Bill Text: NY S02685 | 2023-2024 | General Assembly | Introduced

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Bill Title: Relates to the creation of a study of the minimum coverage amounts for non-commercial auto insurance.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - REFERRED TO INSURANCE [S02685 Detail]

Download: New_York-2023-S02685-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2685

                               2023-2024 Regular Sessions

                    IN SENATE

                                    January 24, 2023
                                       ___________

        Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Insurance

        AN ACT relating to the creation of  a  study  of  the  minimum  coverage
          amounts for non-commercial auto insurance

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

     1    Section 1. The department of financial services shall conduct a  study
     2  of  the  minimum  coverage  amounts for liability and uninsured motorist
     3  coverage currently required under article 3 of the vehicle  and  traffic
     4  law  for  non-commercial  auto  insurance in New York state, the minimum
     5  amount of no-fault coverage required by article 51 of the insurance law,
     6  and additional coverage options, including but not limited to comprehen-
     7  sive, collision, and supplemental uninsured/underinsured motorist cover-
     8  age.  In conducting this study, such department shall  consider  whether
     9  the  current minimum coverage amounts are adequate to protect consumers;
    10  whether and to what extent consumers purchase higher  coverage  amounts;
    11  the  impact higher coverage amounts have on premiums, claims processing,
    12  and consumer satisfaction; and any other factors such  department  deems
    13  relevant.  Such  department  shall  consult  with relevant stakeholders,
    14  including insurance companies, insurance  producers,  consumer  advocacy
    15  groups,  and any other person or entity such department deems necessary.
    16  Such department shall issue a report of its findings as well  as  recom-
    17  mendations  as  to  whether  the  required  minimum coverage amounts for
    18  liability,  uninsured  motorist  coverage,  and   no-fault   should   be
    19  increased, the extent to which such amounts should be increased, and the
    20  impact  this  would  have  on premiums. Such department shall submit its
    21  report to the governor, the  temporary  president  of  the  senate,  the
    22  speaker  of  the  assembly,  and  the  chairs of the senate and assembly
    23  standing committees on insurance no later than April 15, 2025.
    24    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04749-01-3