What's happening
This bill requires insurance policies in New York to fully disclose the amount, duration, and calculation method of policy assessments.
Why it matters
Empowers consumers to better understand their insurance costs. by requiring insurers to clearly state not just the total assessment, but also how it’s calculated and how long it will be charged, helping policyholders avoid surprise fees or hidden charges.
Makes it easier to compare insurance policies. since all assessments must be broken down in a standardized format on the declarations page, allowing shoppers to more accurately assess the true cost of different policies.
Increases accountability for insurers. by obligating them to disclose the exact duration and calculation method of assessments, making it harder for companies to impose vague or open-ended charges after a policy is sold.
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Who cares
Headline styles
Disclose All Insurance Assessments
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Held for consideration in insurance
- Referred to insurance
- Referred to insurance
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3251
2017-2018 Regular Sessions
IN ASSEMBLY
January 27, 2017
Introduced by M. of A. RAIA, FINCH -- read once and referred to the Committee on Insurance
AN ACT to amend the insurance law, in relation to requiring full disclosure of the amount and duration of assessments in insurance policies
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 3102 of the insurance law is amended by adding a new subsection (g) to read as follows:
(g) Each insurance policy, or renewal thereof, made, issued or delivered in this state on a risk located or resident in this state shall identify any and all assessments made pursuant to such policy as being assessments, and shall specify on its declarations page:
(1) the amount of the assessment for the immediate policy period and in total;
(2) the method by which the assessment is calculated;
(3) the total years for which the assessment is levied; and
(4) the number of years remaining during which the assessment shall be levied.
§ 2. This act shall take effect on the first of January next succeeding the date on which it shall have become a law.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06849-01-7
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.