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A3787Assembly2017-2018 SessionSame asS5883

Study Auto Insurance Minimums

Official title

“Relates to the creation of a study of the minimum coverage amounts for non-commercial auto insurance”

Sponsor Kevin CahillAD-103Affects Finance
Status
In Senate Committee
Insurance
Impact
2/10
Minimal
Passage
0%

Bill progress

Step 5 of 7

In Senate · Insurance

What's happening

This bill directs the Department of Financial Services to study and report on the adequacy of minimum non-commercial auto insurance coverage in New York.

Why it matters

  1. Potential for Higher Insurance Costs or Better Protection. The study could lead to recommendations for increasing minimum required auto insurance coverage in New York, which might raise premiums for drivers but also provide greater financial protection in accidents.

  2. Consumer Impact and Equity Considerations. By examining whether current minimums are adequate and how often consumers buy more than the minimum, the report may reveal if low-income drivers are under-protected or if higher requirements could disproportionately affect affordability for certain groups.

  3. Influence on Insurance Offerings and Claims. The inclusion of comprehensive, collision, and supplemental coverage in the study could prompt changes in what insurance companies offer and how claims are handled, potentially affecting consumer satisfaction and the insurance market overall.

  4. Stakeholder and Policy Input. The requirement to consult with insurance companies, consumer advocates, and others ensures multiple perspectives are considered, making it more likely that any recommendations will balance industry viability with consumer needs.

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Who cares

Headline styles

Study Auto Insurance Minimums

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
Kevin Cahill

Assembly Member · Assembly District 103

No co-sponsors yet.

History

  1. Referred to insurance
  2. Delivered to senate
  3. Passed assembly
  4. Ordered to third reading cal.290
  5. Returned to assembly
  6. Died in senate
  7. Referred to rules
  8. Delivered to senate
  9. Passed assembly
  10. Advanced to third reading cal.507
  11. Reported
  12. Reported referred to ways and means
Show 1 earlier action
  1. 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.

S5883Senate

Study Auto Insurance Minimums

In Senate Committee · Insurance · Sponsor James L. Seward

Impact 2 · Minimal0% to pass

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

3787

2017-2018 Regular Sessions

IN ASSEMBLY

January 30, 2017

Introduced by M. of A. CAHILL -- read once and referred to the Committee on Insurance

AN ACT relating to the creation of a study of the minimum coverage amounts for non-commercial auto insurance

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. The department of financial services shall conduct a study of the minimum coverage amounts for liability and uninsured motorist coverage currently required under article 3 of the vehicle and traffic law for non-commercial auto insurance in New York state, the minimum amount of no-fault coverage required by article 51 of the insurance law, and additional coverage options, including but not limited to comprehensive, collision, and supplemental uninsured/underinsured motorist coverage. In conducting this study, such department shall consider whether the current minimum coverage amounts are adequate to protect consumers; whether and to what extent consumers purchase higher coverage amounts; the impact higher coverage amounts have on premiums, claims processing, and consumer satisfaction; and any other factors such department deems relevant. Such department shall consult with relevant stakeholders, including insurance companies, insurance producers, consumer advocacy groups, and any other person or entity such department deems necessary. Such department shall issue a report of its findings as well as recommendations as to whether the required minimum coverage amounts for liability, uninsured motorist coverage, and no-fault should be increased, the extent to which such amounts should be increased, and the impact this would have on premiums. Such department shall submit its report to the governor, the temporary president of the senate, the speaker of the assembly, and the chairs of the senate and assembly standing committees on insurance no later than April 15, 2019.

§ 2. This act shall take effect immediately.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD01675-01-7

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.