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Bill

A 3888

Relates to extending the exemption from filing requirements only with respect to rates and policy forms to out of state businesses

2025 Regular Session Introduced by Marianne Buttenschon and 2 co-sponsors

New York extends exemptions allowing out-of-state insurers to avoid filing rate and policy form requirements, reducing regulatory oversight of interstate insurance products.

SUBSTITUTED BY S4960
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Bill Summary · A 3888

Legislative bill overview

Bill A 3888 extends exemptions from filing requirements for out-of-state businesses operating in New York, specifically regarding insurance rates and policy forms. The bill allows certain out-of-state insurers and related entities to operate without submitting these documents for state review and approval. This measure streamlines regulatory processes for interstate insurance commerce.

Why is this important

Insurance rate and form filings are standard regulatory tools that protect consumers by ensuring products are fair, clear, and compliant with state law. Exempting out-of-state businesses from these requirements creates a two-tiered regulatory system where some insurers face less oversight than in-state competitors. This affects consumer protections, market competition fairness, and the state's ability to monitor insurance practices.

Potential points of contention

  • Consumer protection gaps: Out-of-state insurers exempt from filing requirements may operate with less state scrutiny over rates and terms, potentially disadvantaging New York consumers
  • Competitive fairness: In-state insurers must file while out-of-state competitors are exempt, creating unequal regulatory burdens and potentially unfair market advantages
  • Regulatory authority: The exemption may limit New York's ability to enforce its own insurance standards and protect residents from predatory or non-compliant products

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

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