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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.
AI Summary
Prohibits motor vehicle insurers in New York from using algorithms that discriminate based on socioeconomic factors in actuarial tables, coverage terms, premiums, and/or rates.
Business Impact
If you insure motor vehicles in NY, you must not use specified socioeconomic factors in rate setting immediately.
What do these statuses mean? ▼
Introduced
— Filed in the legislature; not yet heard in committee
In Committee
— Assigned to and being reviewed by a legislative committee
Passed
— Approved by one or both chambers; awaiting further action
Signed / Enacted
— Signed into law by the governor; may or may not be in effect yet
Dead / Vetoed
— Vetoed, failed to pass, or session expired without action
Unknown
— Status data not yet available or awaiting classification
Affected Industries
What This Means
New York's Bill S04082 aims to prevent motor vehicle insurers from using algorithms that discriminate based on socioeconomic factors in setting insurance rates and coverage terms.
Key Provisions
- Prohibits the use of algorithms that discriminate based on socioeconomic factors in determining actuarial tables, premiums, and coverage terms.
Latest Legislative Action
REFERRED TO INSURANCE
Bill Sponsors (showing 5 of 10)
| Name | Role |
|---|---|
| CARLUCCI | Primary |
| HINCHEY | Primary |
| Jabari Brisport D | Primary |
| Kevin S. Parker D | Primary |
| SEWARD | Primary |
Related & Companion Bills
Full Legal Analysis
Bill S04082, introduced in the New York Senate, seeks to amend the insurance law to prohibit motor vehicle insurers from using algorithms that discriminate based on socioeconomic factors in determining actuarial tables, coverage terms, premiums, and/or rates. The bill specifically targets the use of algorithms in constructing actuarial tables.
Official Source
Official Bill Text
View S04082 on official legislature website →
Affected Industries
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