New York A 5811: Enacts the "construction insurance transparency act of 2025"

Bill Text

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A05811 Summary:

BILL NOA05811 

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SAME ASSAME AS S08200

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SPONSORBronson

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COSPNSRSteck, Stirpe, Magnarelli, Weprin, Dinowitz, Colton, Jacobson, Brabenec, McMahon, Seawright, Cruz,
 Otis, Rosenthal, Simon, Tapia, Giglio, Hevesi, Hooks

&nbsp

MLTSPNSR

&nbsp

Add §346, Ins L

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Enacts the "construction insurance transparency act" to require insurers providing coverage for liability under the scaffold law to report, on an annual basis, to the superintendent of financial services relating to its finances and claims paid thereunder.

Go to top A05811 Actions:

BILL NOA05811 

&nbsp

02/20/2025referred to insurance

01/07/2026referred to insurance

Go to topA05811 Committee&nbspVotes:

Go to topA05811 Floor&nbspVotes:

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

Go to topA05811 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5811

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 20, 2025
 ___________

 Introduced by M. of A. BRONSON, STECK, STIRPE, MAGNARELLI, WEPRIN,
 DINOWITZ, COLTON, JACOBSON, BRABENEC, McMAHON, SEAWRIGHT, CRUZ, OTIS,
 ROSENTHAL, SIMON, TAPIA, GIGLIO -- read once and referred to the
 Committee on Insurance

 AN ACT to amend the insurance law, in relation to enacting the
 "construction insurance transparency act of 2025" requiring all insur-
 ers which issue policies of liability insurance insuring against
 claims made in reliance upon the duty imposed by the "scaffold law" 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. This act shall be known and may be cited as the
 2 "construction insurance transparency act of 2025".
 3 § 2. Declarations of legislative findings. The legislature hereby
 4 finds and declares that persons, corporations, associations or other
 5 business entities which issue policies of liability insurance insuring
 6 an owner of real property or a contractor who is performing work and
 7 services on real property against claims made in reliance upon the
 8 duties imposed upon such parties by section 240 of the labor law,
 9 commonly referred to as the "scaffold law", owe an obligation to the
 10 public, to those they insure and to those who may in the future be
 11 insured by them, to fully disclose in a public and transparent manner
 12 all elements relating to the premiums paid for such insurance, the meth-
 13 od and manner in which such premiums are determined and imposed upon
 14 insureds, and claims made by injured persons who rely on owners and
 15 contractors to provide a safe and secure worksite as required in such
 16 section of such law. It is essential that the public be made aware of
 17 such an insurer's responsibility to inform them of their financial
 18 condition and solvency, and the details and specifics of the factors and
 19 circumstances behind its financial solvency as well as the basis for the

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05923-01-5

 A. 5811 2

 1 rates they charge to owners and contractors to obtain such coverage. The
 2 determination of premiums for such liability insurance policy in this
 3 state has, unfortunately, gone on too long in obscurity, with even those
 4 who bear the cost of premiums unable to learn why prices are set as they
 5 are. As a matter of public trust, liability insurers should be required
 6 to make the public aware of the pertinent facts related to their premium
 7 determinations and financial solvency by disclosing all the pertinent
 8 facts as provided for in this section. It is the further sense of the
 9 legislature that this data should be disclosed in an open and public
 10 manner, and should be made available without undue cost and delay.
 11 § 3. The insurance law is amended by adding a new section 346 to read
 12 as follows:
 13 § 346. Financial statement and detailed claim data to be filed with
 14 the superintendent. (a) For purposes of this section, the term "insurer"
 15 shall mean any person, corporation, association or other business entity
 16 which issues a policy of liability insurance insuring a contractor o