S10080 Summary:
| BILL NO | S10080 |
| SAME AS | No Same As |
| SPONSOR | BAILEY |
| 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, 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. | |
S10080 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 10080 IN SENATE April 27, 2026 ___________ Introduced by Sen. BAILEY -- read twice and ordered printed, and when printed to be committed 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-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. LBD11944-03-6