NY State Senate Bill 2015-S2987A

Senate Bill S2987A

2015-2016 Legislative Session

Requires all motor vehicle insurers to file annual detailed financial and claim data statements with the superintendent of financial services

download bill text pdf

Archive: Last Bill Status - In Senate Committee Insurance Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Mar 30, 2016	print number 2987a
Mar 30, 2016	amend and recommit to insurance
Jan 06, 2016	referred to insurance
Jan 30, 2015	referred to insurance

Bill Amendments

Original

A (Active)

co-Sponsors

2015-S2987 - Details

See Assembly Version of this Bill:: A328
Current Committee:: Senate Insurance
Law Section:: Insurance Law
Laws Affected:: Add §343, Ins L
Versions Introduced in Other Legislative Sessions:: 2011-2012: S5009, A7603
2013-2014: S1090, A1132
2017-2018: S5510, A1228
2019-2020: A5606
2021-2022: A2504

2015-S2987 - Summary

Requires all motor vehicle insurers to file annual detailed financial and claim data statements with the superintendent of financial services; provides all such statements shall be made available to the public.

2015-S2987 - Sponsor Memo

                                BILL NUMBER:S2987

TITLE OF BILL:

An act to amend the insurance law, in relation to requiring all motor
vehicle insurers to file annual financial statements and detailed
claim data with the superintendent of financial services

PURPOSE OF BILL:

The bill expands upon current insurance reporting laws by providing
for more detailed reporting requirements of automobile insurers
"financial statements" and "closed claims" data.  This enhanced data
collection will provide lawmakers with a source of reliable and
accessible data that will better enable them to evaluate automobile
insurance and assist in providing an optimal product to New York
citizens.

SUMMARY OF PROVISIONS OF BILL:

The proposed language provides for a publicly accessible and neutral
method for the systematic collection of automobile insurers' financial
and closed claims data. The supplemental financial disclosure
requirements stipulate that insurers must provide detailed information
concerning all sources of "income" including, but not limited to, data
on premiums received, investment income, and profit from the sale of

assets. Detailed information regarding expenses must also be provided,
including, expenses actually incurred and paid, normal business
expenses, salaries, commissions, consulting fees, legal expenses, and
advertising costs. A synopsis of the total claims or settlements paid
in each financial statement and specific data on claims that have been
settled with or without a payment (closed claims) must also be
provided.

Additionally, all submitted data must be signed by the insurer's chief
executive officer, attesting its' accuracy. Civil penalties will be
assessed against companies that fail to comply with any of the
provisions of the bill. The proposal also indicates that the insurance
department must make all information publicly available to consumers
on the department's web site.

JUSTIFICATION:

Automobile insurance is a vital part of the New York state economy and
is of high importance to the citizens of New York.  Personal
automobile insurance premiums in 2008 were $9.8 billion.  Commercial
automobile insurance premiums in 2008 were $2.0 billion.  Automobile
liability insurance protects against the possible adverse financial
consequences of being held liable for damage to another person or
another's property. Personal injury protection provides first party
medical benefits when an injury arises from an automobile accident, as
well as, providing other financial benefits such as partial wage loss
reimbursement. Physical damage insurance covers damage to the
policyholder's own vehicle; which is often one the largest financial
assets of a person; as well as being vital to other aspects of a
person's life such as transportation to and from work. A failure to


have fairly priced automobile insurance with adequate benefits from
solvent insurance companies could have dire consequences for New York.

Given the significance of automobile insurance to New York State and
its citizens, the State has a compelling public interest in ensuring
that the parties with a stake in the transactions; policyholders,
insurance companies and the general public; are all treated fairly.
It is also important to ensure that the benefits to citizens are
adequate, that insurance companies have the opportunity to earn a fair
profit, that insurance companies will be able to make good on the
promises contained in insurance policies, and that insurance companies
operate in a fair, efficient, manner. In order for lawmakers to be
able to carefully evaluate various alternatives for achieving these
objectives, it is vital that information about automobile insurance be
available.

There are many entities that give the insurance industry's perspective
on automobile insurance. These entities include Insurance Services
Office (ISO), the Insurance Research Council (IRC) and the Insurance
Information Institute (III). ISO submits filings on behalf of
insurance companies to the Department of Insurance. The IRC is funded
and operated by a consortium of insurance companies which publishes
"studies" which merit careful analysis. A recent IRC publication
regarding automobile injury claims stated "Shifts in treatment
alternatives and increased costs have led to the continued escalation
of medical care expenses." "Total claimed losses and total claim
payments have grown faster than inflation, spurred by increases in
medical expenses" and "Attorney involvement is associated with
extensive medical treatment, elevated claimed losses, and lower net
compensation for claimants."

The III acts as an advocate for the insurance industry. A recent
document by the claims that the New York No-Fault. system is in
"crisis" and "out of control." The III then suggests insurance
industry "solutions" to these alleged "problems." However, it is
impossible to discern the veracity or accuracy of the contentions of
the IRC or the III absent analysis of their underlying data. All of
these insurance industry organizations have access to detailed
financial and claim data that insurance companies do not make
available to the public.

As things currently stand, no independent. and neutral mechanism
exists to determine the root cause of declared insurance "crises" and
policy cancellations. And, because the insurers typically refuse
requests to produce more detailed data, lawmakers and consumers have
to rely on the industry's reports to make policy decisions.

Clearly, independent, objective and accurate data is needed so
lawmakers and the public can conduct. sound analyses in reaching a
public policy decision that impacts millions of New York citizens.
For example, more detailed claim data would help in evaluating the
insurance industry claims that the no-fault system is out of control
and that benefits to consumers need to be restricted. In the absence
of this basic data, it is impossible for lawmakers and consumers to
engage in rational decision-making about insurance industry proposals
that would severely limit consumer rights.


In order to level the playing field, and have a vibrant public
discussion and analysis of the issues involving automobile insurance,
it is critically important that all parties involved in the discussion
of automobile insurance have access to comprehensive information. This
bill takes a step in that direction by starting to make publicly
available certain information that insurance companies have resisted
disclosing.  This bill will provide for the vigilant financial
examination of insurer activities and allows consumers to monitor
insurance industry for fair treatment.

