Bill > A03028

This bill amends the insurance law to allow domestic insurers and licensed United States branches of alien insurers to maintain their required records electronically, instead of solely in physical form at their principal office in the state. Specifically, insurers can now store books, charter documents, by-laws, shareholder records, and meeting minutes on internet-accessible servers, either internally hosted by the insurer or its affiliates or externally through a third-party service provider. The key requirement is that these electronic records must be easily accessible from the insurer's principal office in the state and must comply with all applicable state and federal laws and regulations. This change provides insurers with more flexibility in record-keeping while maintaining the essential requirement that important corporate and financial documents remain readily available for inspection and review. The bill aims to modernize record-keeping practices in the insurance industry by acknowledging the growing use of digital storage and access technologies.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A3028