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NY Reaches 2026-2027 Budget Deal Including Auto Insurance Reforms

May 7, 2026
1 source
Insurance Journal
NY Reaches 2026-2027 Budget Deal Including Auto Insurance Reforms

Story Summary

New York State finalized a $268 million budget agreement extending operations past the April deadline, incorporating Governor Hochul's auto insurance reforms alongside lawmaker-proposed consumer protections. The deal mandates insurer rate approvals, restricts rating criteria, and targets fraud without raising general taxes, though it adds a NYC property surcharge estimated to generate $500 million annually.

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