Requires the superintendent of financial services to conduct a review of mandated benefits and their impact on insurance premiums and to conduct a cost analysis of legislation mandating new insurance benefits

2025 Regular Session Introduced by David Weprin

DFS will study the effect of mandated benefits on insurance premiums and analyze the costs of proposed new mandates, providing data to guide consumers, insurers, and lawmakers.

REFERRED TO INSURANCE

Summary of Bill A 8364

Overview

Bill A 8364 would require the New York State Department of Financial Services (DFS) to study and analyze how mandated benefits affect insurance premiums, and to conduct a cost analysis of any legislation that would mandate new insurance benefits. The bill aims to provide data-driven insight to inform legislative decisions regarding mandated benefits and their economic impact on insureds and the insurance market.

Purpose and Intent

Ensure a systematic assessment of the financial impact of mandated benefits on insurance premiums.

Provide a cost analysis framework for proposed legislation that would mandate additional insurance benefits.

Support evidence-based policymaking by identifying potential premium implications, consumer effects, and feasibility of new mandates.

Key Provisions (as described)

DFS Review of Mandated Benefits:

The superintendent would conduct a comprehensive review of existing mandated benefits.
The review would evaluate the impact of these mandated benefits on insurance premiums and related costs.

Cost Analysis of New Mandates:

DFS would perform a cost analysis for legislation that would mandate new or additional insurance benefits.
The analysis would consider factors such as premium impact, affordability, access to coverage, administrative costs, and potential savings or trade-offs.

Reporting/Outcomes (implied expectations):

While specific reporting timelines and methodologies are not provided in the available information, the bill’s intent suggests DFS would compile findings to inform lawmakers and stakeholders.

Who Would Be Affected

Insurance consumers/policyholders: potential changes in premium levels and coverage dynamics based on mandated benefits.

Insurers and health/auto/other lines of insurance that are subject to mandated benefits: costs and compliance considerations tied to benefit mandates.

State policymakers: would receive data-driven analyses to guide decisions on existing mandates and any proposed new mandates.

DFS (administrative/operational impact): expanded review and analysis workload requiring resources to conduct studies and generate reports.

Procedural and Timeline Aspects

Introduced: May 13, 2025.

Status: Referred to the Insurance Committee.

Legislative Actions: The record shows two entries on May 13, 2025, both indicating “REFERRED TO INSURANCE,” suggesting a single committee referral (the duplicate entry may be administrative.) No further action dates are provided in the summary.

Additional Observations

The bill does not specify exact methodologies, reporting deadlines, or frequency of future reviews in the information available here. If enacted, the actual bill text would clarify these details, including any interim reporting requirements and transition timelines for ongoing or upcoming mandates.

This summary captures the bill’s stated purpose, potential provisions, and who would be affected, based on the information provided. If you have the full text, I can extract and detail specific provisions, timelines, and reporting requirements.