New York A 7305: Relates to extending the effectiveness of the New York state ocean acidification task force

Bill Text

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A07305 Summary:

BILL NOA07305 

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SAME ASNo Same As

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SPONSORBlumencranz

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COSPNSR

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MLTSPNSR

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Amd §405, Ins L; amd §§176.10, 176.15, 176.20, 176.25 & 176.30, add §176.85, Pen L

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Relates to increasing penalties for insurance fraud, mandating investigations, and enhancing accountability for state agencies and offices responsible for insurance fraud prevention.

Go to top A07305 Actions:

BILL NOA07305 

&nbsp

03/25/2025referred to insurance

05/20/2025held for consideration in insurance

01/07/2026referred to insurance

Go to topA07305 Committee&nbspVotes:

Committee:INSURANCE Chair:Weprin 
DATE:05/20/2025AYE/NAY:17/8 Action: Held for Consideration WeprinAyeBlankenbushNay

CookAyeHawleyNay

LavineAyePalmesanoNay

SteckAyeGandolfoNay

DilanAyeJensenNay

HunterAyeBlumencranzNay

JacobsonAyeBendettNay

MeeksAye

ForrestAye

AndersonAye

CruzAye

BoresAye

LunsfordAye

BergerAye

EichensteinAye

KayAye

YegerNay

WiederAye

Go to topA07305 Floor&nbspVotes:

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

Go to topA07305 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7305

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 25, 2025
 ___________

 Introduced by M. of A. BLUMENCRANZ -- read once and referred to the
 Committee on Insurance

 AN ACT to amend the insurance law, in relation to mandating investi-
 gations and enhancing accountability for state agencies and offices
 responsible for insurance fraud prevention; and to amend the penal
 law, in relation to increasing penalties for insurance fraud

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "statewide transparency and mandated prosecution for insurance fraud
 3 (STAMP) out fraud act".
 4 § 2. Section 405 of the insurance law, as amended by section 7 of part
 5 A of chapter 62 of the laws of 2011, is amended to read as follows:
 6 § 405. Reports. (a) Any person licensed or registered pursuant to the
 7 provisions of this chapter, and any person engaged in the business of
 8 insurance or life settlement in this state who is exempted from compli-
 9 ance with the licensing requirements of this chapter, including the
 10 state insurance fund of this state, who has reason to believe that an
 11 insurance transaction or life settlement act may be fraudulent, or has
 12 knowledge that a fraudulent insurance transaction or fraudulent life
 13 settlement act is about to take place, or has taken place shall, within
 14 thirty days after determination by such person that the transaction
 15 appears to be fraudulent, send to the superintendent on a form
 16 prescribed by the superintendent, the information requested by the form
 17 and such additional information relative to the factual circumstances of
 18 the transaction and the parties involved as the superintendent may
 19 require.
 20 (b) The superintendent shall accept reports of suspected fraudulent
 21 insurance transactions or fraudulent life settlement acts from any [self
 22 insurer] self-insurer, including but not limited to [self insurers]
 23 self-insurers providing health insurance coverage or those defined in

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11226-01-5

 A. 7305 2

 1 section fifty of the workers' compensation law, and shall treat such
 2 reports as any other received pursuant to this section.
 3 [(b)] (c) The superintendent shall review each report and undertake
 4 such further investigation as [the superintendent deems] deemed neces-
 5 sary and proper to determine the validity of the allegations. If a
 6 report is found to be credible and valid upon investigation, the super-
 7 intendent shall have an affirmative duty to prosecute the matter or
 8 refer the case to the office of the attorney general or other appropri-
 9 ate prosecutorial agency for further action within sixty days.
 10 (d) The superintendent and relevant agencies and offices, including
 11 but not limited to the department of financial services, the office of
 12 the Medicaid inspector general, the office of temporary and disability
 13 assistance, and the