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Senate Bill S5321

2025-2026 Legislative Session

Relates to the hiring of consultants

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Sponsored By

Current Bill Status - In Senate Committee Insurance Committee

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2025-S5321 (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Add §303, Ins L
Versions Introduced in 2023-2024 Legislative Session:
S9354

2025-S5321 (ACTIVE) - Summary

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

2025-S5321 (ACTIVE) - Sponsor Memo

2025-S5321 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5321
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             February 20, 2025
                                ___________
 
 Introduced  by  Sen.  BAILEY -- read twice and ordered printed, and when
   printed to be committed 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

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