Bill > A07637

This bill requires the superintendent of financial services to obtain actuarial certification for premium rate determinations in insurance policies. Specifically, the legislation mandates that an actuary designated by the superintendent, who meets qualification standards from the American Academy of Actuaries, must certify rate determinations by following practice standards established by the Actuarial Standards Board. The actuary must describe in detail the actuarial assumptions and methods used in the rate determination process. The bill amends existing insurance law to ensure that when insurers submit rate filings or applications to increase or decrease premiums, the superintendent's decision must be supported by sound actuarial assumptions and methods. Additionally, the bill requires insurers to provide written notice to policyholders about proposed rate adjustments and gives the superintendent the authority to approve, modify, or disapprove rate filings based on whether the premiums are reasonable, excessive, inadequate, or unfairly discriminatory. The goal of the bill is to add an extra layer of professional review and transparency to insurance rate-setting processes, ensuring that rate decisions are based on rigorous actuarial analysis.

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https://www.nysenate.gov/legislation/bills/2025/A7637