Bill > S08350

This bill directs the Department of Financial Services (DFS), in collaboration with the Department of Transportation (DOT), to conduct a comprehensive study and prepare a report examining the fair market value of labor rates for services that are typically covered under motor vehicle insurance policies. The study must be completed and a detailed report submitted within one year of the bill's effective date, with the report to be sent to key state leadership including the Governor, the temporary president of the senate, and the speaker of the assembly. The report is expected to not only present the findings of the study but also include recommendations for potential regulatory or legislative actions that could address any disparities or issues identified in current labor rate practices for motor vehicle insurance services. The bill takes effect immediately upon passage, indicating an urgent or time-sensitive nature to understanding and potentially reforming labor rate practices in the motor vehicle insurance industry.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S8350