Authorizes the superintendent of financial services to hire an actuary to assist with reviewing any rate or form filing submitted to the superintendent.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A4259A
SPONSOR: Weprin TITLE OF BILL:
An act to amend the insurance law, in relation to the hiring of actuar-
ies; and providing for the repeal of such provisions upon expiration
thereof
SUMMARY OF PROVISIONS:
This bill amends the insurance law by adding a new section 303 to
provide that a superintendent may engage the services of a consultant to
assist the superintendent in the evaluation of rate and form filings.
JUSTIFICATION:
Allowing the Department of Financial services to engage the services of
consultants, when deemed necessary by the superintendent, will facili-
tate the prompt review of insurer filings which will expedite the proc-
ess of getting new insurance products and innovations to New York
consumers. Consumers benefit from having a wide variety of insurance
options so that they can choose the coverage which best meets their
needs and this bill will help to ensure that DFS is able to expeditious-
ly review filings and make insurance options available for consumers.
LEGISLATIVE HISTORY:
New bill
FISCAL IMPLICATIONS:
None to the State.
EFFECTIVE DATE:
This act shall take effect immediately.
STATE OF NEW YORK
________________________________________________________________________
4259--A
2025-2026 Regular Sessions
IN ASSEMBLY
January 31, 2025
___________
Introduced by M. of A. WEPRIN -- read once and referred to the Committee
on Insurance -- committee discharged, bill amended, ordered reprinted
as amended and recommitted to said committee
AN ACT to amend the insurance law, in relation to the hiring of actuar-
ies; and providing for the repeal of such provisions upon expiration
thereof
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The insurance law is amended by adding a new section 303 to
2 read as follows:
3 § 303. Hiring of actuaries. The superintendent may engage the
4 services of an actuary that or whom the superintendent deems necessary
5 to assist the superintendent, including assisting with reviewing any
6 rate or form filing, pursuant to article thirty-four of this chapter
7 submitted to the superintendent. The person who submitted the filing to
8 the superintendent or the person for whom the services were performed,
9 other than the superintendent, shall pay the cost of such services
10 directly to the actuary engaged.
11 § 2. This act shall take effect immediately and shall expire January
12 1, 2029 when upon such date the provisions of this act shall be
13 repealed.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07823-02-5
