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Assembly Bill A4259A

2025-2026 Legislative Session

Relates to the hiring of consultants

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Current Bill Status - In Assembly Committee

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Bill Amendments

2025-A4259 - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Add §303, Ins L
Versions Introduced in 2023-2024 Legislative Session:
A10308

2025-A4259 - Summary

Authorizes the superintendent of financial services to hire an actuary to assist with reviewing any rate or form filing submitted to the superintendent.

2025-A4259 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4259
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 31, 2025
                                ___________
 
 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
   on Insurance
 
 AN ACT to amend the insurance law, in relation to the hiring of consult-
   ants
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The insurance law is amended by adding a new section 303 to
 read as follows:
   § 303. HIRING OF CONSULTANTS.    THE  SUPERINTENDENT  MAY  ENGAGE  THE
 SERVICES OF A CONSULTANT THAT OR WHOM THE SUPERINTENDENT DEEMS NECESSARY
 TO  ASSIST  THE  SUPERINTENDENT,  INCLUDING ASSISTING WITH REVIEWING ANY
 RATE OR FORM FILING SUBMITTED TO  THE  SUPERINTENDENT.  THE  PERSON  WHO
 SUBMITTED  THE  FILING  TO THE SUPERINTENDENT OR THE PERSON FOR WHOM THE
 SERVICES WERE PERFORMED, OTHER THAN THE SUPERINTENDENT,  SHALL  PAY  THE
 COST OF SUCH SERVICES DIRECTLY TO THE CONSULTANT ENGAGED.
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07823-01-5

2025-A4259A (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Insurance Law
Laws Affected:
Add §303, Ins L
Versions Introduced in 2023-2024 Legislative Session:
A10308

2025-A4259A (ACTIVE) - Summary

Authorizes the superintendent of financial services to hire an actuary to assist with reviewing any rate or form filing submitted to the superintendent.

2025-A4259A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4259--A
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 31, 2025
                                ___________
 
 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
   on  Insurance -- committee discharged, bill amended, ordered reprinted
   as amended and recommitted to said committee
 
 AN ACT to amend the insurance law, in relation to the hiring of  actuar-
   ies;  and  providing for the repeal of such provisions upon expiration
   thereof

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The insurance law is amended by adding a new section 303 to
 read as follows:
   §  303.  HIRING  OF  ACTUARIES.    THE  SUPERINTENDENT  MAY ENGAGE THE
 SERVICES OF AN ACTUARY THAT OR WHOM THE SUPERINTENDENT  DEEMS  NECESSARY
 TO  ASSIST  THE  SUPERINTENDENT,  INCLUDING ASSISTING WITH REVIEWING ANY
 RATE OR FORM FILING, PURSUANT TO ARTICLE  THIRTY-FOUR  OF  THIS  CHAPTER
 SUBMITTED  TO THE SUPERINTENDENT. THE PERSON WHO SUBMITTED THE FILING TO
 THE SUPERINTENDENT OR THE PERSON FOR WHOM THE SERVICES  WERE  PERFORMED,
 OTHER  THAN  THE  SUPERINTENDENT,  SHALL  PAY  THE COST OF SUCH SERVICES
 DIRECTLY TO THE ACTUARY ENGAGED.
   § 2. This act shall take effect immediately and shall  expire  January
 1,  2029  when  upon  such  date  the  provisions  of  this act shall be
 repealed.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07823-02-5

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