LEGISLATIVE HISTORY:

S.1090 (2014)
S.5009 (2012)

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

None.

EFFECTIVE DATE:

Immediately.

2015-S2987 - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2987

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 30, 2015
                               ___________

Introduced  by  Sen. MARTINS -- read twice and ordered printed, and when
  printed to be committed to the Committee on Insurance

AN ACT to amend the insurance law, in relation to  requiring  all  motor
  vehicle  insurers  to  file  annual  financial statements and detailed
  claim data with the superintendent of financial services

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. This act shall be known and may be cited as the "automobile
insurance sunshine act of 2015".
  S  2.  Legislative  intent.  The legislature hereby finds and declares
that insurance companies issuing motor vehicle policies  in  this  state
owe  a  duty  to  the  consumers they insure and to those who may in the
future be insured by them, to fully disclose in a public and transparent
manner all elements relating to their financial condition and  solvency.
Automobile  use  and operation is a cornerstone of modern life; in fact,
auto insurance is the only coverage most New Yorkers are required by law
to purchase.  New York's consumers have a right to know the details  and
specifics of the factors and circumstances behind the financial solvency
of their insurer as well as the bases for the rates they are required to
pay to retain their legally mandated coverage. The determination of auto
insurance  premiums  in New York has, unfortunately, gone on too long in
obscurity, with those who bear the premium rates unable to learn reasons
why they are set where they are. As a matter of public trust, automobile
liability insurers should make public the  pertinent  facts  related  to
their  premium determinations and financial solvency. It is the sense of
the legislature that this data should be disclosed in an open and public
manner.
  S 3. The insurance law is amended by adding a new section 343 to  read
as follows:
  S  343.  FINANCIAL  STATEMENT AND DETAILED CLAIM DATA TO BE FILED WITH
THE DEPARTMENT.  (A) FOR PURPOSES OF THIS SECTION,  THE  TERM  "INSURER"

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00089-02-5

S. 2987                             2

SHALL MEAN ANY PERSON, CORPORATION, ASSOCIATION OR OTHER BUSINESS ENTITY
AUTHORIZED TO ISSUE A MOTOR VEHICLE INSURANCE POLICY IN THIS STATE.
  (B) ON OR BEFORE APRIL FIRST OF EACH YEAR, EVERY INSURER SHALL PROVIDE
THE SUPERINTENDENT WITH A DETAILED FINANCIAL STATEMENT TO SUPPLEMENT AND
EXPAND  UPON THE INFORMATION CONTAINED IN THE STATUTORY ANNUAL STATEMENT
FOR THE MOST RECENTLY CONCLUDED CALENDAR YEAR. THE  FINANCIAL  STATEMENT
SHALL CONTAIN INFORMATION ON A COMBINED BASIS FOR ALL LINES OF INSURANCE
AS  WELL  AS  INFORMATION  SEPARATELY FOR EACH OF THE FOLLOWING LINES OF
INSURANCE: (1) PRIVATE PASSENGER AUTOMOBILE OTHER LIABILITY, (2) PRIVATE
PASSENGER AUTOMOBILE PERSONAL INJURY PROTECTION, (3)  PRIVATE  PASSENGER
AUTOMOBILE  PHYSICAL  DAMAGE, (4) COMMERCIAL AUTOMOBILE OTHER LIABILITY,
(5) COMMERCIAL AUTOMOBILE PERSONAL INJURY PROTECTION, AND (6) COMMERCIAL
AUTOMOBILE PHYSICAL DAMAGE.  SUCH FINANCIAL STATEMENT SHALL INCLUDE  THE
ENTIRETY  OF  ITS  BUSINESS  ACTIVITIES  CONDUCTED  IN  THIS  STATE,  OR
CONDUCTED OUTSIDE THIS STATE, BUT HAVING A NEXUS TO  INSURANCE  POLICIES
OR  CONTRACTS  OF  INSURANCE  INSURING  PERSONS  OR RISKS IN THIS STATE,
CONSISTENT WITH THE PROCEDURES FOR DETERMINING NEW YORK STATE  INSURANCE
BUSINESS  FOR STATUTORY ANNUAL STATEMENT REPORTING PURPOSES. SUCH STATE-
MENT SHALL BE IN A FORM DETERMINED BY THE SUPERINTENDENT. THE FORM SHALL
BE SUFFICIENTLY ITEMIZED IN A MANNER  THAT  ALLOWS  FOR  AN  ACTUARIALLY
SOUND  ANALYSIS  OF  THE INCOME REALIZED BY THE INSURER FROM ALL SOURCES
DURING SUCH YEAR, INCLUDING BUT  NOT  LIMITED  TO  PREMIUMS,  INVESTMENT
INCOME,  PROFIT FROM SALE OF ASSETS AND ANY OTHER CATEGORY OR CATEGORIES
OF INCOME AS DETERMINED  BY  THE  SUPERINTENDENT  TO  REFLECT  THE  FULL
DISCLOSURE  REQUIREMENTS OF THIS SECTION. AT A MINIMUM, SUCH INFORMATION
SHALL CONSIST OF THE ITEMS SET FORTH IN THE STATEMENT OF INCOME, EXCLUD-
ING THE CAPITAL AND SURPLUS ACCOUNT  SECTION  OF  THE  PROPERTY/CASUALTY
STATUTORY  ANNUAL  STATEMENT,  AS  APPLICABLE  TO THE INSURER'S NEW YORK
STATE BUSINESS, AS WELL AS THE  OTHER  INFORMATION  DELINEATED  IN  THIS
SUBSECTION.  SUCH FINANCIAL STATEMENT SHALL ALSO CONTAIN A COMPREHENSIVE
AND DETAILED DISCLOSURE OF THE INSURER'S EXPENSES ACTUALLY INCURRED  AND
PAID  DURING  SUCH  CALENDAR  YEAR, TO INCLUDE NORMAL BUSINESS EXPENSES,
SALARIES, COMMISSIONS,  CONSULTING  FEES,  LEGAL  EXPENSES,  ADVERTISING
COSTS  AND  ANY  OTHER  CATEGORY  DEEMED PERTINENT TO THE INTENT OF THIS
SECTION. AT A MINIMUM, THE EXPENSE INFORMATION REQUIRED SHALL CONSIST OF
THE ITEMS SET FORTH IN THE UNDERWRITING AND INVESTMENT EXHIBIT - PART  3
-  EXPENSES  OF  THE  PROPERTY / CASUALTY STATUTORY ANNUAL STATEMENT, AS
APPLICABLE TO THE INSURER'S NEW YORK STATE  BUSINESS.  WITH  RESPECT  TO
SALARIES (INCLUDING ALL OTHER FORMS OF COMPENSATION), EACH INSURER SHALL
ITEMIZE  THE  SALARY  OF THE TWENTY MOST HIGHLY COMPENSATED EMPLOYEES OF
SUCH INSURER DURING SUCH YEAR, PROVIDED THAT THE NAME OF SUCH  EMPLOYEES
NEED  NOT  BE DISCLOSED. SUCH FINANCIAL STATEMENT SHALL ALSO PROVIDE THE
PUBLIC WITH A SYNOPSIS OF CLAIMS OR SETTLEMENTS PAID  PURSUANT  TO  SUCH
POLICIES  OR CONTRACTS, LISTING THE TOTAL OF SUCH CLAIMS AND SETTLEMENTS
BY TYPE OF INSURANCE OR THE RISK INSURED. AT A MINIMUM, THE CLAIM INFOR-
MATION REQUIRED SHALL CONSIST OF THE ITEMS SET FORTH IN THE  EXHIBIT  OF
PREMIUMS  AND  LOSSES OF THE PROPERTY / CASUALTY STATUTORY ANNUAL STATE-
MENT, AS APPLICABLE TO THE INSURER'S NEW YORK STATE BUSINESS AND IDENTI-
FIED AND CATEGORIZED SEPARATELY FOR EACH ZIP CODE IN THIS STATE.    SUCH
FINANCIAL  STATEMENT  SHALL BE SIGNED AND ATTESTED AS FULL, COMPLETE AND
ACCURATE BY THE CHIEF EXECUTIVE OFFICER OF THE INSURER, AND  HE  OR  SHE
SHALL BE HELD PERSONALLY RESPONSIBLE WITH RESPECT TO THE ACCURACY OF THE
CONTENT  OF  SUCH  STATEMENT.  THE SUPERINTENDENT SHALL PROVIDE INSURERS
WITH A METHOD TO SUBMIT THEIR FINANCIAL  STATEMENTS  ELECTRONICALLY  VIA
THE  INTERNET,  WHICH  METHOD SHALL INCLUDE INSTRUCTIONS RELATING TO THE
USE OF AN ELECTRONIC SIGNATURE WHICH SHALL BE SUBJECT TO, AND  SUBMITTED

