdf

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

                                  3271

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 15, 2011
                               ___________

Introduced  by  Sen. HASSELL-THOMPSON -- read twice and ordered printed,
  and when printed to be committed 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.  Legislative  intent.  The  legislature  hereby  finds and
declares that insurance companies issuing motor vehicle policies in this
state owe a duty to those 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.  Such
obligation  is  essential  in maintaining the public's inherent right to
know the details and specifics of such  insurer's  expenses  and  claims
history on a global basis so, as consumers, they can make a reasoned and
rational selection of the insurer with which they intend to do business.
As  premiums  escalate,  it  is more incumbent on such insurers to honor
this obligation by making the public aware of the rationale they use  in
determining  the premiums they charge, and it is the sense of the legis-
lature that where the data used is available, it should be disclosed  in
an open and public manner.
  S  2. The insurance law is amended by adding a new section 342 to read
as follows:
  S 342. FINANCIAL STATEMENT AND DETAILED CLAIM DATA TO  BE  FILED  WITH
THE  DEPARTMENT.    (A) FOR PURPOSES OF THIS SECTION, THE TERM "INSURER"
SHALL MEAN ANY PERSON, CORPORATION, ASSOCIATION OR OTHER BUSINESS ENTITY
AUTHORIZED TO ISSUE A MOTOR VEHICLE INSURANCE POLICY IN THIS STATE.
  (B) ON OR BEFORE APRIL FIRST OF EACH YEAR, EVERY INSURER SHALL PROVIDE
THE SUPERINTENDENT WITH A DETAILED FINANCIAL STATEMENT TO SUPPLEMENT AND
EXPAND UPON THE INFORMATION CONTAINED IN THE STATUTORY ANNUAL  STATEMENT
FOR  THE  MOST RECENTLY CONCLUDED CALENDAR YEAR. THE FINANCIAL STATEMENT

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03114-01-1

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