Requires the superintendent of financial services to conduct a review of mandated benefits in effect as of December 31, 2025 and their impact on insurance premiums and to conduct a cost analysis of legislation mandating new insurance benefits to examine the impact on insurance premiums prior to the adoption of such legislation.
Impact
Another critical component of A08364 is the requirement for a cost analysis to be performed prior to the adoption of any new legislation mandating insurance benefits. This means that any bill proposing new mandated benefits must undergo scrutiny to assess its potential effect on insurance premiums before it can be enacted. The bill effectively delays the implementation of such legislation until the superintendent's analysis is completed and made publicly accessible, thereby potentially reshaping how new insurance mandates are approached legislatively.
Summary
A08364 is a legislative measure that mandates the superintendent of financial services in New York to evaluate the state's required insurance benefits as they stand by December 31, 2024. This bill aims to assess both the individual and cumulative financial burdens imposed by these mandates on insurance premiums. The superintendent is tasked with producing a detailed report within one year post-enactment, focusing on how these mandated benefits impact insurance costs in the state. Through these evaluations, the bill seeks to bring transparency to the financial implications of existing insurance mandates.
Contention
Debate surrounding A08364 revolves around concerns of balancing consumer protections with the financial realities of insurance providers. Proponents of the bill argue that it is necessary to ensure that new benefits do not lead to excessive insurance costs for consumers and businesses alike. They assert that through careful analysis and reporting, lawmakers can make informed decisions that will prevent unnecessary financial burdens. However, detractors may argue that the requirement for preemptive cost analysis could stifle legislative efforts to expand insurance coverage, especially in areas where additional benefits are critical for public welfare.
Same As
Requires the superintendent of financial services to conduct a review of mandated benefits in effect as of December 31, 2025 and their impact on insurance premiums and to conduct a cost analysis of legislation mandating new insurance benefits to examine the impact on insurance premiums prior to the adoption of such legislation.
Requires the superintendent of financial services to conduct a review of mandated benefits in effect as of December 31, 2025 and their impact on insurance premiums and to conduct a cost analysis of legislation mandating new insurance benefits to examine the impact on insurance premiums prior to the adoption of such legislation.
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.
Requires health insurance commissioner to conduct a review of health insurance benefit mandates, including an analysis of the impact on premium costs, conducted every 5 yrs and report findings and recommendations to governor, senate president and speaker.
Requires health insurance commissioner to conduct a review of health insurance benefit mandates, including an analysis of the impact on premium costs, conducted every 5 yrs and report findings and recommendations to governor, senate president and speaker.
Requires fiscal notes to be included on any bill which imposes a new mandated insurance benefit or service; expands an existing mandated insurance benefit or service, or adds, expands or requires coverage of any benefit or service under the Medicaid fee-for-service program; requires such fiscal notes to include an actuarial analysis of the potential impact on insurance premiums as a result of such new or expanded mandated insurance benefit or service.
Creates the New York health benefit and cost commission to review and report on utilization rates, public and patient health effects, and impact on premiums and access to health care and health coverage of all existing and proposed mandated health benefits.
Directs the New York state department of financial services to conduct a study on the rising costs of motor vehicle insurance in the state which shall include certain analyses and recommendations.