Bill Text: NY A08942 | 2023-2024 | General Assembly | Introduced

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Bill Title: Directs the department of financial services to conduct a study examining the increasing costs of insurance premiums, the lack of availability of insurance coverage for losses from flooding, and the possibility of supporting a private flood insurance market in the state.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2024-05-29 - substituted by s8167 [A08942 Detail]

Download: New_York-2023-A08942-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8942

                   IN ASSEMBLY

                                    January 30, 2024
                                       ___________

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

        AN  ACT in relation to directing the department of financial services to
          conduct a study examining the increasing costs of insurance  premiums,
          the  lack of availability of insurance coverage for losses from flood-
          ing, and the possibility  of  supporting  a  private  flood  insurance
          market in the state

          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 shall conduct a  study
     2  to  examine any increases in property insurance premiums that may affect
     3  affordability of property insurance coverage, any lack  of  availability
     4  of  property  insurance  coverage  for  losses from flooding in New York
     5  state, and the possibility  of  supporting  a  private  flood  insurance
     6  market in the state. Such department shall:
     7    (a)  analyze  any factors that have increased property insurance costs
     8  for such losses from flooding and analyze any factors that have  limited
     9  insurers from property insurance coverage for losses from flooding;
    10    (b)  identify  the  potential  impact, over the next ten years, of the
    11  cost of property insurance and the unavailability of property  insurance
    12  coverage  for  losses from flooding and any other topic or issue that is
    13  determined to be relevant to the completion of the study by the  depart-
    14  ment; and
    15    (c)  analyze  the  possibility of supporting a private flood insurance
    16  market in the state as a  supplement  to  the  existing  National  Flood
    17  Insurance Program.
    18    § 2. The department of financial services shall prepare a report which
    19  shall  be  submitted  to  the  governor,  the temporary president of the
    20  senate, the speaker of the assembly, the minority leader of  the  senate
    21  and  the minority leader of the assembly, within eleven months after the
    22  effective date of this act, containing findings and recommendations  for
    23  potential  legislative  and  regulatory actions to address any increased
    24  costs, affordability, or any unavailability of property  insurance,  and
    25  the  possibility  of  supporting a private flood insurance market in the
    26  state.
    27    § 3. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13697-01-3