New York S 9281: Requires prior approval of certain rates; requires insurers provide written explanations for certain premium increases; and authorizes the refiling of certain rates

Bill Text

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S09281 Summary:

BILL NOS09281 

&nbsp

SAME ASSAME AS A11298

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SPONSORSKOUFIS

&nbsp

COSPNSRKAVANAGH

&nbsp

MLTSPNSR

&nbsp

Amd §2305, add §§2354 & 2355, Ins L

&nbsp

Requires rate filings for prior approval for commercial property insurance, commercial general liability insurance, and personal residential property insurance; requires insurers provide written explanations for premium increases in certain covered policies; requires certain insurers of homeowners' insurance to refile its homeowners' insurance rates and, in certain circumstances, be required to reduce rates.

Go to top S09281 Actions:

BILL NOS09281 

&nbsp

02/24/2026REFERRED TO INSURANCE

Go to topS09281 Committee&nbspVotes:

Go to topS09281 Floor&nbspVotes:

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

Go to topS09281 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 9281

 IN SENATE

 February 24, 2026
 ___________

 Introduced by Sen. SKOUFIS -- 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 rate filings
 for prior approval for commercial property insurance, commercial
 general liability insurance, and personal residential property insur-
 ance; to amend the insurance law, in relation to requiring insurers to
 provide explanations for certain premium increases; and to amend the
 insurance law, in relation to the determination of a benchmark loss
 ratio and investment return benchmark for certain insurers

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

 1 Section 1. Paragraphs 12 and 13 and the closing paragraph of
 2 subsection (b) of section 2305 of the insurance law, as amended by
 3 section 9 of part AAA of chapter 59 of the laws of 2017, are amended and
 4 three new paragraphs 14, 15 and 16 are added to read as follows:
 5 (12) gap insurance; [and]
 6 (13) private passenger automobile insurance, except as provided in
 7 section two thousand three hundred fifty of this article[,];
 8 (14) commercial property insurance;
 9 (15) commercial general liability insurance; and
 10 (16) personal residential property insurance,
 11 shall be filed with the superintendent and shall not become effective
 12 unless either the filing has been approved or thirty days, which the
 13 superintendent may with cause extend an additional thirty days and with
 14 further cause extend an additional fifteen days, have elapsed and the
 15 filing has not been disapproved as failing to meet the requirements of
 16 this article, including the standard that rates be not otherwise unrea-
 17 sonable. After a rate filing becomes effective, the filing and support-
 18 ing information shall be open to public inspection. If a filing is
 19 disapproved, then notice of such disapproval order shall be given, spec-
 20 ifying in what respects such filing fails to meet the requirements of
 21 this article. Upon [his or her] their request, the superintendent shall
 22 be provided with support and assistance from the workers' compensation
 23 board and other state agencies and departments with appropriate juris-

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14700-04-6

 S. 9281 2

 1 diction. The loss cost multiplier for each insurer providing coverage
 2 for workers' compensation, as defined by regulation promulgated by the
 3 superintendent, shall be promptly displayed on the department's website
 4 and updated in the event of any change.
 5 § 2. The insurance law is amended by adding a new section 2354 to read
 6 as follows:
 7 § 2354. Premium increase explanations. An insurer shall include on
 8 either the premium bill or the declarations page the amount of the
 9 premium increase from the prior policy period and a written explanation
 10 for the premium for a covered policy as defined in paragraph one and in
 11 subparagraph (A) of paragraph two of subsection (a) of section three
 12 thousand four hundred twenty-five of this chapter. Such explanation
 13 shall include, but not be limited to, the primary rating factors and
 14 material changes which caused the insurer to request a rate increase
 15 from the de