Requires the superintendent of financial services to conduct a review of mandated benefits in effect as of December 31, 2025 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.
STATE OF NEW YORK
________________________________________________________________________
8364--A
2025-2026 Regular Sessions
IN ASSEMBLY
May 13, 2025
___________
Introduced by M. of A. WEPRIN -- read once and referred to the Committee
on Insurance -- recommitted to the Committee on Insurance in accord-
ance with Assembly Rule 3, sec. 2 -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
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-five 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.
LBD11944-02-6
