Bill > S05979

This bill enacts the "New York slavery era business and state procurement disclosure act," which requires insurers and companies seeking state contracts to report on their historical connections to slavery. Specifically, insurers with annual revenues of at least $1 million must report any insurance policies issued to slaveholders during the slavery era that provided coverage for slaves, including details such as policy owners, beneficiaries, and policy values. The bill defines "descendants of slaves" as people whose ancestors were forcibly enslaved and treated as property. For state procurement, contractors must certify that they have searched their records for any slavery era financing and are not on a list of entities with historical ties to slavery. The commissioner of the state will develop and maintain this list, updating it every 180 days and posting it publicly. If a contractor is found to have made a false certification or is identified on the slavery era financing list, the state can take actions such as imposing sanctions, seeking compliance, recovering damages, or declaring the contractor in default. The bill aims to increase transparency about historical economic benefits derived from slavery and provide accountability for businesses with such connections.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S5979