New York S 5235: Relates to the creation of a study of the minimum coverage amounts for non-commercial auto insurance

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S05235 Summary:

BILL NOS05235 

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SAME ASSAME AS A03106

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SPONSORCOMRIE

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COSPNSRHELMING

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MLTSPNSR

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Relates to the creation of a study of the minimum coverage amounts for non-commercial auto insurance.

Go to top S05235 Actions:

BILL NOS05235 

&nbsp

02/20/2025REFERRED TO INSURANCE

01/07/2026REFERRED TO INSURANCE

Go to topS05235 Committee&nbspVotes:

Go to topS05235 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05235 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5235

 2025-2026 Regular Sessions

 IN SENATE

 February 20, 2025
 ___________

 Introduced by Sen. COMRIE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Insurance

 AN ACT relating to the creation of a study of the minimum coverage
 amounts for non-commercial auto insurance

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The department of financial services shall conduct a study
 2 of the minimum coverage amounts for liability and uninsured motorist
 3 coverage currently required under article 3 of the vehicle and traffic
 4 law for non-commercial auto insurance in New York state, the minimum
 5 amount of no-fault coverage required by article 51 of the insurance law,
 6 and additional coverage options, including but not limited to comprehen-
 7 sive, collision, and supplemental uninsured/underinsured motorist cover-
 8 age. In conducting this study, such department shall consider whether
 9 the current minimum coverage amounts are adequate to protect consumers;
 10 whether and to what extent consumers purchase higher coverage amounts;
 11 the impact higher coverage amounts have on premiums, claims processing,
 12 and consumer satisfaction; and any other factors such department deems
 13 relevant. Such department shall consult with relevant stakeholders,
 14 including insurance companies, insurance producers, consumer advocacy
 15 groups, and any other person or entity such department deems necessary.
 16 Such department shall issue a report of its findings as well as recom-
 17 mendations as to whether the required minimum coverage amounts for
 18 liability, uninsured motorist coverage, and no-fault should be
 19 increased, the extent to which such amounts should be increased, and the
 20 impact this would have on premiums. Such department shall submit its
 21 report to the governor, the temporary president of the senate, the
 22 speaker of the assembly, and the chairs of the senate and assembly
 23 standing committees on insurance no later than April 15, 2027.
 24 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06448-01-5

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