New York S05264 mandates insurance companies to provide a detailed rationale and formulation for rate changes on state or municipal backed buildings.

New York S05264 amends the insurance law by adding a new section requiring insurance companies to notify policyholders and supervising governmental entities about rate changes for state or municipal backed buildings. The notice must be provided between sixty and one hundred twenty days before the effective date of the rate change. It must include a detailed rationale for the change and the formulation of the new rate.

New York S05264 mandates insurance companies to provide a detailed rationale and formulation for rate changes on state or municipal backed buildings.

New York S05264 amends the insurance law by adding a new section requiring insurance companies to notify policyholders and supervising governmental entities about rate changes for state or municipal backed buildings. The notice must be provided between sixty and one hundred twenty days before the effective date of the rate change. It must include a detailed rationale for the change and the formulation of the new rate.