Senate Bill S5510

2017-2018 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 Insurance 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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2017-S5510 (ACTIVE) - Details

See Assembly Version of this Bill:
A1228
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Add §343, Ins L
Versions Introduced in Other Legislative Sessions:
2011-2012: S5009, A7603
2013-2014: S1090, A1132
2015-2016: S2987, A328
2019-2020: A5606
2021-2022: A2504

2017-S5510 (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.

2017-S5510 (ACTIVE) - Sponsor Memo

2017-S5510 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5510
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                               April 4, 2017
                                ___________
 
 Introduced  by  Sen.  FUNKE  -- 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".
   §  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.
   § 3. The insurance law is amended by adding a new section 343 to  read
 as follows:
   §  343.  FINANCIAL  STATEMENT AND DETAILED CLAIM DATA TO BE FILED WITH
 THE DEPARTMENT.  (A) FOR PURPOSES OF THIS SECTION,  THE  TERM  "INSURER"

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

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