New YorkNew York insurers would share models or claim records with state reviewers
The superintendent could request insurers’ risk models for state review, or detailed claim records if those models are unavailable.
What it does
When the superintendent requests it, New York property and casualty insurers would let agreed-upon state staff review their risk and pricing models. If a model is unavailable, the insurer would provide detailed claim records so the department can assess its methods.
State staff would have to protect shared information and use it only for regulatory work. An insurer that fails to comply could face fines, suspension, or loss of its license.
Argument forState reviewers could better assess insurers’ risk and coverage methods by examining their models or, if those are unavailable, detailed claim records.
Argument againstInsurers might worry that sharing detailed models or claim records could expose sensitive business information, even though staff must protect it and use it only for regulatory work.
More detail
Insurers would give agreed-upon department staff access to their underwriting models when the superintendent requests it. This applies to every property and casualty insurer authorized to do business in New York. The superintendent must designate the department staff, and the insurer must agree to them. The proposed rules would take effect 90 days after the act becomes law. A request from the superintendent triggers access to a model.
Department staff would protect information received under this section and use it only for regulatory work; an insurer’s failure to comply would be a violation that may bring penalties. These rules cover information shared under this section and insurers subject to it. Confidentiality protections must follow applicable state and federal law. Penalties may include fines, suspension, or revocation of the insurer’s license. The proposed rules would take effect 90 days after the act becomes law.
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Where it stands
- Introduced
- Passed 1st Chamber
- Passed 2nd Chamber
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 16REFERRED TO INSURANCEIntroduced
Consumer Protection