Bill Text: NY A00840 | 2023-2024 | General Assembly | Introduced

New York Assembly Bill 840

Introduced

Bill Title: Establishes as a distinct territory for purposes of rating private passenger nonbusiness automobile insurance policies, a certain city with a population between 19,040 and 25,000 which is geographically contiguous to a city with a population between 292,648 and 350,000; provides that the superintendent may require insurers to adjust existing or establish new territory definitions based on such review.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - referred to insurance [A00840 Detail]

Download: New_York-2023-A00840-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                           840

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 11, 2023
                                       ___________

        Introduced  by  M. of A. PEOPLES-STOKES -- read once and referred to the
          Committee on Insurance

        AN ACT to amend the insurance law, in relation to providing for a review
          of certain existing  rating  territory  definitions  for  non-business
          automobile insurance policies

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 2307 of the insurance law is amended  by  adding  a
     2  new subsection (f) to read as follows:
     3    (f)  (1)  Notwithstanding  any other provision of law, with respect to
     4  non-business automobile insurance  policies,  the  superintendent  shall
     5  undertake  a  thorough  review  of rating territory definitions and rate
     6  implications of current territorial definitions in use  in  this  state,
     7  with  particular  focus  on changing demographics, borderline zip codes,
     8  territorial groupings, and alternative approaches to achieving homogene-
     9  ity.
    10    (2) Based on such review, the superintendent may require  insurers  to
    11  adjust  existing  or establish new territory definitions and to use such
    12  adjusted or new territories in relation to such policies.
    13    (3) With respect to such review and any requirements made pursuant  to
    14  this  section,  the  superintendent  shall  first focus on cities with a
    15  population of more than nineteen thousand forty but  less  than  twenty-
    16  five  thousand  having  had a decrease in traffic density and accidents,
    17  which are geographically contiguous with a city  with  a  population  of
    18  more  than  two  hundred ninety-two thousand six hundred forty-eight but
    19  less than three hundred fifty thousand.
    20    (4) The superintendent shall report to the governor and  the  legisla-
    21  ture on such review and actions taken pursuant to this subsection.
    22    § 2. The review required by section one of this act shall be completed
    23  by  July  first  in  the year next succeeding the year in which it shall
    24  have become law, and the report required by  section  one  of  this  act
    25  shall  be submitted no later than December thirty-first in the year next
    26  succeeding the year in which it shall have become law.
    27    § 3. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00060-01-3