Authorizes the superintendent of financial services to hire an actuary to assist with reviewing any rate or form filing submitted to the superintendent.
Impact
The proposed changes under A04259 will have significant implications for how insurance filings are reviewed and processed in the state. With the inclusion of actuaries in this review process, there is an expectation that rate filings will be subject to a higher level of scrutiny. This could potentially lead to more informed decision-making regarding insurance rates and forms, ultimately benefiting consumers by ensuring fair pricing practices.
Summary
Bill A04259 amends the insurance law in New York to authorize the superintendent of financial services to engage actuaries for the review of rate or form filings submitted to the office. This provision is aimed at enhancing the regulatory review process by ensuring that there are qualified professionals available to assess various insurance filings accurately. By allowing the superintendent to hire actuaries, the bill seeks to bolster the integrity and accuracy of the insurance system overall.
Contention
There may be some contention regarding the financial implications of this bill, particularly concerning who bears the costs associated with hiring actuaries. The bill states that the entity that submits the filing to the superintendent will be responsible for paying these costs. Critics might argue that this could create an additional financial burden on insurance companies, which could in turn be passed down to consumers in the form of higher premiums. Thus, although the bill aims to improve regulatory oversight, it raises questions about affordability for both insurers and policyholders.
Same As
Authorizes the superintendent of financial services to hire a consultant to assist with reviewing any rate or form filing submitted to the superintendent.
Authorizes the superintendent of financial services to hire a consultant to assist with reviewing any rate or form filing submitted to the superintendent.
Directs the superintendent of financial services to conduct a study examining the feasibility of 40- and 50-year mortgages in the state of New York; requires such superintendent to submit a report of findings.
Provides for the establishment of residential home safety and loss prevention courses certified by the superintendent of financial services; requires insurers to provide actuarially appropriate discounts on fire and homeowners insurance premiums to those homeowners who have completed a residential home safety and loss prevention course; directs the superintendent of financial services to promulgate such rules and regulations as are necessary to implement such program and specifies certain matters which must be included in such rules and regulations; requires the superintendent of financial services to issue a report thereon.
Provides that persons engaged in activity for which a license or other authorization from the superintendent of financial services is required under the banking law or financial services law will be subject to a civil penalty.
Provides that persons engaged in activity for which a license or other authorization from the superintendent of financial services is required under the banking law or financial services law will be subject to a civil penalty.
Provides equal retirement benefits for persons who have been appointed to the title of correction lieutenant, correction captain, deputy assistant superintendent and superintendent in the department of corrections and community supervision.
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.
Requires all motor vehicle insurers to file annual detailed financial and claim data statements with the superintendent of financial services; provides all such statements shall be made available to the public.
Directs the superintendent of financial services to conduct a comprehensive study on mandatory health insurance coverage benefits within the state as compared to other states and the impacts of removing such requirements.