senate Bill S3327

2013-2014 Legislative Session

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

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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to insurance
Jan 31, 2013 referred to insurance

Co-Sponsors

S3327 - Details

Current Committee:
Law Section:
Insurance Law
Laws Affected:
Add ยง342, Ins L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S3271
2009-2010: S7531

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

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

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