NY A04535

Requires the superintendent of financial services to review how authorized insurers classify commuter vans and ambulette/paratransit vehicles for auto insurance purposes, including in the assigned risk plan.

Superintendent must examine whether assumed risks used in premium calculations are appropriate and whether current classifications are the most cost-effective based on actual risks.

Superintendent must compare premiums charged for "other buses" classification versus commuter van or paratransit vehicle classification and analyze cost differences.

If "other buses" classification results in higher premiums than commuter van or paratransit vehicle classification, superintendent may require creation of a new classification and mandate insurers use it for all new policies and renewed policies.

Superintendent must complete the review and submit findings to the governor, legislature, and relevant committee chairs within 150 days of the law's effective date (90 days for review completion, 60 days for report submission).