Senate Bill S8200

2025-2026 Legislative Session

Enacts the "construction insurance transparency act of 2025"

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Insurance Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2025-S8200 (ACTIVE) - Details

See Assembly Version of this Bill:
A5811
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Add §346, Ins L
Versions Introduced in Other Legislative Sessions:
2013-2014: S6700, A8745
2015-2016: S3392, A4718
2017-2018: S5109, A1855, A8949
2019-2020: S465, A5980
2021-2022: S4490, A1176
2023-2024: S5995, A332

2025-S8200 (ACTIVE) - Summary

Enacts the "construction insurance transparency act" to require insurers providing coverage for liability under the scaffold law to report, on an annual basis, to the superintendent of financial services relating to its finances and claims paid thereunder.

2025-S8200 (ACTIVE) - Sponsor Memo

2025-S8200 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8200
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                               May 20, 2025
                                ___________
 
 Introduced  by  Sens. SCARCELLA-SPANTON, LANZA -- read twice and ordered
   printed, and when printed to be committed to the Committee  on  Insur-
   ance
 
 AN  ACT  to  amend  the  insurance  law,  in  relation  to  enacting the
   "construction insurance transparency act of 2025" requiring all insur-
   ers which issue  policies  of  liability  insurance  insuring  against
   claims made in reliance upon the duty imposed by the "scaffold law" 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
 "construction insurance transparency act of 2025".
   § 2. Declarations of  legislative  findings.  The  legislature  hereby
 finds  and  declares  that  persons, corporations, associations or other
 business entities which issue policies of liability  insurance  insuring
 an  owner  of  real  property or a contractor who is performing work and
 services on real property against  claims  made  in  reliance  upon  the
 duties  imposed  upon  such  parties  by  section  240 of the labor law,
 commonly referred to as the "scaffold law", owe  an  obligation  to  the
 public,  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 the premiums paid for such insurance, the meth-
 od  and  manner  in  which such premiums are determined and imposed upon
 insureds, and claims made by injured persons  who  rely  on  owners  and
 contractors  to  provide  a safe and secure worksite as required in such
 section of such law. It is essential that the public be  made  aware  of
 such  an  insurer's  responsibility  to  inform  them of their financial
 condition and solvency, and the details and specifics of the factors and
 circumstances behind its financial solvency as well as the basis for the
 rates they charge to owners and contractors to obtain such coverage. The
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05923-01-5
              

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