senate Bill S1090A

2013-2014 Legislative Session

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

download bill text pdf

Sponsored By

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
Jan 15, 2014 print number 1090a
amend and recommit to insurance
Jan 08, 2014 referred to insurance
Jan 09, 2013 referred to insurance

Co-Sponsors

view additional co-sponsors

S1090 - Details

See Assembly Version of this Bill:
A1132A
Current Committee:
Law Section:
Insurance Law
Laws Affected:
Add §342, Ins L
Versions Introduced in 2011-2012 Legislative Session:
S5009, A7603

S1090 - Summary

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.

S1090 - Sponsor Memo

S1090 - Bill Text download pdf

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

                                  1090

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  Sen. MAZIARZ -- 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 financial services

  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 2013".
  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.
                                                           LBD02265-02-3

Co-Sponsors

view additional co-sponsors

S1090A (ACTIVE) - Details

See Assembly Version of this Bill:
A1132A
Current Committee:
Law Section:
Insurance Law
Laws Affected:
Add §342, Ins L
Versions Introduced in 2011-2012 Legislative Session:
S5009, A7603

S1090A (ACTIVE) - Summary

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.

S1090A (ACTIVE) - Sponsor Memo

S1090A (ACTIVE) - Bill Text download pdf

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

                                 1090--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced   by   Sens.  MAZIARZ,  ADDABBO,  AVELLA,  DILAN,  ESPAILLAT,
  HASSELL-THOMPSON, PARKER, PERALTA -- 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:

  Section 1. This act shall be known and may be cited as the "automobile
insurance sunshine act of 2014".
  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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02265-03-4

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