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Speaker Carl E. Heastie
 
     
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A08364 Summary:

BILL NOA08364
 
SAME ASNo Same As
 
SPONSORWeprin
 
COSPNSR
 
MLTSPNSR
 
Amd §301, Fin Serv L
 
Requires the superintendent of financial services to conduct a review of mandated benefits in effect as of December 31, 2024 and their impact on insurance premiums and to conduct a cost analysis of legislation mandating new insurance benefits to examine the impact on insurance premiums prior to the adoption of such legislation.
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A08364 Actions:

BILL NOA08364
 
05/13/2025referred to insurance
01/07/2026referred to insurance
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A08364 Text:




 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8364
 
                               2025-2026 Regular Sessions
 
                   IN ASSEMBLY
 
                                      May 13, 2025
                                       ___________
 
        Introduced by M. of A. WEPRIN -- read once and referred to the Committee
          on Insurance
 
        AN ACT to amend the financial services law, in relation to requiring the
          superintendent  of  financial services to conduct a review of mandated
          benefits and their impact on insurance premiums and to conduct a  cost
          analysis of legislation mandating new insurance benefits
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Section 301 of the financial services  law  is  amended  by
     2  adding two new subsections (d) and (e) to read as follows:
     3    (d)  The  superintendent  shall  be  required  to  conduct a review of
     4  mandated benefits required by New York state law in effect as of  Decem-
     5  ber  thirty-first, two thousand twenty-four and issue a report detailing
     6  both the individual and cumulative costs of such mandates  on  insurance
     7  premiums.  Such report shall be due one year from the date on which this
     8  subsection takes effect.
     9    (e) The superintendent shall be required to conduct a cost analysis of
    10  legislation  mandating  new  insurance benefits to examine the impact on
    11  insurance premiums prior to the adoption of such legislation. New legis-
    12  lation passed but not yet considered by the governor shall not be deemed
    13  in full force and effect until such cost analysis from  the  superinten-
    14  dent  is  completed  and made publicly available for review and comment.
    15  The provisions of this subsection shall apply to all legislation  passed
    16  on or after the date which this subsection takes effect.
    17    § 2. This act shall take effect immediately.
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11944-01-5
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