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 banks
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the financial services law, in relation to immunity from civil liability for certain information relating to insurance or banking violations
Purpose
This bill grants immunity for reports of suspected insurance fraud made by or to organizations specifically dedicated to the investigation and prosecution of insurance fraud.
Summary of provisions
Section 1 adds (d) to section 405 of the Financial Services Law
Section 2 is the effective date.
Justification
Information sharing is the most important tool in fighting insurance fraud. Providing adequate protections to organizations that compile data on the state and national level from insurance companies and federal, state and local law enforcement will allow for greater exchange of information in New York. This statutory immunity already exists in a majority of states including California, Florida, Pennsylvania and Texas. Increasing the exchange of information is significantly aiding federal, state and local law enforcement fraud and vehicle theft investigations.
Broadening the exchange of information among those fighting fraud will have a positive impact on the New York anti-fraud environment and provide an immediate boost to information sharing for our state.
Legislative history
New bill.
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.