S. 2987                             3

IN  ACCORDANCE  WITH  SECTION  THREE  HUNDRED  SIXTEEN  OF THIS ARTICLE;
PROVIDED, HOWEVER, THAT NO EXCEPTION AUTHORIZED IN SUCH SECTION  MAY  BE
REQUESTED OR GRANTED.
  (C) ON OR BEFORE APRIL FIRST OF EACH YEAR, EVERY INSURER SHALL PROVIDE
THE  SUPERINTENDENT  WITH DETAILED CLOSED CLAIM INFORMATION FOR THE SAME
LINES OF INSURANCE PROVIDED FOR IN SUBSECTION (B) OF  THIS  SECTION  FOR
THE  MOST  RECENTLY  CONCLUDED  CALENDAR  YEAR. UNTIL THE SUPERINTENDENT
PROMULGATES DATA COLLECTION FORMS AND PROCEDURES FOR  PRIVATE  PASSENGER
AUTOMOBILE  INSURANCE,  DATA SHALL BE COLLECTED USING, AT A MINIMUM, THE
MOST RECENT PUBLICLY AVAILABLE FORMS  USED  BY  THE  INSURANCE  RESEARCH
COUNCIL FOR ITS AUTO INJURY SURVEY. THE SUPERINTENDENT MAY REQUIRE ADDI-
TIONAL  INFORMATION  BEYOND THAT WHICH IS CONTAINED IN SUCH SURVEY IF HE
OR SHE DEEMS IT NECESSARY AND WARRANTED.  INSTEAD OF COLLECTING INFORMA-
TION FOR ALL PRIVATE PASSENGER AUTOMOBILE CLAIMS THE SUPERINTENDENT  MAY
COLLECT  DATA  FOR  A  STATISTICALLY VALID SAMPLE OF CLAIMS. THE MINIMUM
SAMPLE SIZE SHALL REPRESENT FIVE PER CENTUM OF THE NUMBER OF CLAIMS  FOR
EACH  YEAR.  UNTIL  THE SUPERINTENDENT PROMULGATES DATA COLLECTION FORMS
AND PROCEDURES  FOR  COMMERCIAL  AUTOMOBILE  INSURANCE,  DATA  SHALL  BE
COLLECTED  USING  INFORMATION  WHICH  MAY  BE  AVAILABLE  FROM ANY OTHER
SOURCE. FOR COMMERCIAL AUTOMOBILE CLAIMS, INSTEAD OF COLLECTING INFORMA-
TION FOR ALL CLAIMS THE SUPERINTENDENT MAY COLLECT DATA  FOR  A  STATIS-
TICALLY  VALID SAMPLE OF CLAIMS. THE MINIMUM SAMPLE SIZE SHALL REPRESENT
TEN PER CENTUM OF THE NUMBER OF CLAIMS FOR EACH YEAR FOR  SUCH  LINE  OF
INSURANCE.  SUCH  DETAILED  CLAIM  DATA  SHALL BE SIGNED AND ATTESTED AS
FULL, COMPLETE AND ACCURATE BY THE CHIEF EXECUTIVE OFFICER OF THE INSUR-
ER, AND HE OR SHE SHALL BE HELD PERSONALLY RESPONSIBLE WITH  RESPECT  TO
THE  ACCURACY OF THE DATA. THE DETAILED CLAIM DATA SHALL BE SUBMITTED IN
THE SAME MANNER AS PROVIDED FOR IN SUBSECTION (B) OF THIS SECTION.
  (D) THE SUPERINTENDENT SHALL, IN BOTH WRITTEN FORM AND AS PART OF  THE
DEPARTMENT  WEB  SITE, MAKE SUCH FINANCIAL STATEMENTS AND DETAILED CLAIM
INFORMATION AVAILABLE TO THE  PUBLIC.  THE  DETAILED  CLAIM  INFORMATION
SHALL  BE  PROVIDED  IN AGGREGATE FORM FOR ALL INSURERS COMBINED WITHOUT
ANY IDENTIFICATION OF A SPECIFIC CLAIM TO A SPECIFIC  INSURER.  NONE  OF
THE  PUBLICLY  AVAILABLE  DETAILED  CLAIM INFORMATION SHALL IDENTIFY THE
INDIVIDUAL INSURER, DEFENDANT OR PLAINTIFF ASSOCIATED  WITH  THE  CLAIM.
SUCH FINANCIAL STATEMENTS AND DETAILED CLAIM INFORMATION SHALL BE DEEMED
A  PUBLIC DOCUMENT AND NO PERSON SHALL BE REQUIRED TO FILE A REQUEST FOR
SUCH FINANCIAL STATEMENTS PURSUANT TO ARTICLE SIX OF THE PUBLIC OFFICERS
LAW IN ORDER TO RECEIVE A COPY THEREOF, BUT UPON REQUEST AND PAYMENT  OF
THE FEE FOR COPYING SUCH DOCUMENT, IT SHALL BE PROVIDED. WITH RESPECT TO
THE  ELECTRONIC  COPY  OF  SUCH  FINANCIAL STATEMENTS AND DETAILED CLAIM
INFORMATION, WHICH SHALL BE ACCESSIBLE ON THE DEPARTMENT'S WEB SITE, THE
DEPARTMENT SHALL HIGHLIGHT THE AVAILABILITY OF SUCH INFORMATION  TO  THE
PUBLIC ON SUCH WEB SITE, AND THE LINK TO EACH INSURER'S FINANCIAL STATE-
MENT  AND  THE AGGREGATED DETAILED CLAIM INFORMATION SHALL BE ACCESSIBLE
IN A SIMPLE AND EASY MANNER. BOTH THE FINANCIAL STATEMENT AND AGGREGATED
DETAILED CLAIM INFORMATION ON THE DEPARTMENT WEB SITE SHALL BE AVAILABLE
IN SPREADSHEET FORMAT, IN ADDITION TO ANY OTHER FORMAT  THE  SUPERINTEN-
DENT DETERMINES IS APPROPRIATE.
  (E)  ON  OR  BEFORE  JULY FIRST OF EACH YEAR, THE SUPERINTENDENT SHALL
ISSUE REPORTS SUMMARIZING AND EXPLAINING THE INFORMATION COLLECTED  FROM
THE  FINANCIAL  STATEMENTS AND THE DETAILED CLAIM INFORMATION. COPIES OF
SUCH REPORTS SHALL BE  FORWARDED  TO  THE  TEMPORARY  PRESIDENT  OF  THE
SENATE,  THE  SPEAKER  OF THE ASSEMBLY AND THE CHAIRS OF BOTH THE SENATE
AND ASSEMBLY INSURANCE COMMITTEES. SUCH REPORTS SHALL  BE  PUBLIC  DOCU-

