Bill
Bill > S04490
NY S04490
NY S04490Enacts the "construction insurance transparency act" to require insurers providing coverage for liability under the scaffold law to report, on an annual basis, to the superintendent of financial services relating to its finances and claims paid thereunder.
summary
Introduced
02/05/2021
02/05/2021
In Committee
01/05/2022
01/05/2022
Crossed Over
Passed
Dead
12/31/2022
12/31/2022
Introduced Session
2021-2022 General Assembly
Bill Summary
AN ACT to amend the insurance law, in relation to enacting the "construction insurance transparency act of 2021" requiring all insurers which issue policies of liability insurance insuring against claims made in reliance upon the duty imposed by the "scaffold law" to file annual financial statements and detailed claim data with the superintendent of financial services
AI Summary
This bill enacts the "Construction Insurance Transparency Act of 2021" to require insurers providing liability coverage under the "scaffold law" (Section 240 of the Labor Law) to annually report detailed financial and claims data to the Superintendent of Financial Services. The bill aims to increase transparency around the cost and factors behind these insurance premiums. Key provisions include requiring insurers to disclose their premium assessments, claim payouts, reserves, expenses, and other financial and claims details specific to this coverage. The Superintendent is also required to analyze and publicly report on this data annually, and to make the data publicly accessible. Penalties are included for insurers that fail to comply with the reporting requirements.
Committee Categories
Business and Industry
Sponsors (6)
Andrew Lanza (R)*,
Daphne Jordan (R),
Michael Martucci (R),
Mario Mattera (R),
Gustavo Rivera (D),
Alexis Weik (R),
Last Action
REFERRED TO INSURANCE (on 01/05/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2021/S4490 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S04490&term=2021&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S04490 |
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