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Bill

S 5319

Relates to required terms for certain insurance contracts

2025 Regular Session Introduced by Jamaal Bailey

S 5319 would require certain insurance contracts to include specified terms and disclosures, boosting consumer transparency while obliging insurers to update language and comply.

REFERRED TO INSURANCE
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Bill Summary · S 5319

Summary of Bill S 5319 — Relates to required terms for certain insurance contracts

Basic bill information

  • Bill number: S 5319
  • Title: Relates to required terms for certain insurance contracts
  • Sponsor: Jamaal Bailey (primary)
  • Introduced: February 20, 2025
  • Status: REFERRED TO INSURANCE (New York State Senate)
  • Legislative actions (as listed):
    • 2025-02-20: REFERRED TO INSURANCE
    • 2025-02-20: REFERRED TO INSURANCE (duplicate entry in the record)
  • Related bills:
    • S 8414 (prior-session)
    • A 3683 (companion) [listed twice, indicating assembly companion]

What the bill is about (purpose and intent)

  • The bill’s title indicates it aims to address “required terms for certain insurance contracts.”
  • The specific statutory changes, definitions, scope, and obligations are not provided in the information available here. Therefore, the precise purpose, intended consumer protections, insurer requirements, and any exemptions cannot be detailed from the text given.

Key provisions (availability and limitations)

  • Not provided in the provided materials. As such, there are no explicit provisions, definitions, or amendments described in this summary.
  • If text becomes available, expect sections typically included in such bills to cover:
    • Definitions of which insurance contracts are subject (e.g., personal vs. commercial lines, types of terms required, consumer disclosures).
    • Specific terms or disclosures required in contracts or policy documents.
    • Effective dates and any transition or phase-in periods.
    • Enforcement mechanisms, penalties, and regulatory oversight.
    • Exemptions or carve-outs.

Who would be affected

  • Likely affected:
    • Consumers purchasing certain types of insurance contracts (due to enhanced terms or disclosures).
    • Insurance carriers and policy issuers subject to the new required terms.
    • Insurance regulators and state agencies responsible for enforcement and consumer protection.
  • The exact groups and impact would depend on the bill’s defined scope and the precise terms mandated.

Procedural and timeline aspects

  • Introduction date: February 20, 2025.
  • Committee referral: Referred to the Senate Insurance Committee on February 20, 2025 (appears twice in the record, possibly due to clerical duplication).
  • Next steps in the legislative process:
    • Potential hearings or work sessions in the Senate Insurance Committee.
    • Possible amendments proposed by sponsors or committee members.
    • Movement to floor consideration in the Senate, then alignment with the Assembly counterpart (A 3683) or related companion bills, if advanced.

Related and companion legislation

  • S 8414: A related bill from a prior session, which may inform the scope or intent of S 5319.
  • A 3683: Assembly companion bill (listed as a companion in the provided information).
  • The existence of companions suggests coordinated consideration across chambers.

Potential impact (general considerations)

  • If enacted, the bill could improve transparency and clarity of terms in certain insurance contracts, potentially benefiting consumers through standardized or enhanced disclosures.
  • Insurers might face compliance costs to adjust contract language, disclosures, and filing requirements to meet the new terms.
  • The overall impact would hinge on the precise terms mandated, the scope of contracts covered, and enforcement mechanisms.

How to stay informed

  • To obtain a precise understanding of the bill’s provisions, obtain the full text and fiscal impact statements once released by the legislative website.
  • Monitor updates from the Senate Insurance Committee for hearings, amendments, and vote timing.
  • Review the companion Assembly bill (A 3683) for parallel provisions and potential cross-chamber consensus.

If you’d like, I can monitor for the bill text and provide a more detailed analysis once the actual language is published.

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

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