S T A T E O F N E W Y O R K
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10616
I N A S S E M B L Y
March 13, 2026
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Introduced by M. of A. DINOWITZ -- read once and referred to the Commit-
tee 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. 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.
§ 2. The insurance law is amended by adding a new section 346 to read
as follows:
§ 346. 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
FOR THE MOST RECENTLY CONCLUDED CALENDAR YEAR. THE FINANCIAL STATEMENT
SHALL CONTAIN INFORMATION ON A COMBINED BASIS FOR ALL LINES OF INSURANCE
AS WELL AS INFORMATION SEPARATELY FOR EACH OF THE FOLLOWING LINES OF
INSURANCE: (1) PRIVATE PASSENGER AUTOMOBILE OTHER LIABILITY, (2) PRIVATE
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04696-01-5
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PASSENGER AUTOMOBILE PERSONAL INJURY PROTECTION, (3) PRIVATE PASSENGER
AUTOMOBILE PHYSICAL DAMAGE, (4) COMMERCIAL AUTOMOBILE OTHER LIABILITY,
(5) COMMERCIAL AUTOMOBILE PERSONAL INJURY PROTECTION, AND (6) COMMERCIAL
AUTOMOBILE PHYSICAL DAMAGE. THAT FINANCIAL STATEMENT SHALL INCLUDE THE
ENTIRETY OF ITS BUSINESS ACTIVITIES CONDUCTED IN THIS STATE, OR
CONDUCTED OUTSIDE THIS STATE, BUT HAVING A NEXUS TO INSURANCE POLICIES
OR CONTRACTS OF INSURANCE INSURING PERSONS OR RISKS IN THIS STATE,
CONSISTENT WITH THE PROCEDURES FOR DETERMINING NEW YORK STATE INSURANCE
BUSINESS FOR STATUTORY ANNUAL STATEMENT REPORTING PURPOSES. SUCH STATE-
MENT SHALL BE IN A FORM DETERMINED BY THE SUPERINTENDENT. THE FORM SHALL
BE SUFFICIENTLY ITEMIZED IN A MANNER THAT ALLOWS FOR AN ACTUARIALLY
SOUND ANALYSIS OF THE INCOME REALIZED BY THE INSURER FROM ALL SOURCES
DURING SUCH YEAR, INCLUDING BUT NOT LIMITED TO PREMIUMS, INVESTMENT
INCOME, PROFIT FROM SALE OF ASSETS AND ANY OTHER CATEGORY OR CATEGORIES
OF INCOME AS DETERMINED BY THE SUPERINTENDENT TO REFLECT THE FULL
DISCLOSURE REQUIREMENTS OF THIS SECTION. AT A MINIMUM, SUCH INFORMATION
SHALL CONSIST OF THE ITEMS SET FORTH IN THE STATEMENT OF INCOME, EXCLUD-
ING THE CAPITAL AND SURPLUS ACCOUNT SECTION OF THE PROPERTY/CASUALTY
STATUTORY ANNUAL STATEMENT, AS APPLICABLE TO THE INSURER'S NEW YORK
STATE BUSINESS, AS WELL AS THE OTHER INFORMATION DELINEATED IN THIS
SUBSECTION. SUCH FINANCIAL STATEMENT SHALL ALSO CONTAIN A COMPREHENSIVE
AND DETAILED DISCLOSURE OF THE INSURER'S EXPENSES ACTUALLY INCURRED AND
PAID DURING SUCH CALENDAR YEAR, TO INCLUDE NORMAL BUSINESS EXPENSES,
SALARIES, COMMISSIONS, CONSULTING FEES, LEGAL EXPENSES, ADVERTISING
COSTS AND ANY OTHER CATEGORY DEEMED PERTINENT TO THE INTENT OF THIS
SECTION. AT A MINIMUM, THE EXPENSE INFORMATION REQUIRED SHALL CONSIST OF
THE ITEMS SET FORTH IN THE UNDERWRITING AND INVESTMENT EXHIBIT - PART 3
- EXPENSES OF THE PROPERTY / CASUALTY STATUTORY ANNUAL STATEMENT, AS
APPLICABLE TO THE INSURER'S NEW YORK STATE BUSINESS. WITH RESPECT TO
SALARIES (INCLUDING ALL OTHER FORMS OF COMPENSATION), EACH INSURER SHALL
ITEMIZE THE SALARY OF THE TWENTY MOST HIGHLY COMPENSATED EMPLOYEES OF
SUCH INSURER DURING SUCH YEAR, PROVIDED THAT THE NAME OF SUCH EMPLOYEES
NEED NOT BE DISCLOSED. SUCH FINANCIAL STATEMENT SHALL ALSO PROVIDE THE
PUBLIC WITH A SYNOPSIS OF CLAIMS OR SETTLEMENTS PAID PURSUANT TO SUCH
