Creates the office of insurance consumer advocate within the department of financial services; provides that the office shall consist of five members; describes powers and duties; provides that such office be funded by an assessment upon domestic insurers and licensed U.S. branches of alien insurers domiciled in NYS.
Summary
Bill S06069 proposes the establishment of the Office of Insurance Consumer Advocate within the New York Department of Financial Services. This office will consist of five members, appointed by the Secretary of State and the Superintendent, who will serve without compensation but will be reimbursed for necessary expenses. The primary responsibilities of the office include assessing the impact of insurance regulatory actions on consumers, representing consumers at public hearings regarding rate-setting matters, and having access to relevant records held by the department. Additionally, the office is empowered to recommend insurance-related legislation to the legislature.
Impact
The creation of the Office of Insurance Consumer Advocate will enhance consumer representation in the insurance regulatory process, allowing for a more consumer-focused approach to insurance rate-setting and legislation. This change may lead to increased scrutiny of insurance practices and potentially more favorable outcomes for consumers in New York. The funding for this office will come from assessments on domestic insurers and licensed U.S. branches of alien insurers, impacting the financial responsibilities of these entities.
Sentiment
The sentiment surrounding Bill S06069 appears to be generally positive, as it aims to strengthen consumer advocacy in the insurance sector. However, there may be concerns from insurance companies regarding the financial implications of the assessments that will fund the office, as well as the potential for increased regulatory oversight.
Contention
Notable points of contention may arise from insurance industry stakeholders who could view the establishment of this office as an additional regulatory burden. There may be concerns about the effectiveness of the office and whether it will truly represent consumer interests or serve as a platform for further regulatory constraints on insurers. Advocates for consumer rights are likely to support the bill, emphasizing the need for stronger consumer representation.
Grants security officers serving at the village of Ardsley village court peace officer status; provides that such officers shall complete training if they are not otherwise police officers or peace officers.
Grants security officers serving at the village of Ardsley village court peace officer status; provides that such officers shall complete training if they are not otherwise police officers or peace officers.
Provides that where an active or retired police officer dies by suicide and is enrolled in a health insurance plan, the surviving dependents of such police officer shall be entitled to such health insurance coverage for ninety days following such police officer's death.
Provides that where an active or retired police officer dies by suicide and is enrolled in a health insurance plan, the surviving dependents of such police officer shall be entitled to such health insurance coverage for ninety days following such police officer's death.
Provides that where an active or retired police officer dies by suicide and is enrolled in a health insurance plan, the surviving dependents of such police officer shall be entitled to such health insurance coverage for ninety days following such police officer's death.
Requires all motor vehicle insurers to file annual detailed financial and claim data statements with the superintendent of financial services; provides that all such statements shall be made available to the public.