Bill > S04155

This bill requires the Superintendent of Financial Services to conduct a review of the classification used by authorized insurers in New York State for issuing auto insurance coverage for commuter vans, ambulette or paratransit vehicles, including coverage in the assigned risk plan. The review will include determining whether the assumed risks used in the calculation of premiums for these vehicles are appropriate, whether the current classification and risk assessment are the most cost-effective, and the cost differential between the premium for being classified as "other buses" versus being classified as a commuter van or ambulette/paratransit vehicle. If the premium for "other buses" is greater, the Superintendent must determine whether a new classification for commuter vans or ambulette/paratransit vehicles should be created and require insurers to use it.

Business and Industry

https://www.nysenate.gov/legislation/bills/2021/S4155