A Local Law to amend the New York city charter, in relation to establishing an office of insurance accountability

Summary

This local law establishes a new Office of Insurance Accountability within the Department of Consumer and Worker Protection. The office will be headed by a Director of Insurance Accountability, appointed by the Mayor. Its mandate includes providing accessible information and guidance to consumers on insurance selection, tracking and publicizing legal actions against insurance companies for deceptive or fraudulent practices, and studying the cost of insurance. The office will conduct an annual study and report on insurance cost trends and contributing factors, offering recommendations to stabilize or lower these costs. Additionally, it will house a unit led by an Insurance Accountability Advocate to assist consumers in resolving insurance-related issues. The law explicitly excludes health insurance from its scope. It takes effect 240 days after becoming law.

Citizen Impact

Residents will have a new resource for understanding insurance options and resolving disputes with insurance companies. The office's research and recommendations aim to stabilize or lower insurance costs over time, excluding health insurance.

Confidence

high