S T A T E O F N E W Y O R K
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11155
I N A S S E M B L Y
April 28, 2026
___________
Introduced by M. of A. ROZIC -- read once and referred 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 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.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15600-01-6
A. 11155 2
(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
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. SUCH 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 STATEMENT,
AS APPLICABLE TO THE INSURER'S NEW YORK STATE BUSINESS AND IDENTIFIED
AND CATEGORIZED SEPARATELY FOR EACH ZIP CODE IN THIS STATE. SUCH FINAN-
CIAL STATEMENT SHALL BE SIGNED AND ATTESTED AS FULL, COMPLETE AND ACCU-
RATE BY THE CHIEF EXECUTIVE OFFICER OF THE INSURER, AND SUCH CHIEF EXEC-
UTIVE OFFICER 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
A. 11155 3
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
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 SUCH
SUPERINTENDENT DEEMS IT NECESSARY AND WARRANTED. INSTEAD OF COLLECTING
INFORMATION FOR ALL PRIVATE PASSENGER AUTOMOBILE CLAIMS THE SUPERINTEN-
DENT 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 PROCEDURES FOR COMMERCIAL AUTOMOBILE INSURANCE,
DATA SHALL BE COLLECTED USING INFORMATION WHICH MAY BE AVAILABLE FROM
ANY OTHER SOURCE. FOR COMMERCIAL AUTOMOBILE CLAIMS, INSTEAD OF COLLECT-
ING 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 SUCH CHIEF EXECUTIVE OFFICER 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 WEBSITE, 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 WEBSITE, THE
DEPARTMENT SHALL HIGHLIGHT THE AVAILABILITY OF SUCH INFORMATION TO THE
PUBLIC ON SUCH WEBSITE, 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 WEBSITE SHALL BE AVAILABLE
IN SPREADSHEET FORMAT, IN ADDITION TO ANY OTHER FORMAT THE SUPERINTEN-
DENT 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-
A. 11155 4
MENTS AND SHALL BE ACCESSIBLE BOTH IN PAPER COPY AND ON THE DEPARTMENT'S
WEBSITE.
(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 THE SUPERINTENDENT DEEMS 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 ITS DESIGNATED REPRESENTATIVE TO OBTAIN THE INFORMATION
AND WHICH AUDIT SHALL BE PAID FOR BY THE INSURER, OR ANY OTHER CIVIL
REMEDY THE SUPERINTENDENT DEEMS WARRANTED OR NECESSARY UNTIL SUCH INSUR-
ER 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 SUCH
SUPERINTENDENT DEEMS NECESSARY FOR THE PROPER ADMINISTRATION OF THE
PROVISIONS OF THIS SECTION, AND SUCH RULES AND REGULATIONS MAY BE
PROMULGATED ON AN EMERGENCY BASIS IF THE SUPERINTENDENT WARRANTS SUCH
ACTION TO BE NECESSARY.
§ 4. 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.
§ 5. This act shall take effect immediately.