S. 2987                             4

MENTS AND SHALL BE ACCESSIBLE BOTH IN PAPER COPY AND ON THE DEPARTMENT'S
WEB SITE.
  (F)  WHERE  AN  INSURER FAILS OR REFUSES TO PROVIDE THE SUPERINTENDENT
WITH A FULL AND COMPLETE DISCLOSURE AS REQUIRED  BY  THIS  SECTION,  THE
SUPERINTENDENT SHALL TAKE SUCH ACTION HE OR SHE DEEMS NECESSARY TO BRING
THE INSURER INTO FULL COMPLIANCE.  SUCH ACTION MAY INCLUDE IMPOSITION OF
A  CIVIL  PENALTY  OF  UP TO FIFTY THOUSAND DOLLARS ASSESSED AGAINST THE
INSURER FOR EACH VIOLATION, TEMPORARY SUSPENSION OF ANY RIGHT  TO  ISSUE
ADDITIONAL  POLICIES  OR  CONTRACTS UNTIL THE INSURER BRINGS ITSELF INTO
FULL COMPLIANCE, AN AUDIT OF THE INSURER'S RECORDS BY THE DEPARTMENT  OR
ITS  DESIGNATED REPRESENTATIVE TO OBTAIN THE INFORMATION AND WHICH AUDIT
SHALL BE PAID FOR BY THE INSURER, OR ANY OTHER CIVIL REMEDY  THE  SUPER-
INTENDENT   DEEMS  WARRANTED  OR  NECESSARY  UNTIL  SUCH  INSURER  FULLY
COMPLIES. IN ADDITION THE OFFICER WHOSE SIGNATURE  IS  AFFIXED  TO  SUCH
STATEMENT MAY BE PERSONALLY PENALIZED TO THE SAME EXTENT.
  (G) THE SUPERINTENDENT MAY PROMULGATE SUCH RULES AND REGULATIONS HE OR
SHE  DEEMS  NECESSARY FOR THE PROPER ADMINISTRATION OF THE PROVISIONS OF
THIS SECTION, AND SUCH RULES AND REGULATIONS MAY BE  PROMULGATED  ON  AN
EMERGENCY  BASIS IF THE SUPERINTENDENT WARRANTS SUCH ACTION TO BE NECES-
SARY.
  S 4. Severability. If any item, clause, sentence, subparagraph, subdi-
vision or other part of this act, or  the  application  thereof  to  any
person  or circumstances shall be held to be invalid, such holding shall
not affect, impair or invalidate the remainder of this act but it  shall
be  confined  in  its  operation to the item, clause, sentence, subpara-
graph, subdivision or other part of this act directly involved  in  such
holding, or to the person and circumstances therein involved.
  S 5. This act shall take effect immediately.

co-Sponsors

2015-S2987A (ACTIVE) - Details

See Assembly Version of this Bill:: A328
Current Committee:: Senate Insurance
Law Section:: Insurance Law
Laws Affected:: Add §343, Ins L
Versions Introduced in Other Legislative Sessions:: 2011-2012: S5009, A7603
2013-2014: S1090, A1132
2017-2018: S5510, A1228
2019-2020: A5606
2021-2022: A2504

2015-S2987A (ACTIVE) - Summary

2015-S2987A (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S2987A

 TITLE OF BILL :  An act to amend the insurance law, in relation to
requiring all motor vehicle insurers to file annual financial
statements and detailed claim data with the superintendent of
financial services

 PURPOSE OF BILL :

The bill expands upon current insurance reporting laws by providing
for more detailed reporting requirements of automobile insurers
"financial statements" and "closed claims" data.  This enhanced data
collection will provide lawmakers with a source of reliable and
accessible data that will better enable them to evaluate automobile
insurance and assist in providing an optimal product to New York
citizens.

