Establishes the New York insurance underwriting transparency act; requires material changes to an insured's automobile or homeowners insurance to be explained in clear and useful language.
Requires insurance carriers to provide access to underwriting models or granular claim data to the department of financial services to evaluate underwriting practices and risk assessment methodologies.
Imposes certain requirements for the use of aerial images of an insured property for the purposes of homeowners' insurance; requires certain notices and appeals process.
Imposes certain requirements for the use of aerial images of an insured property for the purposes of homeowners' insurance; requires certain notices and appeals process.
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.
Prohibiting the use of credit information in underwriting and rating personal automobile and homeowners insurance policies and prohibiting certain surveillance practices by insurers.
Establishes "Car Insurance Reduction Act"; modifies current law addressing requirements of automobile insurers for underwriting rate calculations and reductions, and reporting requirements to State.