What's happening
This bill directs the Department of Financial Services to study and report on the adequacy of minimum auto insurance coverage requirements in New York.
Why it matters
Potential for Higher Consumer Protections. By examining whether current minimum coverage amounts are adequate, the study could lead to recommendations that better protect drivers and accident victims from high out-of-pocket costs in the aftermath of a crash.
Impact on Insurance Costs and Choices. The study will assess not just the adequacy of coverage, but also how raising minimums could affect insurance premiums, claims processing, and consumer satisfaction, which may influence the affordability and accessibility of auto insurance for New Yorkers.
Comprehensive Stakeholder Input. The Department of Financial Services is required to consult with a wide range of groups, including insurers, producers, and consumer advocates, ensuring that multiple perspectives (including those of everyday drivers) are considered in the analysis and recommendations.
Possibility of Policy Changes. The final report could lead to legislative or regulatory changes that increase required minimums for liability, uninsured motorist, and no-fault coverage, directly affecting what all non-commercial drivers in New York must carry and pay for.
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
Department of Financial Services
The bill would require the department to study non-commercial auto coverage, consult stakeholders and report recommendations on minimum coverage increases and premium impacts by April 15, 2021.
Auto insurers and insurance producers
They would be consulted on a study examining coverage levels, premiums, claims processing and consumer satisfaction.
New York non-commercial auto policyholders
The study would assess whether required minimum coverage adequately protects consumers and how higher coverage amounts affect premiums.
Consumer advocacy groups
They would be consulted as the department evaluates coverage adequacy and whether liability, uninsured motorist and no-fault minimums should increase.
Headline styles
Study Auto Insurance Minimums
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Enacting clause stricken
- Referred to insurance
Companion bills
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.
Study Auto Insurance Minimums
In Assembly Committee · Ways And Means · Sponsor Alicia Hyndman
Study Auto Insurance Minimums
In Senate Committee · Insurance · Sponsor Neil D. Breslin
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
251
2019-2020 Regular Sessions
IN ASSEMBLY (Prefiled)
January 9, 2019
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, 2021.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03113-01-9
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.