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Bill

S 8583

Requires property/casualty insurance companies to submit certain data to the department of financial services and authorizes premium discounts to policyholders who demonstrate certain mitigation actions

2025 Regular Session Introduced by Brian Kavanagh and 2 co-sponsors

Requires insurers to submit specified data to DFS and offers premium discounts to policyholders who complete defined mitigation actions.

PRINT NUMBER 8583C
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WeVote Research Nonpartisan
Bill Summary · S 8583

Summary of Bill S 8583

Overview

Bill S 8583 would require property/casualty insurance companies to submit certain data to the Department of Financial Services (DFS) and would authorize premium discounts for policyholders who demonstrate certain mitigation actions. The bill was introduced on November 17, 2025. The current status is based on the printed version, labeled PRINT NUMBER 8583A, with recent legislative actions indicating ongoing committee consideration.

Purpose and Intent

  • Improve regulatory oversight by mandating data submission from property/c casualty insurers to the DFS.
  • Encourage policyholders to undertake mitigation actions by providing potential premium discounts.
  • Align insurance pricing and regulatory data collection with risk-reduction efforts to potentially lower overall risk and claims costs.

Key Provisions (as described)

  • Data Submission to DFS: Requires property/casualty insurance companies to submit specified information to the Department of Financial Services. The exact data fields and reporting frequency would be defined in the bill’s text.
  • Premium Discounts for Mitigation: Authorizes premium discounts for policyholders who demonstrate certain mitigation actions. The actions and discount parameters would be defined in the bill (e.g., eligibility criteria, discount amounts, and duration).
  • Definitions and Scope: Establishes which insurers and policies are covered and how “mitigation actions” are defined for purposes of eligibility.
  • Regulatory and Compliance Framework: Involves oversight by the DFS regarding data submissions and discount program compliance; may include reporting requirements and potential enforcement provisions within the full text.

Note: Specific data elements, discount formulas, eligibility thresholds, and penalties (if any) are not detailed in the information provided and would be described in the bill’s full text.

Affected Parties

  • Insurers: Property/casualty insurers would need to collect, compile, and submit data to the DFS and administer premium discounts tied to mitigation actions.
  • Policyholders: Individuals or entities insured under property/casualty policies could be eligible for discounted premiums if they complete qualifying mitigation actions.
  • Department of Financial Services: Responsible for receiving data, monitoring compliance, and implementing any related regulatory framework.

Procedural and Timeline Aspects

  • Introduced: November 17, 2025.
  • Legislative actions on the same date:
    • REFERRED TO RULES
    • AMEND AND RECOMMIT TO RULES
    • PRINT NUMBER 8583A
  • The amendments and printing suggest the bill may undergo changes before potential floor action, with the 8583A version reflecting current text for consideration.

Potential Impacts and Considerations

  • For Insurers: Additional data collection obligations and administration of discount programs; potential costs offset by risk-based pricing benefits.
  • For Policyholders: Opportunity for lower premiums through qualifying mitigation actions; depends on the defined actions and discount levels.
  • For DFS: Expanded data analytics capabilities and oversight responsibilities; data privacy and security considerations will be important.
  • Overall: The bill aims to incentivize risk reduction while enhancing regulator access to information, potentially affecting premium dynamics and claims experience.

Next Steps for Interested Readers

  • Review the full bill text (8583A) when available to understand exact data fields, definitions of mitigation actions, discount structures, and enforcement provisions.
  • Monitor upcoming Rules Committee actions and any further amendments or floor votes.

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

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