POLICIES OR CONTRACTS, LISTING THE TOTAL OF SUCH CLAIMS AND SETTLEMENTS
BY TYPE OF INSURANCE OR THE RISK INSURED. AT A MINIMUM, THE CLAIM INFOR-
MATION REQUIRED SHALL CONSIST OF THE ITEMS SET FORTH IN THE EXHIBIT OF
PREMIUMS AND LOSSES OF THE PROPERTY / CASUALTY STATUTORY ANNUAL STATE-
MENT, AS APPLICABLE TO THE INSURER'S NEW YORK STATE BUSINESS AND IDENTI-
FIED AND CATEGORIZED SEPARATELY FOR EACH ZIP CODE IN THIS STATE. SUCH
FINANCIAL STATEMENT SHALL BE SIGNED AND ATTESTED AS FULL, COMPLETE AND
ACCURATE BY THE CHIEF EXECUTIVE OFFICER OF THE INSURER, AND THEY SHALL
BE HELD PERSONALLY RESPONSIBLE WITH RESPECT TO THE ACCURACY OF THE
CONTENT OF SUCH STATEMENT. THE SUPERINTENDENT SHALL PROVIDE INSURERS
WITH A METHOD TO SUBMIT THEIR FINANCIAL STATEMENTS ELECTRONICALLY VIA
THE INTERNET, WHICH METHOD SHALL INCLUDE INSTRUCTIONS RELATING TO THE
USE OF AN ELECTRONIC SIGNATURE WHICH SHALL BE SUBJECT TO, AND SUBMITTED
IN ACCORDANCE WITH SECTION THREE HUNDRED SIXTEEN OF THIS ARTICLE;
PROVIDED, HOWEVER, THAT NO EXCEPTION AUTHORIZED IN SUCH SECTION MAY BE
REQUESTED OR GRANTED.
(C) ON OR BEFORE APRIL FIRST OF EACH YEAR, EVERY INSURER SHALL PROVIDE
THE SUPERINTENDENT WITH DETAILED CLOSED CLAIM INFORMATION FOR THE SAME
LINES OF INSURANCE PROVIDED FOR IN SUBSECTION (B) OF THIS SECTION FOR
THE MOST RECENTLY CONCLUDED CALENDAR YEAR. UNTIL THE SUPERINTENDENT
PROMULGATES DATA COLLECTION FORMS AND PROCEDURES FOR PRIVATE PASSENGER
AUTOMOBILE INSURANCE, DATA SHALL BE COLLECTED USING, AT A MINIMUM, THE
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MOST RECENT PUBLICLY AVAILABLE FORMS USED BY THE INSURANCE RESEARCH
COUNCIL FOR ITS AUTO INJURY SURVEY. THE SUPERINTENDENT MAY REQUIRE ADDI-
TIONAL INFORMATION BEYOND THAT WHICH IS CONTAINED IN SUCH SURVEY IF THEY
DEEM IT NECESSARY AND WARRANTED. INSTEAD OF COLLECTING INFORMATION FOR
ALL PRIVATE PASSENGER AUTOMOBILE CLAIMS THE SUPERINTENDENT MAY COLLECT
DATA FOR A STATISTICALLY VALID SAMPLE OF CLAIMS. THE MINIMUM SAMPLE SIZE
SHALL REPRESENT FIVE PER CENTUM OF THE NUMBER OF CLAIMS FOR EACH YEAR.
UNTIL THE SUPERINTENDENT PROMULGATES DATA COLLECTION FORMS AND PROCE-
DURES FOR COMMERCIAL AUTOMOBILE INSURANCE, DATA SHALL BE COLLECTED USING
INFORMATION WHICH MAY BE AVAILABLE FROM ANY OTHER SOURCE. FOR COMMERCIAL
AUTOMOBILE CLAIMS, INSTEAD OF COLLECTING INFORMATION FOR ALL CLAIMS THE
SUPERINTENDENT MAY COLLECT DATA FOR A STATISTICALLY VALID SAMPLE OF
CLAIMS. THE MINIMUM SAMPLE SIZE SHALL REPRESENT TEN PER CENTUM OF THE
NUMBER OF CLAIMS FOR EACH YEAR FOR SUCH LINE OF INSURANCE. SUCH DETAILED
CLAIM DATA SHALL BE SIGNED AND ATTESTED AS FULL, COMPLETE AND ACCURATE
BY THE CHIEF EXECUTIVE OFFICER OF THE INSURER, AND THEY SHALL BE HELD
PERSONALLY RESPONSIBLE WITH RESPECT TO THE ACCURACY OF THE DATA. THE
DETAILED CLAIM DATA SHALL BE SUBMITTED IN THE SAME MANNER AS PROVIDED
FOR IN SUBSECTION (B) OF THIS SECTION.
(D) THE SUPERINTENDENT SHALL, IN BOTH WRITTEN FORM AND AS PART OF THE
DEPARTMENT WEB SITE, MAKE SUCH FINANCIAL STATEMENTS AND DETAILED CLAIM
INFORMATION AVAILABLE TO THE PUBLIC. THE DETAILED CLAIM INFORMATION
SHALL BE PROVIDED IN AGGREGATE FORM FOR ALL INSURERS COMBINED WITHOUT
ANY IDENTIFICATION OF A SPECIFIC CLAIM TO A SPECIFIC INSURER. NONE OF
THE PUBLICLY AVAILABLE DETAILED CLAIM INFORMATION SHALL IDENTIFY THE
INDIVIDUAL INSURER, DEFENDANT OR PLAINTIFF ASSOCIATED WITH THE CLAIM.
