Increases the number of properties eligible for the coastal market assistance program by providing eligibility to properties within one mile of the shore.
STATE OF NEW YORK
________________________________________________________________________
9821
IN ASSEMBLY
April 9, 2024
___________
Introduced by M. of A. OTIS -- read once and referred to the Committee
on Insurance
AN ACT to amend the insurance law, in relation to increasing the number
of properties eligible for the coastal market assistance program
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subsection (c) of section 5414 of the insurance law, as
2 added by chapter 136 of the laws of 2008, is amended to read as follows:
3 (c) The association shall administer the coastal market assistance
4 program. The association may, subject to approval of the superintendent,
5 adopt reasonable eligibility standards for participation in the coastal
6 market assistance program. At a minimum, properties eligible for the
7 program shall be located within one mile of the shore. For purposes of
8 this section, shore shall mean salt-water ocean, sound, bay, inlet, Lake
9 Erie, Lake Ontario, the Saint Lawrence River or the Niagara River with
10 distance measured from mean high water. The association may adopt addi-
11 tional or more expansive eligibility standards for participation in the
12 coastal market assistance program.
13 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD13698-04-4
