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Bill

Bill

A 4173

Permits companies to assess various insurance quotes without having binding agreements with insurance brokers

2025 Regular Session Introduced by Joe DeStefano and 2 co-sponsors

Bill A 4173 allows companies to compare insurance quotes without binding agreements with brokers, promoting competition and potentially lowering costs for businesses.

REFERRED TO INSURANCE
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WeVote Research Nonpartisan
Bill Summary · A 4173

Summary of Bill A 4173

Bill Information

  • Bill Number: A 4173
  • Title: Permits companies to assess various insurance quotes without having binding agreements with insurance brokers
  • Status: Referred to Insurance Committee
  • Introduced: January 31, 2025
  • Classification: Bill

Purpose and Intent

Bill A 4173 aims to streamline the process by which companies can obtain and compare insurance quotes. The primary intent is to allow businesses greater flexibility in assessing insurance options without the necessity of entering into binding agreements with insurance brokers. This could potentially lead to more competitive pricing and better coverage options for companies seeking insurance.

Key Provisions

  • Assessment of Insurance Quotes: The bill permits companies to evaluate multiple insurance quotes from various providers.
  • No Binding Agreements Required: Companies will not be required to enter into binding agreements with insurance brokers to obtain these quotes, allowing for a more open and competitive market.
  • Increased Transparency: By allowing companies to assess quotes freely, the bill aims to enhance transparency in the insurance market, enabling businesses to make more informed decisions.

Affected Parties

  • Businesses: The primary beneficiaries of this bill are companies seeking insurance coverage. They will gain easier access to a variety of quotes, which may lead to cost savings and improved insurance options.
  • Insurance Brokers: While the bill may reduce the number of binding agreements, it could also lead to increased competition among brokers as companies seek the best deals.
  • Insurance Providers: Insurance companies may need to adapt their marketing and pricing strategies in response to the increased competition and transparency in the market.

Procedural Aspects

  • Current Status: As of January 31, 2025, the bill has been referred to the Insurance Committee for further consideration.
  • Related Bills: This bill is related to prior-session bills A 9812 and A 3189, which may provide context or background on similar legislative efforts.

Conclusion

Bill A 4173 represents a significant shift in how companies can interact with the insurance market. By removing the requirement for binding agreements with brokers, the bill seeks to foster a more competitive environment that could benefit businesses through better pricing and coverage options. The ongoing legislative process will determine the final outcome and any amendments that may be made to the bill.

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

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