Bill > A03106

This bill directs the New York Department of Financial Services to conduct a comprehensive study of non-commercial auto insurance minimum coverage requirements. The study will examine current liability, uninsured motorist, and no-fault coverage minimums under existing state law, and evaluate whether these amounts adequately protect consumers. The department will analyze how many consumers purchase coverage beyond the minimum, investigate the impact of higher coverage amounts on insurance premiums, claims processing, and consumer satisfaction, and consult with stakeholders including insurance companies, producers, and consumer advocacy groups. By April 15, 2027, the department must submit a detailed report to key state leaders, including the governor and legislative leaders, with findings and specific recommendations about potentially increasing minimum coverage amounts and the potential premium implications of such increases. The bill emphasizes a data-driven approach to understanding and potentially improving auto insurance protection for New York residents.

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https://www.nysenate.gov/legislation/bills/2025/A3106