New York S08583 mandates property/casualty insurance companies to report zip code-level data on rates and claims to the Department of Financial.

New York S08583 amends the insurance law to require property/casualty insurance companies to submit annual reports to the Department of Financial Services. These reports must include zip code-level data on nonrenewal rates, nonpayment cancellation rates, other cancellation rates, claim frequency rates, average claim amounts, paid loss ratios, and average premiums. Additionally, insurers using natural disaster risk models must provide details about these models.

New York S08583 mandates property/casualty insurance companies to report zip code-level data on rates and claims to the Department of Financial.

New York S08583 amends the insurance law to require property/casualty insurance companies to submit annual reports to the Department of Financial Services. These reports must include zip code-level data on nonrenewal rates, nonpayment cancellation rates, other cancellation rates, claim frequency rates, average claim amounts, paid loss ratios, and average premiums. Additionally, insurers using natural disaster risk models must provide details about these models.