New York State Assembly

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A04259 Summary:

BILL NO	A04259A
SAME AS	No Same As
SPONSOR	Weprin
COSPNSR
MLTSPNSR
Add §303, Ins L
Authorizes the superintendent of financial services to hire an actuary to assist with reviewing any rate or form filing submitted to the superintendent.

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A04259 Memo:

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.

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