New York S 3062: Requires that an insurer participating in the assigned risk plan shall review the risk profiles of each policy holder

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S03062 Summary:

BILL NOS03062 

&nbsp

SAME ASSAME AS A04462

&nbsp

SPONSORCOMRIE

&nbsp

COSPNSRMYRIE, PARKER

&nbsp

MLTSPNSR

&nbsp

Add §5305, amd §309, Ins L

&nbsp

Requires that an insurer participating in the assigned risk plan shall review the risk profiles of each policy holder that has been assigned to such insurer through the plan to determine if such policy holders are eligible for motor vehicle insurance coverage written by such insurer in the voluntary market.

Go to top S03062 Actions:

BILL NOS03062 

&nbsp

01/23/2025REFERRED TO INSURANCE

01/07/2026REFERRED TO INSURANCE

Go to topS03062 Committee&nbspVotes:

Go to topS03062 Floor&nbspVotes:

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

Go to topS03062 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3062

 2025-2026 Regular Sessions

 IN SENATE

 January 23, 2025
 ___________

 Introduced by Sens. COMRIE, MYRIE, PARKER -- read twice and ordered
 printed, and when printed to be committed to the Committee on Insur-
 ance

 AN ACT to amend the insurance law, in relation to certain policy review

 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 5305
 2 to read as follows:
 3 § 5305. Policy review. (a) Within ninety days after the effective date
 4 of this section and every two years thereafter, an insurer participating
 5 in the assigned risk plan pursuant to this article shall review the risk
 6 profiles of each policy holder that has been assigned to such insurer
 7 through the plan to determine if such policy holders are eligible for
 8 motor vehicle insurance coverage written by such insurer in the volun-
 9 tary market. Such insurer shall, upon renewal, write motor vehicle
 10 insurance coverage in the voluntary market for any policy holder deter-
 11 mined to be eligible for such coverage.
 12 (b) An insurer shall send written notice of the review required by
 13 subsection (a) of this section to each policy holder at least thirty
 14 days prior to the date that such review is conducted. Such notice shall
 15 also inform each policy holder of a policy holder's right to search for
 16 and obtain coverage on the voluntary market at any time.
 17 (c) An insurer shall also send written notice of the determination of
 18 eligibility for coverage in the voluntary market made pursuant to
 19 subsection (a) of this section to a policy holder within ten days after
 20 such determination is made.
 21 (d) Any person insured pursuant to this article may file a complaint
 22 with the superintendent regarding any violations of this section by
 23 insurers participating in the assigned risk plan.
 24 § 2. Section 309 of the insurance law is amended by adding a new
 25 subsection (d) to read as follows:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05139-01-5

 S. 3062 2

 1 (d) As part of an examination, the superintendent shall review deter-
 2 minations made pursuant to section five thousand three hundred five of
 3 this chapter regarding the eligibility of policy holders for coverage on
 4 the voluntary market to ensure such determinations are issued in
 5 compliance with such section, that such determinations are based on
 6 sound underwriting and actuarial principles and that policy holders
 7 eligible for coverage in the voluntary market are being provided with
 8 such coverage in compliance with such section.
 9 § 3. This act shall take effect immediately.

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