BILL NUMBER:  S6665

 TITLE OF BILL :

An act to amend the insurance law, in relation to reporting by the
superintendent of financial services

 PURPOSE :

To extend the requirement that the superintendent submit a report to
the Legislature with respect to noncommercial property/casualty
insurance, regarding the number of new insureds, non-renewed insureds,
and business written by each insurer in each rating territory of each
such insurer and, in each case, the class of insureds (including age
and sex) affected.

 SUMMARY OF PROVISIONS :

Section one of the bill amends paragraph 2 of subsection (1) of § 3425
of the insurance law to provide that the superintendent shall continue
to submit a report with respect to noncommercial property/casualty
insurance, regarding the number of new insureds, non-renewed insureds,
and business written by each insurer in each rating territory of each
such insurer and, in each case, the class of insureds (including age
and sex) affected, to the speaker of the assembly, the temporary
president of the senate, the chair of the assembly insurance
              

committee, and the chair of the senate insurance committee on or
before 6/30/2020 and every two years thereafter. Such report shall
also include the reasons in the aggregate for the non-renewal of
policies.

Section two of the bill sets forth the effective date.

 JUSTIFICATION :

Section 3425 of the Insurance Law limits an insurer's privilege to
non-renew or conditionally renew private passenger automobile
insurance policies in New York to a maximum of 2% of the total number
of such policies in force at the end of the previous year in each of
an insurer's rating territories (2% Rule).

The prohibition on insurers non-renewing more than 2% of their auto
policies in a particular rating territory in a year, unless they write
two new policies for every additional policy they non-renew, has
provided greater stability to the private passenger automobile
insurance marketplace. Extending the requirement that the
Superintendent of the Department of Financial Services compile and
submit a report regarding the data on rating territories, primary
driver classifications, new insureds and non-renewals, and the reasons
for the non-renewal of policies will provide greater clarity regarding
the current status of the private passenger automobile insurance
policies in New York.

 LEGISLATIVE HISTORY :

New bill.

 FISCAL IMPLICATIONS :

None.

 EFFECTIVE DATE :
Immediately.