 SUMMARY OF PROVISIONS OF BILL :

The proposed language provides for a publicly accessible and neutral
method for the systematic collection of automobile insurers' financial
and closed claims data. The supplemental financial disclosure
requirements stipulate that insurers must provide detailed information
concerning all sources of "income" including, but not limited to, data
on premiums received, investment income, and profit from the sale of
assets. Detailed information regarding expenses must also be provided,

including, expenses actually incurred and paid, normal business
expenses, salaries, commissions, consulting fees, legal expenses, and
advertising costs. A synopsis of the total claims or settlements paid
in each financial statement and specific data on claims that have been
settled with or without a payment (closed claims) must also be
provided.

Additionally, all submitted data must be signed by the insurer's chief
executive officer, attesting its' accuracy. Civil penalties will be
assessed against companies that fail to comply with any of the
provisions of the bill. The proposal also indicates that the insurance
department must make all information publicly available to consumers
on the department's web site.

 JUSTIFICATION :

Automobile insurance is a vital part of the New York state economy and
is of high importance to the citizens of New York.  Personal
automobile insurance premiums in 2008 were $9.8 billion.  Commercial
automobile insurance premiums in 2008 were $2.0 billion.  Automobile
liability insurance protects against the possible adverse financial
consequences of being held liable for damage to another person or
another's property. Personal injury protection provides first party
medical benefits when an injury arises from an automobile accident, as
well as, providing other financial benefits such as partial wage loss
reimbursement. Physical damage insurance covers damage to the
policyholder's own vehicle; which is often one the largest financial
assets of a person; as well as being vital to other aspects of a
person's life such as transportation to and from work. A failure to
have fairly priced automobile insurance with adequate benefits from
solvent insurance companies could have dire consequences for New York.

Given the significance of automobile insurance to New York State and
its citizens, the State has a compelling public interest in ensuring
that the parties with a stake in the transactions; policyholders,
insurance companies and the general public; are all treated fairly.
It is also important to ensure that the benefits to citizens are
adequate, that insurance companies have the opportunity to earn a fair
profit, that insurance companies will be able to make good on the
promises contained in insurance policies, and that insurance companies
operate in a fair, efficient, manner. In order for lawmakers to be
able to carefully evaluate various alternatives for achieving these
objectives, it is vital that information about automobile insurance be
available.

There are many entities that give the insurance industry's perspective
on automobile insurance. These entities include Insurance Services
Office (ISO), the Insurance Research Council (IRC) and the Insurance
Information Institute (III). ISO submits filings on behalf of
insurance companies to the Department of Insurance. The IRC is funded
and operated by a consortium of insurance companies which publishes
"studies" which merit careful analysis. A recent IRC publication
regarding automobile injury claims stated "Shifts in treatment
alternatives and increased costs have led to the continued escalation
of medical care expenses." "Total claimed losses and total claim
payments have grown faster than inflation, spurred by increases in
medical expenses" and "Attorney involvement is associated with
extensive medical treatment, elevated claimed losses, and lower net
compensation for claimants."

The III acts as an advocate for the insurance industry. A recent
document by the claims that the New York No-Fault. system is in
"crisis" and "out of control." The III then suggests insurance
industry "solutions" to these alleged "problems." However, it is
impossible to discern the veracity or accuracy of the contentions of
the IRC or the III absent analysis of their underlying data. All of
these insurance industry organizations have access to detailed
financial and claim data that insurance companies do not make
available to the public.

As things currently stand, no independent. and neutral mechanism
exists to determine the root cause of declared insurance "crises" and
policy cancellations. And, because the insurers typically refuse
requests to produce more detailed data, lawmakers and consumers have
to rely on the industry's reports to make policy decisions.

Clearly, independent, objective and accurate data is needed so
lawmakers and the public can conduct. sound analyses in reaching a
public policy decision that impacts millions of New York citizens.
For example, more detailed claim data would help in evaluating the
insurance industry claims that the no-fault system is out of control
and that benefits to consumers need to be restricted. In the absence
of this basic data, it is impossible for lawmakers and consumers to
engage in rational decision-making about insurance industry proposals
that would severely limit consumer rights.

In order to level the playing field, and have a vibrant public
discussion and analysis of the issues involving automobile insurance,
it is critically important that all parties involved in the discussion
of automobile insurance have access to comprehensive information. This
bill takes a step in that direction by starting to make publicly
available certain information that insurance companies have resisted
disclosing.

This bill will provide for the vigilant financial examination of
insurer activities and allows consumers to monitor insurance industry
for fair treatment.

 LEGISLATIVE HISTORY :

S.1090 (2014)
S.5009 (2012)

 FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS :

None.
 EFFECTIVE DATE :
Immediately.

