Enacts the New York automobile insurance fraud and premium reduction act; provides compensation for reporting insurance fraud; increases penalties.

The New York automobile insurance fraud and premium reduction act aims to reduce insurance fraud and lower insurance premiums. It provides compensation to individuals who report insurance fraud to authorities. The act also increases penalties for insurance fraud, including new classifications for aggravated insurance fraud. It appropriates $3,100,000 for these efforts.

Enacts the New York automobile insurance fraud and premium reduction act; provides compensation for reporting insurance fraud; increases penalties.

The New York automobile insurance fraud and premium reduction act aims to reduce insurance fraud and lower insurance premiums. It provides compensation to individuals who report insurance fraud to authorities. The act also increases penalties for insurance fraud, including new classifications for aggravated insurance fraud. It appropriates $3,100,000 for these efforts.