NY A02577

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, examine consumer purchasing patterns for higher coverage amounts, and assess impacts of higher coverage on premiums, claims processing, and consumer satisfaction.

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

Department shall issue a report with findings and recommendations on whether minimum coverage amounts for liability, uninsured motorist coverage, and no-fault should be increased, by how much, and what impact increases would have on premiums.

Report must be submitted to the Governor, temporary president of the Senate, Speaker of the Assembly, and chairs of the Senate and Assembly standing committees on insurance no later than April 15, 2025.