2015-S2987A (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 2987--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 30, 2015
                               ___________

Introduced  by  Sens. MARTINS, AVELLA -- read twice and ordered printed,
  and when printed to be committed to  the  Committee  on  Insurance  --
  recommitted  to  the  Committee on Insurance in accordance with Senate
  Rule  6,  sec.  8  --  committee  discharged,  bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN  ACT  to  amend the insurance law, in relation to requiring all motor
  vehicle insurers to file  annual  financial  statements  and  detailed
  claim data with the superintendent of financial services

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. This act shall be known and may be cited as the "automobile
insurance sunshine act of 2016".
  S 2. Legislative intent. The legislature  hereby  finds  and  declares
that  insurance  companies  issuing motor vehicle policies in this state
owe a duty to the consumers they insure and to  those  who  may  in  the
future be insured by them, to fully disclose in a public and transparent
manner  all elements relating to their financial condition and solvency.
Automobile use and operation is a cornerstone of modern life;  in  fact,
auto insurance is the only coverage most New Yorkers are required by law
to  purchase.  New York's consumers have a right to know the details and
specifics of the factors and circumstances behind the financial solvency
of their insurer as well as the bases for the rates they are required to
pay to retain their legally mandated coverage. The determination of auto
insurance premiums in New York has, unfortunately, gone on too  long  in
obscurity, with those who bear the premium rates unable to learn reasons
why they are set where they are. As a matter of public trust, automobile
liability  insurers  should  make  public the pertinent facts related to
their premium determinations and financial solvency. It is the sense  of
the legislature that this data should be disclosed in an open and public
manner.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00089-04-6

S. 2987--A                          2

  S  3. The insurance law is amended by adding a new section 343 to read
as follows:
  S  343.  FINANCIAL  STATEMENT AND DETAILED CLAIM DATA TO BE FILED WITH
THE DEPARTMENT.  (A) FOR PURPOSES OF THIS SECTION,  THE  TERM  "INSURER"
SHALL MEAN ANY PERSON, CORPORATION, ASSOCIATION OR OTHER BUSINESS ENTITY
AUTHORIZED TO ISSUE A MOTOR VEHICLE INSURANCE POLICY IN THIS STATE.
  (B) ON OR BEFORE APRIL FIRST OF EACH YEAR, EVERY INSURER SHALL PROVIDE
THE SUPERINTENDENT WITH A DETAILED FINANCIAL STATEMENT TO SUPPLEMENT AND
EXPAND  UPON THE INFORMATION CONTAINED IN THE STATUTORY ANNUAL STATEMENT
FOR THE MOST RECENTLY CONCLUDED CALENDAR YEAR. THE  FINANCIAL  STATEMENT
SHALL CONTAIN INFORMATION ON A COMBINED BASIS FOR ALL LINES OF INSURANCE
AS  WELL  AS  INFORMATION  SEPARATELY FOR EACH OF THE FOLLOWING LINES OF
INSURANCE: (1) PRIVATE PASSENGER AUTOMOBILE OTHER LIABILITY, (2) PRIVATE
PASSENGER AUTOMOBILE PERSONAL INJURY PROTECTION, (3)  PRIVATE  PASSENGER
AUTOMOBILE  PHYSICAL  DAMAGE, (4) COMMERCIAL AUTOMOBILE OTHER LIABILITY,
(5) COMMERCIAL AUTOMOBILE PERSONAL INJURY PROTECTION, AND (6) COMMERCIAL
AUTOMOBILE PHYSICAL DAMAGE.  SUCH FINANCIAL STATEMENT SHALL INCLUDE  THE
ENTIRETY  OF  ITS  BUSINESS  ACTIVITIES  CONDUCTED  IN  THIS  STATE,  OR
CONDUCTED OUTSIDE THIS STATE, BUT HAVING A NEXUS TO  INSURANCE  POLICIES
OR  CONTRACTS  OF  INSURANCE  INSURING  PERSONS  OR RISKS IN THIS STATE,
CONSISTENT WITH THE PROCEDURES FOR DETERMINING NEW YORK STATE  INSURANCE
BUSINESS  FOR STATUTORY ANNUAL STATEMENT REPORTING PURPOSES. SUCH STATE-
MENT SHALL BE IN A FORM DETERMINED BY THE SUPERINTENDENT. THE FORM SHALL
BE SUFFICIENTLY ITEMIZED IN A MANNER  THAT  ALLOWS  FOR  AN  ACTUARIALLY
SOUND  ANALYSIS  OF  THE INCOME REALIZED BY THE INSURER FROM ALL SOURCES
DURING SUCH YEAR, INCLUDING BUT  NOT  LIMITED  TO  PREMIUMS,  INVESTMENT
INCOME,  PROFIT FROM SALE OF ASSETS AND ANY OTHER CATEGORY OR CATEGORIES
OF INCOME AS DETERMINED  BY  THE  SUPERINTENDENT  TO  REFLECT  THE  FULL
DISCLOSURE  REQUIREMENTS OF THIS SECTION. AT A MINIMUM, SUCH INFORMATION
SHALL CONSIST OF THE ITEMS SET FORTH IN THE STATEMENT OF INCOME, EXCLUD-
ING THE CAPITAL AND SURPLUS ACCOUNT  SECTION  OF  THE  PROPERTY/CASUALTY
STATUTORY  ANNUAL  STATEMENT,  AS  APPLICABLE  TO THE INSURER'S NEW YORK
STATE BUSINESS, AS WELL AS THE  OTHER  INFORMATION  DELINEATED  IN  THIS
SUBSECTION.  SUCH FINANCIAL STATEMENT SHALL ALSO CONTAIN A COMPREHENSIVE
AND DETAILED DISCLOSURE OF THE INSURER'S EXPENSES ACTUALLY INCURRED  AND
PAID  DURING  SUCH  CALENDAR  YEAR, TO INCLUDE NORMAL BUSINESS EXPENSES,
SALARIES, COMMISSIONS,  CONSULTING  FEES,  LEGAL  EXPENSES,  ADVERTISING
COSTS  AND  ANY  OTHER  CATEGORY  DEEMED PERTINENT TO THE INTENT OF THIS
SECTION. AT A MINIMUM, THE EXPENSE INFORMATION REQUIRED SHALL CONSIST OF
THE ITEMS SET FORTH IN THE UNDERWRITING AND INVESTMENT EXHIBIT - PART  3
-  EXPENSES  OF  THE  PROPERTY / CASUALTY STATUTORY ANNUAL STATEMENT, AS
APPLICABLE TO THE INSURER'S NEW YORK STATE  BUSINESS.  WITH  RESPECT  TO
SALARIES (INCLUDING ALL OTHER FORMS OF COMPENSATION), EACH INSURER SHALL
ITEMIZE  THE  SALARY  OF THE TWENTY MOST HIGHLY COMPENSATED EMPLOYEES OF
SUCH INSURER DURING SUCH YEAR, PROVIDED THAT THE NAME OF SUCH  EMPLOYEES
NEED  NOT  BE DISCLOSED. SUCH FINANCIAL STATEMENT SHALL ALSO PROVIDE THE
PUBLIC WITH A SYNOPSIS OF CLAIMS OR SETTLEMENTS PAID  PURSUANT  TO  SUCH
POLICIES  OR CONTRACTS, LISTING THE TOTAL OF SUCH CLAIMS AND SETTLEMENTS
BY TYPE OF INSURANCE OR THE RISK INSURED. AT A MINIMUM, THE CLAIM INFOR-
MATION REQUIRED SHALL CONSIST OF THE ITEMS SET FORTH IN THE  EXHIBIT  OF
PREMIUMS  AND  LOSSES OF THE PROPERTY / CASUALTY STATUTORY ANNUAL STATE-
MENT, AS APPLICABLE TO THE INSURER'S NEW YORK STATE BUSINESS AND IDENTI-
FIED AND CATEGORIZED SEPARATELY FOR EACH ZIP CODE IN THIS STATE.    SUCH
FINANCIAL  STATEMENT  SHALL BE SIGNED AND ATTESTED AS FULL, COMPLETE AND
ACCURATE BY THE CHIEF EXECUTIVE OFFICER OF THE INSURER, AND  HE  OR  SHE
SHALL BE HELD PERSONALLY RESPONSIBLE WITH RESPECT TO THE ACCURACY OF THE

