Bill > A10206

This bill directs the New York State Department of Financial Services, led by the superintendent of financial services, to conduct a comprehensive study on why motor vehicle insurance costs are increasing for New Yorkers. The study will examine no-fault insurance policies in other states, analyze factors contributing to higher insurance costs such as fraudulent claims and rising labor expenses for vehicle repairs, and explore potential legislative changes like shortening time limits for legal actions (statutes of limitation) and setting limits on jury awards. The ultimate goal is to identify ways to lower insurance costs for residents, and the findings and recommendations are to be completed and published on the department's website by September 30, 2027.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A10206