What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to insurance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to the effectiveness of flexible rating for nonbusiness automobile insurance plans
Assembly Floor Calendar · Sponsor Steven Cymbrowitz
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7566
Title of bill
An act to amend the insurance law, in relation to the effectiveness of flexible rating for nonbusiness automobile insurance plans
Purpose
The purpose of this bill is to protect consumers from high premium increases by ensuring that the process used to establish rate increases is reviewed on a regular basis.
Summary of provisions
This legislation would sunset section 2350 of the Insurance Law on June 30, 2017.
Existing law
Amends § 2350 of the Insurance Law.
Justification
New York State's automobile insurance premiums are some of the highest in the nation. Since 2008, New York State has used flex rating, a process by which auto insurers are authorized to increase or decrease premiums by up to five percent without approval from the Department of Financial Services. This process was also used in the 1990's and the statutory provisions allowing for flex rating were reviewed and extended every three years until they were allowed to sunset subjecting all rates to prior approval. Currently, the provisions of New York State Law related to flex rating are permanent. This bill would reinstate the three year sunset to the provisions of law related to flex rating to ensure that the rate increases are fair, appropriate and are subject to the necessary Department of Financial Services oversight.
Legislative history
New Bill.
Fiscal implications
None
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.