Bill > S05321

This bill amends the New York insurance law by adding a new section that authorizes the superintendent of financial services to hire external consultants to help review rate or form filings submitted to their office. Under this legislation, when the superintendent determines that a consultant is necessary to assist with reviewing insurance-related filings, the person or company who originally submitted the filing will be responsible for directly paying the consultant's fees. This provision essentially allows the financial services department to bring in specialized expertise to help evaluate complex insurance documents, with the cost of such external review being covered by the entity seeking approval, not by taxpayer funds. The bill is designed to provide the superintendent with additional flexibility in conducting thorough and expert reviews of insurance rates and forms, potentially improving the regulatory oversight of insurance products in New York State.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S5321