Indianapolis — New York state lawmakers are expected to adopt legislation that could enhance competition in the state’s auto insurance market and aid homeowners insurance consumers living along the coastline, according to the National Association of Mutual Insurance Companies (NAMIC). Legislation that would once again allow flex rating has reportedly been endorsed by the Assembly and Senate and is likely to be approved this week.
The bill, A-11693//S-8624, would allow New York auto insurers to adjust rates twice annually by a total of 5%. The bill also implements a number of measures to address issues in the state’s coastal property insurance market. It was sponsored by Sen. James Seward, chairman of the Senate Insurance Committee, and Assemblyman Joe Morelle, chairman of the Assembly Insurance Committee.
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