New York A11724 mandates property/casualty insurance carriers to provide underwriting models or granular claim data to the Department of Financial.
New York A11724 requires property/casualty insurance carriers to provide access to their underwriting models or granular claim data to the Department of Financial Services. This access allows the department to evaluate underwriting practices and risk assessment methodologies. If underwriting models are unavailable, carriers must provide granular claim data. Failure to comply can result in penalties, including fines, suspension, or revocation of the carrier's license. The information provided must adhere to confidentiality protections under state and federal law.
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