"'Our excess profit law is a joke, and to my understanding, it's never been used,' state Senate Deputy Leader Michael Gianaris (D-Astoria) told Streetsblog. 'It's not serving its purpose, at the very least.'"
"'That is all going to - I insist - will be going back into the pockets of the ratepayers, just as it has in other states,' Hochul told Streetsblog at a press conference for her proposal."
"'The state's threshold is nearly seven times the amount of profits New York's private passenger.'"
New York's 'excess profits' law allows auto insurers to retain up to 21% in profits, raising concerns about its effectiveness in protecting consumers. Lawmakers argue that the law has never been enforced and does not serve its intended purpose. Governor Hochul claims her proposals will lead to savings for policyholders, similar to Florida's stricter cap of 5%. However, skepticism remains regarding whether these savings will actually benefit consumers, as the governor plans to review the law only after her reforms are implemented.
Read at Streetsblog New York City
Unable to calculate read time
Collection
[
|
...
]