New York bill would require auto insurers submit annual financial and claims data

A newly filed New York bill would require all motor vehicle insurance companies to file annual financial and claims data with the state. 

AB 11155 would create the Automobile Insurance Sunshine Act. If the bill passes, it would make the yearly filed documents open to the public. 

The financial documents should include all business activities conducted in and outside the state that are connected to New York insurance policies, it says. 

Salaries, including all forms of compensation, should be included in the financial documents, it says. Insurance companies would also have to disclose spending on advertising, legal expenses, and asset sales. 

Claims data should include the total of claims and settlements by type of insurance or risk insured. It should also include premiums and losses for each ZIP code in the state. 

The Department of Finance superintendent would be required to create a report summarizing and explaining the information collected from the financial statement and claim information. Copies of the reports would be made available in paper format and on the department’s website, the bill says. 

Failure to disclose the information could result in up to $50,000 in penalties for each violation, the bill says. 

The bill was filed by Assemblywoman Nily Rozic (D-District 25) on April 28 and was referred to the Assembly Insurance Committee.

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