Bill Text: NY A07910 | 2023-2024 | General Assembly | Amended

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Bill Title: Prohibits insurance discrimination because of the affordability of residential buildings.

Spectrum: Partisan Bill (Democrat 24-0)

Status: (Introduced) 2024-03-21 - advanced to third reading cal.375 [A07910 Detail]

Download: New_York-2023-A07910-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         7910--A

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                     August 4, 2023
                                       ___________

        Introduced  by  M. of A. WEPRIN, REYES, GALLAGHER, LEVENBERG, LEE, SHIM-
          SKY,  GUNTHER,  DICKENS,  GONZALEZ-ROJAS,  BURDICK,   HEVESI,   LUCAS,
          SEAWRIGHT,  AUBRY,  CRUZ,  LUNSFORD,  GLICK,  ARDILA, SIMONE, WALLACE,
          SEPTIMO -- read once and referred to the  Committee  on  Insurance  --
          recommitted  to the Committee on Insurance in accordance with Assembly
          Rule  3,  sec.  2  --  committee  discharged,  bill  amended,  ordered
          reprinted as amended and recommitted to said committee

        AN  ACT to amend the insurance law, in relation to prohibiting discrimi-
          nation because of the affordability of residential buildings

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  The insurance law is amended by adding a new section 3462
     2  to read as follows:
     3    § 3462. Affordable housing underwriting and rating.   (a)  An  insurer
     4  that  issues  or  delivers  in this state a policy of insurance covering
     5  loss of or damage to real  property  containing  units  for  residential
     6  purposes shall not inquire about on an application, nor shall an insurer
     7  cancel,  refuse  to  issue, refuse to renew or increase the premium of a
     8  policy, or exclude, limit, restrict, or reduce coverage under  a  policy
     9  based on, the following:
    10    (1)  The  residential  building  contains dwelling units that shall be
    11  affordable to residents at a specific income level pursuant to a statue,
    12  regulation, regulatory  agreement  or  restrictive  declaration  with  a
    13  local, state, or federal government entity;
    14    (2)  The  real  property owner or tenants of such residential building
    15  receive rental assistance provided by a local, state, or federal govern-
    16  ment entity wherein the tenant's portion of the rent  is  limited  to  a
    17  percentage of such tenant's income;
    18    (3)  The  level  or source of income of the real property owner or the
    19  tenants of the residential building; or

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10702-06-4
        A. 7910--A                          2

     1    (4) Whether such residential building is  owned  by  a  limited-equity
     2  cooperative;  owned by a public housing authority; or owned by a cooper-
     3  ative housing corporation subject to  the  provisions  of  article  two,
     4  article  four,  article  five  or  article eleven of the private housing
     5  finance law.
     6    (b)  Nothing in this section shall prohibit an insurer from canceling,
     7  refusing  to  issue, refusing to renew,  increasing  the  premium of  an
     8  insurance policy or excluding, limiting, restricting, or reducing cover-
     9  age  under  such  policy  due to other factors that are permitted by any
    10  other section of this chapter.
    11    § 2. This act shall take effect immediately.