Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 15, 2014 |
print number 1090a |
Jan 15, 2014 |
amend and recommit to insurance |
Jan 08, 2014 |
referred to insurance |
Jan 09, 2013 |
referred to insurance |
Senate Bill S1090A
2013-2014 Legislative Session
Sponsored By
(R) Senate District
Archive: Last 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
Actions
Bill Amendments
co-Sponsors
(D) 15th Senate District
(D) Senate District
(D) Senate District
(D, WF) Senate District
2013-S1090 - Details
2013-S1090 - Sponsor Memo
BILL NUMBER:S1090 TITLE OF BILL: 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 PURPOSE OF BILL: The bill expands upon current insurance reporting laws by providing for more detailed reporting requirements of automobile insurers' financial statements" and "closed claims" data. This enhanced data collection will provide lawmakers with a source of reliable and accessible data that will better enable them to evaluate automobile insurance and assist in providing an optimal product to New York citizens. SUMMARY OF PROVISIONS OF BILL: The proposed language provides fora publicly accessible and neutral method for the systematic collection of automobile insurers' financial and closed claims data. The supplemental financial disclosure requirements stipulate that insurers must provide detailed information concerning all sources of "income" including, but not
2013-S1090 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1090 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sen. MAZIARZ -- 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 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 of 2013". S 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. S 3. The insurance law is amended by adding a new section 342 to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02265-02-3
co-Sponsors
(D) 15th Senate District
(D) Senate District
(D) Senate District
(D, WF) Senate District
2013-S1090A (ACTIVE) - Details
2013-S1090A (ACTIVE) - Sponsor Memo
BILL NUMBER:S1090A TITLE OF BILL: 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 PURPOSE OF BILL: The bill expands upon current insurance reporting laws by providing for more detailed reporting requirements of automobile insurers' financial statements" and "closed claims" data. This enhanced data collection will provide lawmakers with a source of reliable and accessible data that will better enable them to evaluate automobile insurance and assist in providing an optimal product to New York citizens. SUMMARY OF PROVISIONS OF BILL: The proposed language provides for a publicly accessible and neutral method for the systematic collection of automobile insurers' financial and closed claims data. The supplemental financial disclosure requirements stipulate that insurers must provide detailed information concerning all sources of "income" including, but not limited to, data on premiums received, investment income, and profit from the sale of assets. Detailed information regarding expenses must also be provided, including, expenses actually incurred and paid, normal business expenses, salaries, commissions, consulting fees, legal expenses, and advertising costs. A synopsis of the total claims or settlements paid in each financial statement and
2013-S1090A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1090--A 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sens. MAZIARZ, ADDABBO, AVELLA, DILAN, ESPAILLAT, HASSELL-THOMPSON, PARKER, PERALTA -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- recommitted to the Committee on Insurance in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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 of 2014". S 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD02265-03-4
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