Bill > A08364

This bill requires the superintendent of financial services (a state official responsible for overseeing insurance and financial regulations) to perform two key tasks: First, the superintendent must review all insurance mandates (legally required benefits) in effect as of December 31, 2024, and produce a detailed report analyzing how these individual and cumulative mandates impact insurance premium costs. This report will be due one year after the law takes effect. Second, before any new legislation mandating insurance benefits can be considered fully enacted, the superintendent must conduct a comprehensive cost analysis examining how these proposed benefits would affect insurance premiums. New legislation will not be deemed fully in force until this cost analysis is completed and made publicly available for review and comment. The goal of these requirements is to provide transparency and ensure that policymakers understand the potential financial implications of mandated insurance benefits before they are implemented, potentially helping to control rising insurance costs.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A8364