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A2814Assembly2019-2020 Session

End Flexible Auto Insurance Rates

Official title

“Relates to the effectiveness of flexible rating for nonbusiness automobile insurance plans”

Sponsor Steven CymbrowitzAD-45+1 co-sponsorAffects Finance
Status
In Assembly Committee
Insurance
Impact
3/10
Low
Passage
0%

Bill progress

Step 2 of 7

In committee · Insurance

What's happening

This bill adds a sunset date so that flexible rating for nonbusiness automobile insurance plans will expire after June 30, 2022.

Why it matters

  1. Sunsetting the flexible rating system means that, after June 30, 2022, insurance companies will no longer be able to use flexible pricing methods for nonbusiness auto insurance. this could impact how insurers set rates and how much consumers pay for coverage.

  2. Consumers and insurers will need to prepare for a possible return to more regulated, less flexible pricing structures. , which might result in less competitive rates and potentially higher premiums or less tailored insurance offerings for drivers.

  3. The change could lead to increased regulatory oversight and predictability in auto insurance pricing. , potentially reducing sudden or unexpected rate changes but possibly also limiting innovation in insurance products.

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Who cares

Headline styles

End Flexible Auto Insurance Rates

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

Sponsors

Primary sponsor
Steven Cymbrowitz

Assembly Member · Assembly District 45

1 Co-sponsor

History

  1. Referred to insurance
  2. Referred to insurance

Full text

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

STATE OF NEW YORK

2814

2019-2020 Regular Sessions

IN ASSEMBLY

January 25, 2019

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, 2022.

§ 2. This act shall take effect immediately.

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

[ ] is old law to be omitted.

LBD07369-01-9

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.