New York has enacted Assembly Bill 10008 which includes major provisions necessary to implement the state's transportation, economic development, and environmental conservation budget for fiscal year 2026-2027. Below are several insurance-related highlighted from the bill. Please review the bill in its entirety for a complete understanding of all provisions.

Part BB

 Among other provisions, this section requires insurers to provide policyholders with an explanation of premium increases for certain policies. The notice must describe the premium increase and the primary causal rating factors. If an explanation is not included, insurers must instead provide a notice informing policyholders that they may request one. 

Part GG

 This section requires certain authorized residential property insurers to submit an annual report to the superintendent of the Department of Financial Services by March 1. The report, which will be published on the department's website, must include premiums collected, claims paid, and any additional information required by the superintendent. 

Part KK

This section revises the definition of "excess profit" for motor vehicle insurers and establishes a definition for "anticipated underwriting profit." Beginning annually on or before March 31, insurers must submit a report to the superintendent indicating whether they realized excess profit during the combined three preceding calendar years. Insurers that realize excess profit must notify both the superintendent and affected policyholders regarding any required premium credits.

Beginning July 1, 2027, insurers must also submit an annual report identifying and quantifying the estimated impact on losses, expenses, and premiums, as specified in the bill. Insurers are required to reflect these estimated impacts in their proposed rates, rating plans, and rating rules.

Please see Assembly Bill 10008 for more information.