SUCH FINANCIAL STATEMENTS AND DETAILED CLAIM INFORMATION SHALL BE DEEMED
A PUBLIC DOCUMENT AND NO PERSON SHALL BE REQUIRED TO FILE A REQUEST FOR
SUCH FINANCIAL STATEMENTS PURSUANT TO ARTICLE SIX OF THE PUBLIC OFFICERS
LAW IN ORDER TO RECEIVE A COPY THEREOF, BUT UPON REQUEST AND PAYMENT OF
THE FEE FOR COPYING SUCH DOCUMENT, IT SHALL BE PROVIDED. WITH RESPECT TO
THE ELECTRONIC COPY OF SUCH FINANCIAL STATEMENTS AND DETAILED CLAIM
INFORMATION, WHICH SHALL BE ACCESSIBLE ON THE DEPARTMENT'S WEB SITE, THE
DEPARTMENT SHALL HIGHLIGHT THE AVAILABILITY OF SUCH INFORMATION TO THE
PUBLIC ON SUCH WEB SITE, AND THE LINK TO EACH INSURER'S FINANCIAL STATE-
MENT AND THE AGGREGATED DETAILED CLAIM INFORMATION SHALL BE ACCESSIBLE
IN A SIMPLE AND EASY MANNER. BOTH THE FINANCIAL STATEMENT AND AGGREGATED
DETAILED CLAIM INFORMATION ON THE DEPARTMENT WEB SITE SHALL BE AVAILABLE
IN EXCEL FORMAT, IN ADDITION TO ANY OTHER FORMAT THE SUPERINTENDENT
DETERMINES IS APPROPRIATE.
(E) ON OR BEFORE JULY FIRST OF EACH YEAR, THE SUPERINTENDENT SHALL
ISSUE REPORTS SUMMARIZING AND EXPLAINING THE INFORMATION COLLECTED FROM
THE FINANCIAL STATEMENTS AND THE DETAILED CLAIM INFORMATION. COPIES OF
SUCH REPORTS SHALL BE FORWARDED TO THE TEMPORARY PRESIDENT OF THE
SENATE, THE SPEAKER OF THE ASSEMBLY AND THE CHAIRS OF BOTH THE SENATE
AND ASSEMBLY INSURANCE COMMITTEES. SUCH REPORTS SHALL BE PUBLIC DOCU-
MENTS AND SHALL BE ACCESSIBLE BOTH IN PAPER COPY AND ON THE DEPARTMENT'S
WEB SITE.
(F) WHERE AN INSURER FAILS OR REFUSES TO PROVIDE THE SUPERINTENDENT
WITH A FULL AND COMPLETE DISCLOSURE AS REQUIRED BY THIS SECTION, THE
SUPERINTENDENT SHALL TAKE SUCH ACTION THEY DEEM NECESSARY TO BRING THE
INSURER INTO FULL COMPLIANCE. SUCH ACTION MAY INCLUDE IMPOSITION OF A
CIVIL PENALTY OF UP TO FIFTY THOUSAND DOLLARS ASSESSED AGAINST THE
INSURER FOR EACH VIOLATION, TEMPORARY SUSPENSION OF ANY RIGHT TO ISSUE
ADDITIONAL POLICIES OR CONTRACTS UNTIL THE INSURER BRINGS ITSELF INTO
FULL COMPLIANCE, AN AUDIT OF THE INSURER'S RECORDS BY THE DEPARTMENT OR
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ITS DESIGNATED REPRESENTATIVE TO OBTAIN THE INFORMATION AND WHICH AUDIT
SHALL BE PAID FOR BY THE INSURER, OR ANY OTHER CIVIL REMEDY THE SUPER-
INTENDENT DEEMS WARRANTED OR NECESSARY UNTIL SUCH INSURER FULLY
COMPLIES. IN ADDITION THE OFFICER WHOSE SIGNATURE IS AFFIXED TO SUCH
STATEMENT MAY BE PERSONALLY PENALIZED TO THE SAME EXTENT.
(G) THE SUPERINTENDENT MAY PROMULGATE SUCH RULES AND REGULATIONS THEY
DEEM NECESSARY FOR THE PROPER ADMINISTRATION OF THE PROVISIONS OF THIS
SECTION, AND SUCH RULES AND REGULATIONS MAY BE PROMULGATED ON AN EMER-
GENCY BASIS IF THE SUPERINTENDENT WARRANTS SUCH ACTION TO BE NECESSARY.
§ 3. Severability. If any item, clause, sentence, subparagraph, subdi-
vision or other part of this act, or the application thereof to any
person or circumstances shall be held to be invalid, such holding shall
not affect, impair or invalidate the remainder of this act but it shall
be confined in its operation to the item, clause, sentence, subpara-
graph, subdivision or other part of this act directly involved in such
holding, or to the person and circumstances therein involved.
§ 4. This act shall take effect immediately.