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NY A04462
Bill
Status
2/4/2025
Primary Sponsor
Clyde Vanel
Click for details
AI Summary
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Requires insurers in the assigned risk plan to review risk profiles of all assigned policyholders within 90 days of the law's effective date and every two years thereafter to determine eligibility for voluntary market coverage
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Mandates insurers write voluntary market motor vehicle insurance for any policyholder determined eligible upon policy renewal
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Requires insurers to send written notice to policyholders at least 30 days before conducting the eligibility review, including information about their right to seek voluntary market coverage independently
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Requires insurers to notify policyholders of eligibility determinations within 10 days after the determination is made
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Authorizes the Superintendent of Insurance to review these eligibility determinations during examinations to ensure compliance with sound underwriting and actuarial principles
Legislative Description
Requires that an insurer participating in the assigned risk plan shall review the risk profiles of each policy holder that has been assigned to such insurer through the plan to determine if such policy holders are eligible for motor vehicle insurance coverage written by such insurer in the voluntary market.
Last Action
referred to insurance
1/7/2026