|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to insurance|
|Jan 31, 2013||referred to insurance|
senate Bill S3327
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S3327 - Details
S3327 - Summary
Requires all motor vehicle insurers to file annual detailed financial and claim data statements with the superintendent of financial services; provides that all such statements shall be made available to the public.
S3327 - Sponsor Memo
BILL NUMBER:S3327 TITLE OF BILL: 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 PURPOSE OF BILL: The bill expands upon current insurance reporting laws by providing for more detailed reporting requirements of automobile insurers' "financial statements" and "closed claims" data. This enhanced data collection will provide lawmakers with a source of reliable and accessible data that will better enable them to evaluate automobile insurance and assist in providing an optimal product to New York citizens. SUMMARY OF PROVISIONS OF BILL: The proposed language provides for a publicly accessible and neutral method for the systematic collection of automobile insurers' financial and closed claims data. The supplemental financial disclosure requirements stipulate that insurers must provide detailed information concerning all sources of "income" including, but not limited to, data on premiums received, investment income, and profit from the sale of assets. Detailed information regarding expenses must also be provided, including, expenses actually incurred and paid, normal business expenses, salaries, commissions, consulting fees, legal expenses, and advertising costs. A synopsis of the total claims or settlements paid in each financial statement and
S3327 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 3327 2013-2014 Regular Sessions I N S E N A T E January 31, 2013 ___________ Introduced by Sens. HASSELL-THOMPSON, KRUEGER -- read twice and ordered printed, and when printed to be committed to the Committee on Insur- ance 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. 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03703-01-3
Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.
By contributing or voting you agree to the Terms of Participation and verify you are over 13.