S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2577
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2023
                                ___________
 
 Introduced  by M. of A. HYNDMAN -- read once and referred to the Commit-
   tee on Insurance
 
 AN ACT relating to the creation of  a  study  of  the  minimum  coverage
   amounts for non-commercial auto insurance
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The department of financial services shall conduct a  study
 of  the  minimum  coverage  amounts for liability and uninsured motorist
 coverage currently required under article 3 of the vehicle  and  traffic
 law  for  non-commercial  auto  insurance in New York state, the minimum
 amount of no-fault coverage required by article 51 of the insurance law,
 and additional coverage options, including but not limited to comprehen-
 sive, collision, and supplemental uninsured/underinsured motorist cover-
 age.  In conducting this study, such department shall  consider  whether
 the  current minimum coverage amounts are adequate to protect consumers;
 whether and to what extent consumers purchase higher  coverage  amounts;
 the  impact higher coverage amounts have on premiums, claims processing,
 and consumer satisfaction; and any other factors such  department  deems
 relevant.  Such  department  shall  consult  with relevant stakeholders,
 including insurance companies, insurance  producers,  consumer  advocacy
 groups,  and any other person or entity such department deems necessary.
 Such department shall issue a report of its findings as well  as  recom-
 mendations  as  to  whether  the  required  minimum coverage amounts for
 liability,  uninsured  motorist  coverage,  and   no-fault   should   be
 increased, the extent to which such amounts should be increased, and the
 impact  this  would  have  on premiums. Such department shall submit its
 report to the governor, the  temporary  president  of  the  senate,  the
 speaker  of  the  assembly,  and  the  chairs of the senate and assembly
 standing committees on insurance no later than April 15, 2025.
   § 2. This act shall take effect immediately.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04749-01-3