This is an act to amend the state finance law, in relation to participation in state contracts. Once passed, the state will be prohibited from entering into contracts with contractors who do not provide their employees with insurance that covers services for transgender, non-binary, and gender-expansive people.
Many employers, especially large companies, self-fund their health insurance plans and/or keep their headquarter outside of New York. These plans preempt or outright avoid many New York protections, in particular, coverage for medically necessary care for transgender New Yorkers. This measure will make it clear to companies who wish to do business with this huge state that if you have a contract with New York, you must protect transgender New Yorkers.