BILL NUMBER: S5321
SPONSOR: BAILEY
 
TITLE OF BILL:
An act to amend the insurance law, in relation to the hiring of consult-
ants
 
JUSTIFICATION:
Allowing the Department of Financial Services (DFS) to engage the
services of consultants, when deemed necessary by the superintendent,
will facilitate the prompt review of insurer filings, which will expe-
dite the process of getting new insurance products and innovations to
New York consumers. Consumers benefit from having a wide variety of
insurance options so that they can choose the coverage which best meets
their needs, and this bill will help to ensure that DFS is able to expe-
ditiously review filings and make insurance options available for
consumers.
 
LEGISLATIVE HISTORY:
2023-24: S9354 - Reported and Committed to Finance
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
Immediately.