A Bronx pol is joining his neighbor in the state Senate in calling on insurance companies to show their work when they raise rates.
Assembly Member Jeffrey Dinowitz (D-Bronx) introduced legislation last Friday that would force auto insurers to annually submit detailed data to the state Department of Financial Services showing their streams of income, claim history and profits and losses. The state usually only receives aggregate information from companies about their premium prices and their payouts, and Dinowitz believes that by asking companies to pop the hood on their financials, they would be inclined to lower prices.
State Senate Insurance Chair Jamaal Bailey (D-Bronx) introduced the bill in his chamber in January.
"This bill addresses transparency. They get rate increases all the time, and it's never really justified," said Dinowitz. "So by requiring the insurance companies to submit to Department of Financial Services a financial statement, it can certainly make the public aware of important information that they need, including how do they explain the premiums that they charge?"
Dinowitz said the legislation likely won't make any progress until after the state budget is passed, but it is directly related to Gov. Hochul's aims this session.
The governor is attempting to lower auto insurance premiums in the name of affordability, but claims that jackpot lawsuits and rampant fraud are the cause of high premiums. She wants to rein in costs by making it harder for some crash victims to get full compensation for their pain and suffering.
Lawmakers, otherwise happy to fight for lower costs for New Yorkers, are openly skeptical of Hochul's plan. Dinowitz counts himself among them.
"Is New York the only state that has fraud? I don't think so," he said. "I don't think the answer is limiting the amount of money that an injured person can collect."
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- As usual, Streetsblog has the goods. New York City Mayor Zohran Mamdani is using Sammy's Law to reduce speed limits to 15-miles-per-hour in school zones, but broader implementation is still on the horizon.
- New York City's boy mayor has some elbows to throw in the court of New York politics. (The New York Times)
- State Attorney Letitia James is pushing legislation to ban surveillance pricing. (NY1)
- Hochul is poised to announce her proposed changes to the state's climate law later this week. (State of Politics)
- The governor is using a court case to justify her stance on climate law and energy affordability. (The Times Union)
- The Transit Workers Union is suing the MTA over the authority's elimination of staffed token booths. (Gothamist)
- Manhattan congressional candidate and Kennedy family scion Jack Schlossberg is grappling with a bombshell depiction of his uncle's love life. (City & State)
- The New York State Trial Lawyers Association is on a crash course with Gov. Hochul over auto insurance. She's gotten first responders on her side as the pustch intensifies. (The New York Post)
- The Albany Common Council is coming after street racers with stiff penalties as offenders shut down some of the capital city's main drags. (The Times Union)
- Contractors say they aren't racist in a Syracuse discrimination case. (Central Current)
