S10080 • 2025

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

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor: Jamaal Bailey
Last action: 2026-04-27
Official status: In Senate Committee
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

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

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 Requires the superintendent of financial services to conduct a review of mandated benefits in effect as of December 31, 2025 and their impact on insurance premiums and to conduct a cost analysis of legislation mandating new insurance benefits to examine the impact on insurance premiums prior to the adoption of such legislation.

What This Bill Does

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 Requires the superintendent of financial services to conduct a review of mandated benefits in effect as of December 31, 2025 and their impact on insurance premiums and to conduct a cost analysis of legislation mandating new insurance benefits to examine the impact on insurance premiums prior to the adoption of such legislation.

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

2026-04-27 Senate
REFERRED TO INSURANCE

Official Summary Text

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
Requires the superintendent of financial services to conduct a review of mandated benefits in effect as of December 31, 2025 and their impact on insurance premiums and to conduct a cost analysis of legislation mandating new insurance benefits to examine the impact on insurance premiums prior to the adoption of such legislation.

Current Bill Text

Read the full stored bill text

S T A T E   O F   N E W   Y O R K
        ________________________________________________________________________

                                          10080

                                    I N  S E N A T E

                                     April 27, 2026
                                       ___________

        Introduced  by  Sen.  BAILEY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Insurance

        AN ACT to amend the financial services law, in relation to requiring 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

          THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
        BLY, DO ENACT AS FOLLOWS:

     1    Section  1.  Section  301  of the financial services law is amended by
     2  adding two new subsections (d) and (e) to read as follows:
     3    (D) THE SUPERINTENDENT SHALL  BE  REQUIRED  TO  CONDUCT  A  REVIEW  OF
     4  MANDATED  BENEFITS REQUIRED BY NEW YORK STATE LAW IN EFFECT AS OF DECEM-
     5  BER THIRTY-FIRST, TWO THOUSAND TWENTY-FIVE AND ISSUE A REPORT  DETAILING
     6  BOTH  THE  INDIVIDUAL AND CUMULATIVE COSTS OF SUCH MANDATES ON INSURANCE
     7  PREMIUMS.  SUCH REPORT SHALL BE DUE ONE YEAR FROM THE DATE ON WHICH THIS
     8  SUBSECTION TAKES EFFECT.
     9    (E) THE SUPERINTENDENT SHALL BE REQUIRED TO CONDUCT A COST ANALYSIS OF
    10  LEGISLATION MANDATING NEW INSURANCE BENEFITS TO EXAMINE  THE  IMPACT  ON
    11  INSURANCE PREMIUMS PRIOR TO THE ADOPTION OF SUCH LEGISLATION. NEW LEGIS-
    12  LATION PASSED BUT NOT YET CONSIDERED BY THE GOVERNOR SHALL NOT BE DEEMED
    13  IN  FULL  FORCE AND EFFECT UNTIL SUCH COST ANALYSIS FROM THE SUPERINTEN-
    14  DENT IS COMPLETED AND MADE PUBLICLY AVAILABLE FOR  REVIEW  AND  COMMENT.
    15  THE  PROVISIONS OF THIS SUBSECTION SHALL APPLY TO ALL LEGISLATION PASSED
    16  ON OR AFTER THE DATE WHICH THIS SUBSECTION TAKES EFFECT.
    17    § 2. This act shall take effect immediately.




         EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11944-03-6