Bill > S05235

This bill directs the New York Department of Financial Services to conduct a comprehensive study of minimum auto insurance coverage requirements for non-commercial vehicles. The study will examine current liability, uninsured motorist, and no-fault insurance coverage minimums under state law, and evaluate whether these amounts adequately protect consumers. The department will investigate how many consumers purchase coverage beyond the minimum requirements, analyze the impact of higher coverage amounts on insurance premiums and consumer satisfaction, and consult with stakeholders including insurance companies, insurance producers, and consumer advocacy groups. By April 15, 2027, the department must submit a detailed report to key state officials, including the governor and legislative leaders, with findings and recommendations about potentially increasing minimum coverage amounts and the potential premium implications of such increases. The bill emphasizes a data-driven approach to assessing and potentially updating auto insurance coverage standards to better protect New York state residents.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S5235