Bill > A04156

This bill amends the New York insurance law to require insurance companies to provide notice of a new premium quote for commercial insurance policy renewals at least ninety days before the policy's expiration date. Currently, the law mandates that policy renewal notices be mailed or delivered between sixty and one hundred twenty days before the policy expires, with some exceptions for excess liability policies and jumbo risk policies. The new provision specifically adds a requirement that for commercial insurance policies, insurers must send the renewal premium quote notice no less than ninety days prior to the policy's expiration. This change aims to give businesses more advance notice and time to review and potentially negotiate their insurance policy terms before the current policy expires. The bill will take effect immediately upon becoming law, providing businesses with earlier information about potential changes in their insurance premiums and giving them more time to make informed decisions about their commercial insurance coverage.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A4156