New York S03062 mandates insurers in the assigned risk plan to review policyholder risk profiles to determine eligibility for voluntary market.

New York S03062 amends the insurance law by requiring insurers participating in the assigned risk plan to review the risk profiles of each policyholder assigned to them through the plan. This review must occur within ninety days of the bill's effective date and every two years thereafter. The purpose is to determine if these policyholders are eligible for motor vehicle insurance coverage in the voluntary market. Insurers must notify policyholders of the review and its results, and offer them the option to seek coverage in the voluntary market.

New York S03062 mandates insurers in the assigned risk plan to review policyholder risk profiles to determine eligibility for voluntary market.

New York S03062 amends the insurance law by requiring insurers participating in the assigned risk plan to review the risk profiles of each policyholder assigned to them through the plan. This review must occur within ninety days of the bill's effective date and every two years thereafter. The purpose is to determine if these policyholders are eligible for motor vehicle insurance coverage in the voluntary market. Insurers must notify policyholders of the review and its results, and offer them the option to seek coverage in the voluntary market.