What's happening
This bill amends insurance law to end the effectiveness of flexible rating for nonbusiness automobile insurance plans after June 30, 2020.
Why it matters
This bill ends the flexible rating system for nonbusiness (personal) auto insurance after June 30, 2020, meaning insurance companies will no longer have the regulatory leeway to adjust rates within a set range without prior approval.
Consumers may see a shift in how premiums are set and possibly in how quickly rates can change, as insurers will be required to follow stricter rate-filing and approval procedures from regulators.
The change could lead to greater oversight and predictability in auto insurance pricing, potentially reducing sudden premium hikes but also possibly limiting insurers’ ability to quickly respond to market conditions.
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Who cares
Headline styles
End Flexible Auto Insurance Rates
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Advanced to third reading cal.690
- Reported
- Referred to insurance
- 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.
End Flexible Car Insurance Rating
In Senate Committee · Insurance · Sponsor William J. Larkin Jr.
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3090
2017-2018 Regular Sessions
IN ASSEMBLY
January 26, 2017
Introduced by M. of A. CYMBROWITZ, ABINANTI -- read once and referred to the Committee on Insurance
AN ACT to amend the insurance law, in relation to the effectiveness of flexible rating for nonbusiness automobile insurance plans
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 2350 of the insurance law is amended by adding a new subsection (e) to read as follows:
(e) This section shall cease to be of any force and effect after June 30, 2020.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03989-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.