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Bill

S 7344

Establishes the New York insurance underwriting transparency act

2025 Regular Session Introduced by Jamaal Bailey

Creates New York Insurance Underwriting Transparency Act to require disclosure of underwriting criteria and practices, boosting consumer visibility and oversight of insurers.

REFERRED TO INSURANCE
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WeVote Research Nonpartisan
Bill Summary · S 7344

Summary: S 7344 — Establishes the New York Insurance Underwriting Transparency Act

Overview

S 7344 is a New York bill introduced on April 10, 2025, with the aim suggested by its title to establish an underwriting transparency framework for the state's insurance sector. The bill has been referred to the Senate Insurance Committee. The primary sponsor is Jamaal Bailey.

Key Provisions

  • Text not provided in the available materials. As a result, the specific statutory requirements, definitions, and operative details are not enumerated here.
  • Based on the bill’s title, the act would likely seek to enhance visibility into how insurance underwriters assess risk and set premiums, potentially through requirements such as disclosures, reporting, or standards related to underwriting practices.

Important note: The summary below reflects common elements found in “underwriting transparency” measures, but these are not specified in the provided bill text. For exact provisions, the bill language from the 2025 session would need to be consulted.

Possible (but not confirmed) areas typically addressed by transparency-focused bills may include:
- Disclosure of underwriting criteria and factors used to determine eligibility, pricing, or coverage scope.
- Public or regulator-facing reporting on underwriting practices and data sources.
- Consumer notice or explanation requirements about underwriting decisions.
- Protections to prevent discriminatory or prohibited underwriting practices.
- Privacy safeguards around the handling of consumer data used in underwriting.
- Compliance, enforcement, and penalties for noncompliance.
- Timelines for implementation and any phased-in requirements.

Because the actual provisions are not provided, readers should not assume these elements are included in S 7344 without reviewing the text.

Affected Parties

  • Insurance consumers and policyholders who would be impacted by underwriter transparency in terms of how their risk is evaluated and premiums determined.
  • Insurance issuers and underwriters operating in New York, who may face new disclosure, reporting, or process requirements.
  • The New York State Department (likely the Department of Financial Services or a similarly designated regulator) responsible for enforcement and oversight, if the bill includes regulatory provisions.

Status and Timeline

  • Introduced: April 10, 2025.
  • Status: Referred to the Senate Insurance Committee.
  • Legislative Actions: The record shows two entries on 2025-04-10, both indicating referral to Insurance (likely a clerical duplication).

Sponsor

  • Jamaal Bailey (primary sponsor)

Next Steps / How to Track

  • Obtain the full bill text to review exact provisions, definitions, and any amendments.
  • Monitor committee hearings and votes in the Senate Insurance Committee and subsequent floor actions.
  • Track any companion bills or actions in the Assembly for alignment or negotiation.

For readers seeking precise details, please refer to the official New York Senate bill page for S 7344 and any available analyses or fiscal notes.

Compiled from official sources — confirm details with the bill’s official record.

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