New York S09281 amends the insurance law to require rate filings for prior approval for commercial property, commercial general liability, and.

New York S09281 amends the insurance law to require insurers to file rate changes for commercial property, commercial general liability, and personal residential property insurance for prior approval. Insurers must provide written explanations for premium increases in certain policies. Additionally, insurers of homeowners' insurance with specific financial metrics must refile their rates and may be required to reduce them. The superintendent will determine benchmarks for loss ratios and investment returns for homeowners' insurance.

New York S09281 amends the insurance law to require rate filings for prior approval for commercial property, commercial general liability, and.

New York S09281 amends the insurance law to require insurers to file rate changes for commercial property, commercial general liability, and personal residential property insurance for prior approval. Insurers must provide written explanations for premium increases in certain policies. Additionally, insurers of homeowners' insurance with specific financial metrics must refile their rates and may be required to reduce them. The superintendent will determine benchmarks for loss ratios and investment returns for homeowners' insurance.