Bill Text: NY A05574 | 2021-2022 | General Assembly | Introduced

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Bill Title: Directs the department of financial services, in coordination with the division of housing and community renewal, to conduct a study examining the increasing costs of insurance premiums and the lack of availability of insurance coverage for affordable housing developments.

Spectrum: Partisan Bill (Democrat 9-0)

Status: (Introduced - Dead) 2021-05-25 - substituted by s5231 [A05574 Detail]

Download: New_York-2021-A05574-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          5574

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                    February 19, 2021
                                       ___________

        Introduced  by  M. of A. CYMBROWITZ, CAHILL -- read once and referred to
          the Committee on Insurance

        AN ACT in relation to directing the department of financial services and
          the division of housing and community renewal to conduct a study exam-
          ining the increasing costs of  insurance  premiums  and  the  lack  of
          availability of insurance coverage for affordable housing

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

     1    Section 1. The department of financial services, in coordination  with
     2  the  division of housing and community renewal, shall conduct a study to
     3  examine the increases in insurance premiums and the lack of availability
     4  of insurance coverage for affordable housing developments  in  New  York
     5  state. The department and the division shall:
     6    (a) analyze the factors that increase insurance costs for such housing
     7  developments and analyze the factors that may limit insurers from offer-
     8  ing coverage for affordable housing projects; and
     9    (b)  identify the potential impact, over the next ten years, of insur-
    10  ance premium increases and  unavailability  of  insurance  coverage  for
    11  affordable  housing  development  and  preservation,  including, but not
    12  limited to, the projected total reduction in affordable housing units by
    13  region, the inability to develop affordable housing in certain areas and
    14  any other topic or issue that  is  determined  to  be  relevant  to  the
    15  completion of the study by the department and the division.
    16    §  2. The department of financial services and the division of housing
    17  and community renewal shall jointly prepare  a  report  which  shall  be
    18  submitted  to  the  governor, the temporary president of the senate, the
    19  speaker of the assembly, the minority  leader  of  the  senate  and  the
    20  minority leader of the assembly, within eight months after the effective
    21  date  of this act, containing findings and recommendations for potential
    22  legislative and regulatory actions to address the costs and unavailabil-
    23  ity of insurance.
    24    § 3. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09784-01-1