New York Senate Bill S05321

New York 2025-2026 Regular Session

• Introduced: 2/20/25
• Refer: 2/20/25
• Refer: 1/7/26

Caption

Authorizes the superintendent of financial services to hire a consultant to assist with reviewing any rate or form filing submitted to the superintendent.

Summary

This bill would amend the New York Insurance Law to authorize the Superintendent of Financial Services to hire outside consultants whenever the superintendent deems them necessary. The consultants could assist with reviewing insurance rate filings, form filings, and other matters within the superintendent’s review authority. The bill gives the superintendent discretion to determine when such assistance is needed. The bill also requires the party that submitted the filing, or the person for whom the consultant’s services were performed, to pay the consultant’s costs directly, rather than using state funds. The measure would take effect immediately upon enactment.

Impact

If enacted, the bill would add a new section 303 to the Insurance Law and expand the superintendent’s authority to retain outside expertise in the review of insurance filings. It would shift the cost of those consultant services to insurers or other filing parties whose submissions are being reviewed, potentially affecting the expense of doing business before the Department of Financial Services. The bill would not appear to change substantive insurance standards, but it would alter the administrative process for rate and form review.

Sentiment

No committee transcripts or recorded votes were provided, so there is no direct evidence of debate or formal support/opposition in the available record. Based on the bill text and caption, the measure appears to be a technical administrative proposal intended to improve regulatory review capacity rather than a controversial policy change. The absence of voting history or discussion makes the overall sentiment difficult to assess beyond that neutral characterization.

Contention

The main point of potential contention is the cost-shifting provision requiring the filing party to pay the consultant directly. Supporters may view this as a way to ensure the Department has specialized expertise without burdening taxpayers, while opponents could argue it increases regulatory costs for insurers and may create concerns about fairness, transparency, or the scope of consultant use. Another possible issue is the breadth of the superintendent’s discretion to decide when consultants are “necessary,” which could draw scrutiny if used frequently or inconsistently.