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

Summary

This bill would establish an Office of Insurance Accountability. The office would provide information on types of consumer insurance and issue generalized guidance for consumers on selecting insurance plans; track legal actions alleging deceptive, fraudulent, or other unfair practices by insurance companies that harm consumers who purchase or seek to purchase insurance products and alert the public to relevant findings; conduct an annual study and issue reports on issues facing consumers of insurance; provide legislative and policy recommendations that would benefit consumers of insurance; and create a unit to assist consumers in resolving insurance-related issues, headed by an insurance accountability advocate. The unit would attempt to enter a memorandum of understanding with the Department of Financial Services to assist consumers of insurance.

Official summary of legislation · NYC Council