Expands the description of unfair insurance claim settlement practices

This bill expands the list of unfair insurance claim settlement practices in New York State to better regulate how insurance companies handle disputes and policy cancellations. It specifically prohibits insurers from forcing individuals or entities to deny or cancel a specific number or percentage of claims or policies within a set time frame. Additionally, the bill clarifies that artificially lowering cost data for claims or submitting claims to independent dispute resolution processes are considered unfair practices. These changes apply to all insurance entities operating in the state and take effect immediately upon enactment.