S. 2987--A                          3

CONTENT  OF  SUCH  STATEMENT.  THE SUPERINTENDENT SHALL PROVIDE INSURERS
WITH A METHOD TO SUBMIT THEIR FINANCIAL  STATEMENTS  ELECTRONICALLY  VIA
THE  INTERNET,  WHICH  METHOD SHALL INCLUDE INSTRUCTIONS RELATING TO THE
USE  OF AN ELECTRONIC SIGNATURE WHICH SHALL BE SUBJECT TO, AND SUBMITTED
IN ACCORDANCE WITH  SECTION  THREE  HUNDRED  SIXTEEN  OF  THIS  ARTICLE;
PROVIDED,  HOWEVER,  THAT NO EXCEPTION AUTHORIZED IN SUCH SECTION MAY BE
REQUESTED OR GRANTED.
  (C) ON OR BEFORE APRIL FIRST OF EACH YEAR, EVERY INSURER SHALL PROVIDE
THE SUPERINTENDENT WITH DETAILED CLOSED CLAIM INFORMATION FOR  THE  SAME
LINES  OF  INSURANCE  PROVIDED FOR IN SUBSECTION (B) OF THIS SECTION FOR
THE MOST RECENTLY CONCLUDED  CALENDAR  YEAR.  UNTIL  THE  SUPERINTENDENT
PROMULGATES  DATA  COLLECTION FORMS AND PROCEDURES FOR PRIVATE PASSENGER
AUTOMOBILE INSURANCE, DATA SHALL BE COLLECTED USING, AT A  MINIMUM,  THE
MOST  RECENT  PUBLICLY  AVAILABLE  FORMS  USED BY THE INSURANCE RESEARCH
COUNCIL FOR ITS AUTO INJURY SURVEY. THE SUPERINTENDENT MAY REQUIRE ADDI-
TIONAL INFORMATION BEYOND THAT WHICH IS CONTAINED IN SUCH SURVEY  IF  HE
OR SHE DEEMS IT NECESSARY AND WARRANTED.  INSTEAD OF COLLECTING INFORMA-
TION  FOR ALL PRIVATE PASSENGER AUTOMOBILE CLAIMS THE SUPERINTENDENT MAY
COLLECT DATA FOR A STATISTICALLY VALID SAMPLE  OF  CLAIMS.  THE  MINIMUM
SAMPLE  SIZE SHALL REPRESENT FIVE PER CENTUM OF THE NUMBER OF CLAIMS FOR
EACH YEAR. UNTIL THE SUPERINTENDENT PROMULGATES  DATA  COLLECTION  FORMS
AND  PROCEDURES  FOR  COMMERCIAL  AUTOMOBILE  INSURANCE,  DATA  SHALL BE
COLLECTED USING INFORMATION  WHICH  MAY  BE  AVAILABLE  FROM  ANY  OTHER
SOURCE. FOR COMMERCIAL AUTOMOBILE CLAIMS, INSTEAD OF COLLECTING INFORMA-
TION  FOR  ALL  CLAIMS THE SUPERINTENDENT MAY COLLECT DATA FOR A STATIS-
TICALLY VALID SAMPLE OF CLAIMS. THE MINIMUM SAMPLE SIZE SHALL  REPRESENT
TEN  PER  CENTUM  OF THE NUMBER OF CLAIMS FOR EACH YEAR FOR SUCH LINE OF
INSURANCE. SUCH DETAILED CLAIM DATA SHALL  BE  SIGNED  AND  ATTESTED  AS
FULL, COMPLETE AND ACCURATE BY THE CHIEF EXECUTIVE OFFICER OF THE INSUR-
ER,  AND  HE OR SHE SHALL BE HELD PERSONALLY RESPONSIBLE WITH RESPECT TO
THE ACCURACY OF THE DATA. THE DETAILED CLAIM DATA SHALL BE SUBMITTED  IN
THE SAME MANNER AS PROVIDED FOR IN SUBSECTION (B) OF THIS SECTION.
  (D)  THE SUPERINTENDENT SHALL, IN BOTH WRITTEN FORM AND AS PART OF THE
DEPARTMENT WEB SITE, MAKE SUCH FINANCIAL STATEMENTS AND  DETAILED  CLAIM
INFORMATION  AVAILABLE  TO  THE  PUBLIC.  THE DETAILED CLAIM INFORMATION
SHALL BE PROVIDED IN AGGREGATE FORM FOR ALL  INSURERS  COMBINED  WITHOUT
ANY  IDENTIFICATION  OF  A SPECIFIC CLAIM TO A SPECIFIC INSURER. NONE OF
THE PUBLICLY AVAILABLE DETAILED CLAIM  INFORMATION  SHALL  IDENTIFY  THE
INDIVIDUAL  INSURER,  DEFENDANT  OR PLAINTIFF ASSOCIATED WITH THE CLAIM.
SUCH FINANCIAL STATEMENTS AND DETAILED CLAIM INFORMATION SHALL BE DEEMED
A PUBLIC DOCUMENT AND NO PERSON SHALL BE REQUIRED TO FILE A REQUEST  FOR
SUCH FINANCIAL STATEMENTS PURSUANT TO ARTICLE SIX OF THE PUBLIC OFFICERS
LAW  IN ORDER TO RECEIVE A COPY THEREOF, BUT UPON REQUEST AND PAYMENT OF
THE FEE FOR COPYING SUCH DOCUMENT, IT SHALL BE PROVIDED. WITH RESPECT TO
THE ELECTRONIC COPY OF SUCH  FINANCIAL  STATEMENTS  AND  DETAILED  CLAIM
INFORMATION, WHICH SHALL BE ACCESSIBLE ON THE DEPARTMENT'S WEB SITE, THE
DEPARTMENT  SHALL  HIGHLIGHT THE AVAILABILITY OF SUCH INFORMATION TO THE
PUBLIC ON SUCH WEB SITE, AND THE LINK TO EACH INSURER'S FINANCIAL STATE-
MENT AND THE AGGREGATED DETAILED CLAIM INFORMATION SHALL  BE  ACCESSIBLE
IN A SIMPLE AND EASY MANNER. BOTH THE FINANCIAL STATEMENT AND AGGREGATED
DETAILED CLAIM INFORMATION ON THE DEPARTMENT WEB SITE SHALL BE AVAILABLE
IN  SPREADSHEET  FORMAT, IN ADDITION TO ANY OTHER FORMAT THE SUPERINTEN-
DENT DETERMINES IS APPROPRIATE.
  (E) ON OR BEFORE JULY FIRST OF EACH  YEAR,  THE  SUPERINTENDENT  SHALL
ISSUE  REPORTS SUMMARIZING AND EXPLAINING THE INFORMATION COLLECTED FROM
THE FINANCIAL STATEMENTS AND THE DETAILED CLAIM INFORMATION.  COPIES  OF

