NY A00332

Requires all insurers issuing liability insurance policies covering scaffold law claims (Labor Law Section 240) to file detailed annual financial statements with the superintendent of financial services by April 1st each year.

Initial financial statements must include data for the prior calendar year plus the previous nine years; subsequent annual statements must separately itemize scaffold law coverage costs from general liability insurance costs.

Financial statements must include 16 specified categories of information including premiums, paid losses, reserves, defense expenses, claims data, investment income, and risk management spending, with the top 20 employee salaries itemized.

Superintendent must make all financial statements and aggregated claim data publicly available on the department website in spreadsheet format and plain English, with claims data separated by zip code and without identifying individual insurers, defendants, or plaintiffs.

Superintendent must issue annual reports by July 1st summarizing collected data and recommending risk management programs; insurers failing to comply face civil penalties up to $50,000 per violation, temporary suspension of policy issuance rights, and mandatory audits paid by the insurer.