Establishes the New York Insurance Underwriting Transparency Act; requires insurers to explain material changes to policyholders' auto or homeowners.

The New York Insurance Underwriting Transparency Act mandates that insurers provide clear explanations for material changes to personal automobile or homeowners insurance policies. These changes include nonrenewal, premium increases over ten percent, reductions in coverage, or other adverse changes. Insurers must detail the principal factors for these changes and offer a point of contact for policyholders to discuss the reasons. The act does not apply to changes due to inflation, policyholder-initiated changes, or changes in risk exposure.

Establishes the New York Insurance Underwriting Transparency Act; requires insurers to explain material changes to policyholders' auto or homeowners.

The New York Insurance Underwriting Transparency Act mandates that insurers provide clear explanations for material changes to personal automobile or homeowners insurance policies. These changes include nonrenewal, premium increases over ten percent, reductions in coverage, or other adverse changes. Insurers must detail the principal factors for these changes and offer a point of contact for policyholders to discuss the reasons. The act does not apply to changes due to inflation, policyholder-initiated changes, or changes in risk exposure.