S. 2987--A                          4

SUCH  REPORTS  SHALL  BE  FORWARDED  TO  THE  TEMPORARY PRESIDENT OF THE
SENATE, THE SPEAKER OF THE ASSEMBLY AND THE CHAIRS OF  BOTH  THE  SENATE
AND  ASSEMBLY  INSURANCE  COMMITTEES. SUCH REPORTS SHALL BE PUBLIC DOCU-
MENTS AND SHALL BE ACCESSIBLE BOTH IN PAPER COPY AND ON THE DEPARTMENT'S
WEB SITE.
  (F)  WHERE  AN  INSURER FAILS OR REFUSES TO PROVIDE THE SUPERINTENDENT
WITH A FULL AND COMPLETE DISCLOSURE AS REQUIRED  BY  THIS  SECTION,  THE
SUPERINTENDENT SHALL TAKE SUCH ACTION HE OR SHE DEEMS NECESSARY TO BRING
THE INSURER INTO FULL COMPLIANCE.  SUCH ACTION MAY INCLUDE IMPOSITION OF
A  CIVIL  PENALTY  OF  UP TO FIFTY THOUSAND DOLLARS ASSESSED AGAINST THE
INSURER FOR EACH VIOLATION, TEMPORARY SUSPENSION OF ANY RIGHT  TO  ISSUE
ADDITIONAL  POLICIES  OR  CONTRACTS UNTIL THE INSURER BRINGS ITSELF INTO
FULL COMPLIANCE, AN AUDIT OF THE INSURER'S RECORDS BY THE DEPARTMENT  OR
ITS  DESIGNATED REPRESENTATIVE TO OBTAIN THE INFORMATION AND WHICH AUDIT
SHALL BE PAID FOR BY THE INSURER, OR ANY OTHER CIVIL REMEDY  THE  SUPER-
INTENDENT   DEEMS  WARRANTED  OR  NECESSARY  UNTIL  SUCH  INSURER  FULLY
COMPLIES. IN ADDITION THE OFFICER WHOSE SIGNATURE  IS  AFFIXED  TO  SUCH
STATEMENT MAY BE PERSONALLY PENALIZED TO THE SAME EXTENT.
  (G) THE SUPERINTENDENT MAY PROMULGATE SUCH RULES AND REGULATIONS HE OR
SHE  DEEMS  NECESSARY FOR THE PROPER ADMINISTRATION OF THE PROVISIONS OF
THIS SECTION, AND SUCH RULES AND REGULATIONS MAY BE  PROMULGATED  ON  AN
EMERGENCY  BASIS IF THE SUPERINTENDENT WARRANTS SUCH ACTION TO BE NECES-
SARY.
  S 4. Severability. If any item, clause, sentence, subparagraph, subdi-
vision or other part of this act, or  the  application  thereof  to  any
person  or circumstances shall be held to be invalid, such holding shall
not affect, impair or invalidate the remainder of this act but it  shall
be  confined  in  its  operation to the item, clause, sentence, subpara-
graph, subdivision or other part of this act directly involved  in  such
holding, or to the person and circumstances therein involved.
  S 5. This act shall take effect immediately.

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Senate Bill S2987A

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Sponsored By

Jack M. Martins

Archive: Last Bill Status - In Senate Committee Insurance Committee

Bill Amendments

co-Sponsors

Tony Avella

2015-S2987 - Details

2015-S2987 - Summary

2015-S2987 - Sponsor Memo

2015-S2987 - Bill Text download pdf

co-Sponsors

Joseph P. Addabbo Jr.

Tony Avella

Jose Peralta

Toby Ann Stavisky

2015-S2987A (ACTIVE) - Details

2015-S2987A (ACTIVE) - Summary

2015-S2987A (ACTIVE) - Sponsor Memo

2015-S2987A (ACTIVE) - Bill Text download pdf

Comments