Bill > S01655

This bill requires all motor vehicle insurance companies to file comprehensive annual financial statements and detailed claim data with the New York State Superintendent of Financial Services, aimed at increasing transparency in the insurance industry. The annual reports, due by April 1st each year, must include detailed financial information broken down by specific insurance lines (such as private passenger and commercial automobile coverage), comprehensive expense disclosures including salaries of the top 20 highest-compensated employees, and a synopsis of claims and settlements categorized by insurance type and zip code. The superintendent will be required to make these statements publicly available on the department's website in both written and electronic (Excel) formats, with aggregated claim data that does not identify specific insurers, defendants, or plaintiffs. The bill mandates that the chief executive officer of each insurer must sign and attest to the accuracy of these reports, and imposes potential penalties of up to $50,000 for non-compliance, including potential suspension of the right to issue new policies. By July 1st each year, the superintendent must also issue summary reports of the collected information and distribute them to key legislative leaders. The underlying intent is to provide consumers with more transparent information about insurance companies' financial practices and claims histories to help them make more informed insurance choices.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S1655