NY A10903

Directs the Department of Financial Services to require insurers to provide premium refunds or adjustments to New York policyholders adversely impacted by COVID-19 for each month during the declared state emergency beginning March 7, 2020.

Applies to seven lines of insurance: private passenger automobile, commercial automobile, workers' compensation, commercial multiple-peril, commercial liability, medical malpractice, and any other coverage where risk measures became substantially overstated due to COVID-19.

Permits insurers to comply through premium credits, reductions, returns of premium, dividends, or other adjustments based on reclassification of exposures or reduction of exposure bases to reflect actual or anticipated exposure.

Requires insurers to provide refunds or adjustments to policyholders no later than 30 days after the act's effective date.

Takes effect immediately and applies retroactively to insurance policies in force on or after March 7, 2020.