New York Assembly Bill A08364

New York 2025-2026 Regular Session

• Introduced: 5/13/25
• Refer: 5/13/25

Caption

Requires the superintendent of financial services to conduct a review of mandated benefits in effect as of December 31, 2024 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.

Impact

Another critical component of A08364 is the requirement for a cost analysis to be performed prior to the adoption of any new legislation mandating insurance benefits. This means that any bill proposing new mandated benefits must undergo scrutiny to assess its potential effect on insurance premiums before it can be enacted. The bill effectively delays the implementation of such legislation until the superintendent's analysis is completed and made publicly accessible, thereby potentially reshaping how new insurance mandates are approached legislatively.

Summary

A08364 is a legislative measure that mandates the superintendent of financial services in New York to evaluate the state's required insurance benefits as they stand by December 31, 2024. This bill aims to assess both the individual and cumulative financial burdens imposed by these mandates on insurance premiums. The superintendent is tasked with producing a detailed report within one year post-enactment, focusing on how these mandated benefits impact insurance costs in the state. Through these evaluations, the bill seeks to bring transparency to the financial implications of existing insurance mandates.

Contention

Debate surrounding A08364 revolves around concerns of balancing consumer protections with the financial realities of insurance providers. Proponents of the bill argue that it is necessary to ensure that new benefits do not lead to excessive insurance costs for consumers and businesses alike. They assert that through careful analysis and reporting, lawmakers can make informed decisions that will prevent unnecessary financial burdens. However, detractors may argue that the requirement for preemptive cost analysis could stifle legislative efforts to expand insurance coverage, especially in areas where additional benefits are critical for public welfare.