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

This local law establishes a new Office of Insurance Accountability within the Department of Consumer and Worker Protection. The office, headed by a Director appointed by the Mayor, will focus on all types of insurance except health insurance.

Key Functions of the Office:

• Consumer Information: Provide accessible information on insurance types and guidance for consumers on selecting plans via the office's website.
• Tracking Legal Actions: Monitor and publicize legal actions against insurance companies for deceptive, fraudulent, or unfair practices that harm consumers.
• Cost Analysis: Conduct annual studies and public hearings on the cost of insurance and contributing factors, publishing a report with findings and recommendations.
• Policy Recommendations: Advise the Mayor, Council, Comptroller, and relevant state/federal entities on legislation and policies to stabilize or lower insurance costs.
• Insurance Accountability Advocate: Establish a unit within the office to assist consumers in resolving insurance-related issues.

The law takes effect 240 days after it becomes law.

Residents will have a new resource for understanding insurance options and resolving disputes with insurance companies. The office will also work to identify factors driving up insurance costs and recommend policies to make insurance more affordable.

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