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Bill > S04082


NY S04082

NY S04082
Prohibits motor vehicle insurers from discrimination on the basis of socioeconomic factors in determining algorithms used to construct actuarial tables, coverage terms, premiums and/or rates.


summary

Introduced
01/31/2025
In Committee
01/31/2025
Crossed Over
Passed
Dead

Introduced Session

2025-2026 General Assembly

Bill Summary

AN ACT to amend the insurance law, in relation to prohibiting motor vehicle insurers from discriminating based on socioeconomic factors

AI Summary

This bill prohibits motor vehicle insurers operating in New York from using various socioeconomic factors when determining insurance rates, premiums, coverage terms, and actuarial calculations. Specifically, the bill prevents insurers from considering factors such as age, marital status, sex, sexual orientation, educational background, employment status, income level, consumer credit information, property ownership, price sensitivity, and other indicators of socioeconomic status. The legislation would make it unlawful for insurance companies to use these factors to adjust algorithms for calculating insurance costs, discriminate between individuals in premiums or coverage terms, charge different rates for similar cases, or refuse to issue, renew, or sell insurance policies. The goal is to prevent potential discrimination in motor vehicle insurance pricing and ensure more equitable access to insurance coverage by prohibiting the use of socioeconomic characteristics that could unfairly impact an individual's ability to obtain or afford insurance. The bill would take effect immediately upon passage.

Committee Categories

Business and Industry

Sponsors (4)

Last Action

REFERRED TO INSURANCE (on 01/31/2025)

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