Bill > A04259

This bill authorizes the superintendent of financial services to hire an actuary to assist with reviewing rate or form filings submitted under article thirty-four of the insurance law. Specifically, the bill allows the superintendent to engage the services of an actuary they deem necessary to help review these filings. Importantly, the cost of hiring such an actuary will be directly paid by the person or entity who submitted the filing, not by the government. The legislation is temporary, with the provisions set to take effect immediately and automatically expire on January 1, 2029. An actuary is a professional who analyzes the financial costs of risk and uncertainty, typically using mathematics, statistics, and financial theory, making them particularly useful in reviewing insurance-related documents and rates. This bill provides the superintendent with additional expert resources to thoroughly examine insurance filings and ensure they meet regulatory standards.

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https://www.nysenate.gov/legislation/bills/2025/A4259