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Prohibits motor vehicle insurers from discrimination on the basis of socioeconomic factors in determining algorithms used to construct actuarial tables, coverage terms, premiums and/or rates.
This bill prohibits motor vehicle insurers in New York from using socioeconomic factors in algorithms for actuarial tables, coverage terms, premiums, and/or rates.
If you operate as a motor vehicle insurer in New York, you must revise your algorithms to exclude socioeconomic factors by the bill's enactment date or face penalties.
What do these statuses mean? ▼
Affected Industries
What This Means
The proposed legislation aims to eliminate discrimination in motor vehicle insurance pricing based on socioeconomic factors by targeting algorithms used in actuarial tables.
Key Provisions
- Prohibits insurers from using socioeconomic factors in algorithms for actuarial tables, coverage terms, premiums, and/or rates.
Latest Legislative Action
referred to insurance
Bill Sponsors (showing 5 of 24)
| Name | Role |
|---|---|
| Anna Kelles D | Primary |
| CROUCH | Primary |
| Crystal Peoples-Stokes D | Primary |
| MAGNARELLI | Primary |
| SIMON | Primary |
Related & Companion Bills
Full Legal Analysis
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Affected Industries
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