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NY S09281
Bill
Status
2/24/2026
Primary Sponsor
James Skoufis
Click for details
AI Summary
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Requires prior approval from the superintendent for rate filings on commercial property insurance, commercial general liability insurance, and personal residential property insurance, with a 30-day review period extendable up to 75 days
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Mandates insurers provide written explanations on premium bills or declarations pages for premium increases on covered policies, including primary rating factors and material changes that prompted the rate increase request
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Requires homeowners' insurance companies with at least $10 million in average annual gross written premiums over two years to refile rates if their actual loss ratio falls below a benchmark set by the superintendent for two consecutive years
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Directs the superintendent to mandate rate reductions for homeowners' insurers whose loss ratios fall below benchmark AND investment returns exceed benchmark for two consecutive calendar years
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Takes effect in phases: rate filing requirements begin 180 days after enactment, premium explanation requirements begin 90 days after enactment
Legislative Description
Requires rate filings for prior approval for commercial property insurance, commercial general liability insurance, and personal residential property insurance; requires insurers provide written explanations for premium increases in certain covered policies; requires certain insurers of homeowners' insurance to refile its homeowners' insurance rates and, in certain circumstances, be required to reduce rates.
Last Action
REFERRED TO INSURANCE
2/24/2026