New York S 1655: Relates to the conditional examination of seniors before trial and a senior's participation in grand jury proceedings

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S01655 Summary:

BILL NOS01655 

&nbsp

SAME ASSAME AS A10616

&nbsp

SPONSORBAILEY

&nbsp

COSPNSRSALAZAR

&nbsp

MLTSPNSR

&nbsp

Add §346, Ins L

&nbsp

Requires all motor vehicle insurers to file annual detailed financial and claim data statements with the superintendent of financial services; provides that all such statements shall be made available to the public.

Go to top S01655 Actions:

BILL NOS01655 

&nbsp

01/13/2025REFERRED TO INSURANCE

01/07/2026REFERRED TO INSURANCE

Go to topS01655 Committee&nbspVotes:

Go to topS01655 Floor&nbspVotes:

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

Go to topS01655 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1655

 2025-2026 Regular Sessions

 IN SENATE

 January 13, 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 requiring all motor
 vehicle insurers to file annual financial statements and detailed
 claim data with the superintendent of financial services

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

 1 Section 1. Legislative intent. The legislature hereby finds and
 2 declares that insurance companies issuing motor vehicle policies in this
 3 state owe a duty to those they insure and to those who may in the future
 4 be insured by them, to fully disclose in a public and transparent manner
 5 all elements relating to their financial condition and solvency. Such
 6 obligation is essential in maintaining the public's inherent right to
 7 know the details and specifics of such insurer's expenses and claims
 8 history on a global basis so, as consumers, they can make a reasoned and
 9 rational selection of the insurer with which they intend to do business.
 10 As premiums escalate, it is more incumbent on such insurers to honor
 11 this obligation by making the public aware of the rationale they use in
 12 determining the premiums they charge, and it is the sense of the legis-
 13 lature that where the data used is available, it should be disclosed in
 14 an open and public manner.
 15 § 2. The insurance law is amended by adding a new section 346 to read
 16 as follows:
 17 § 346. Financial statement and detailed claim data to be filed with
 18 the department. (a) For purposes of this section, the term "insurer"
 19 shall mean any person, corporation, association or other business entity
 20 authorized to issue a motor vehicle insurance policy in this state.
 21 (b) On or before April first of each year, every insurer shall provide
 22 the superintendent with a detailed financial statement to supplement and
 23 expand upon the information contained in the statutory annual statement
 24 for the most recently concluded calendar year. The financial statement

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04696-01-5

 S. 1655 2

 1 shall contain information on a combined basis for all lines of insurance
 2 as well as information separately for each of the following lines of
 3 insurance: (1) private passenger automobile other liability, (2) private
 4 passenger automobile personal injury protection, (3) private passenger
 5 automobile physical damage, (4) commercial automobile other liability,
 6 (5) commercial automobile personal injury protection, and (6) commercial
 7 automobile physical damage. That financial statement shall include the
 8 entirety of its business activities conducted in this state, or
 9 conducted outside this state, but having a nexus to insurance policies
 10 or contracts of insurance insuring persons or risks in this state,
 11 consistent with the procedures for determining New York state insurance
 12 business for statutory annual statement reporting purposes. Such state-
 13 ment shall be in a form determined by the superintendent. The form shall
 14 be sufficiently itemized in a manner that allows for an actuarially
 15 sound analysis of the income realized by the insurer from all sources
 16 during such year, including but not limited to premiums, investment
 17 income, profit from sale of assets and any other category or categories
 18 of income as d