Bill > S08200

This bill enacts the "Construction Insurance Transparency Act of 2025", which requires insurers providing liability coverage under the "scaffold law" (Section 240 of the Labor Law) to submit detailed annual financial reports to the superintendent of financial services. The reports must include comprehensive information about insurance premiums, claims, expenses, and financial performance specifically related to scaffold law coverage. Insurers must provide a breakdown of costs, including premium assessments, paid judgments, settlements, case reserves, defense expenses, claim statistics, and risk management efforts. The reports must be filed by April 1st each year, covering the previous calendar year, and initially must include data from the past ten years. The superintendent is required to make these reports publicly available on their website in an easily accessible, plain language format. The bill also mandates that the superintendent issue annual reports summarizing the collected data and providing recommendations for improving worksite safety. Insurers who fail to comply may face penalties up to $50,000, potential suspension of policy issuance, or mandatory audits. The goal is to increase transparency in how insurers determine premiums and manage claims related to workplace safety and liability.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S8200