S05321 Summary:
| BILL NO | S05321 |
| SAME AS | SAME AS A04259 |
| SPONSOR | BAILEY |
| COSPNSR | |
| MLTSPNSR | |
| Add §303, Ins L | |
| Authorizes the superintendent of financial services to hire a consultant to assist with reviewing any rate or form filing submitted to the superintendent. | |
S05321 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 5321 2025-2026 Regular Sessions IN SENATE February 20, 2025 ___________ 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 insurance law, in relation to the hiring of consult- ants 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 consultants. The superintendent may engage the 4 services of a consultant that or whom the superintendent deems necessary 5 to assist the superintendent, including assisting with reviewing any 6 rate or form filing submitted to the superintendent. The person who 7 submitted the filing to the superintendent or the person for whom the 8 services were performed, other than the superintendent, shall pay the 9 cost of such services directly to the consultant engaged. 10 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD07823-01-5