Bill > S05236

This bill requires that certain insurance rate determinations made by the New York State Superintendent of Financial Services be certified by an actuary who meets specific professional standards. The bill amends existing insurance law to mandate that all premium rate determinations must be reviewed and certified by an actuary designated by the superintendent, who must meet qualification standards established by the American Academy of Actuaries and follow practice standards set by the Actuarial Standards Board. The actuary must provide a detailed description of the actuarial assumptions and methods used in the rate determination. This means that when insurance companies submit rate filings or applications to increase or decrease premiums, the superintendent's approval process will now require a professional actuarial review and certification. The goal appears to be adding an extra layer of technical expertise and transparency to insurance rate-setting, ensuring that rate changes are based on sound mathematical and statistical principles. The bill applies to both insurance policies and contracts, and it provides specific guidelines for how rate adjustments should be communicated to policyholders and reviewed by the superintendent. The changes aim to protect consumers by ensuring that premium rates are thoroughly and professionally analyzed before being approved.

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https://www.nysenate.gov/legislation/bills/2025/S5236