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Assembly Bill A8364

2025-2026 Legislative Session

Requires the superintendent of financial services to conduct a review of mandated benefits and their impact on insurance premiums and to conduct a cost analysis of legislation mandating new insurance benefits

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Current Bill Status - In Assembly Committee

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2025-A8364 (ACTIVE) - Details

Current Committee:
Assembly Insurance
Law Section:
Financial Services Law
Laws Affected:
Amd §301, Fin Serv L

2025-A8364 (ACTIVE) - Summary

Requires the superintendent of financial services to conduct a review of mandated benefits in effect as of December 31, 2024 and their impact on insurance premiums and to conduct a cost analysis of legislation mandating new insurance benefits to examine the impact on insurance premiums prior to the adoption of such legislation.

2025-A8364 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8364
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 13, 2025
                                ___________
 
 Introduced by M. of A. WEPRIN -- read once and referred to the Committee
   on Insurance
 
 AN ACT to amend the financial services law, in relation to requiring the
   superintendent  of  financial services to conduct a review of mandated
   benefits and their impact on insurance premiums and to conduct a  cost
   analysis of legislation mandating new insurance benefits
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 301 of the financial services  law  is  amended  by
 adding two new subsections (d) and (e) to read as follows:
   (D)  THE  SUPERINTENDENT  SHALL  BE  REQUIRED  TO  CONDUCT A REVIEW OF
 MANDATED BENEFITS REQUIRED BY NEW YORK STATE LAW IN EFFECT AS OF  DECEM-
 BER  THIRTY-FIRST, TWO THOUSAND TWENTY-FOUR AND ISSUE A REPORT DETAILING
 BOTH THE INDIVIDUAL AND CUMULATIVE COSTS OF SUCH MANDATES  ON  INSURANCE
 PREMIUMS.  SUCH REPORT SHALL BE DUE ONE YEAR FROM THE DATE ON WHICH THIS
 SUBSECTION TAKES EFFECT.
   (E) THE SUPERINTENDENT SHALL BE REQUIRED TO CONDUCT A COST ANALYSIS OF
 LEGISLATION  MANDATING  NEW  INSURANCE BENEFITS TO EXAMINE THE IMPACT ON
 INSURANCE PREMIUMS PRIOR TO THE ADOPTION OF SUCH LEGISLATION. NEW LEGIS-
 LATION PASSED BUT NOT YET CONSIDERED BY THE GOVERNOR SHALL NOT BE DEEMED
 IN FULL FORCE AND EFFECT UNTIL SUCH COST ANALYSIS FROM  THE  SUPERINTEN-
 DENT  IS  COMPLETED  AND MADE PUBLICLY AVAILABLE FOR REVIEW AND COMMENT.
 THE PROVISIONS OF THIS SUBSECTION SHALL APPLY TO ALL LEGISLATION  PASSED
 ON OR AFTER THE DATE WHICH THIS SUBSECTION TAKES EFFECT.
   § 2. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11944-01-5

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