NY A10115

Department of Financial Services shall conduct a study of minimum coverage amounts for liability, uninsured motorist coverage, and no-fault insurance required under New York vehicle and traffic law and insurance law for non-commercial auto insurance.

Study shall evaluate whether current minimum coverage amounts adequately protect consumers, extent of consumer purchases of higher coverage amounts, and impact of higher coverage on premiums, claims processing, and consumer satisfaction.

Department shall consult with insurance companies, insurance producers, consumer advocacy groups, and other relevant stakeholders during the study.

Department shall issue a report with findings and recommendations regarding whether minimum coverage amounts for liability, uninsured motorist coverage, and no-fault should be increased and the impact on premiums.

Report must be submitted to the governor, temporary president of the senate, speaker of the assembly, and chairs of senate and assembly insurance committees no later than April 15, 2015.