Amd 1 & 2, Chap of 2021 (as proposed in S.5231 & A.5574)
Directs the department of financial services and the division of housing and community renewal to conduct a study examining any increasing costs of liability, fire and casualty insurance premiums or any lack of availability of liability, fire and casualty insurance coverage for affordable housing.
STATE OF NEW YORK
________________________________________________________________________
8760
IN ASSEMBLY
January 11, 2022
___________
Introduced by M. of A. CYMBROWITZ -- read once and referred to the
Committee on Insurance
AN ACT to amend a chapter of the laws of 2021 relating to directing the
department of financial services and 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, as proposed in legislative bills numbers S.
5231 and A. 5574, in relation to directing the department of financial
services and the division of housing and community renewal to conduct
a study examining any increasing costs of liability, fire and casualty
insurance premiums or any lack of availability of liability, fire and
casualty 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. Sections 1 and 2 of a chapter of the laws of 2021 relating
2 to directing the department of financial services and the division of
3 housing and community renewal to conduct a study examining the increas-
4 ing costs of insurance premiums and the lack of availability of insur-
5 ance coverage for affordable housing, as proposed in legislative bills
6 numbers S. 5231 and A. 5574, are amended to read as follows:
7 Section 1. The department of financial services, in coordination with
8 the division of housing and community renewal, shall conduct a study to
9 examine [the] any increases in liability, fire and casualty insurance
10 premiums [and the] or any lack of availability of liability, fire and
11 casualty insurance coverage for affordable housing developments in New
12 York state. The department and the division shall:
13 (a) analyze [the] any factors that [increase] have increased liabil-
14 ity, fire and casualty insurance costs for such housing developments and
15 analyze [the] any factors that [may limit] have limited insurers from
16 offering liability, fire and casualty coverage for affordable housing
17 projects; and
18 (b) identify the potential impact, over the next ten years, of the
19 cost of liability, fire and casualty insurance [premium increases] and
20 the unavailability of liability, fire and casualty insurance coverage
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09784-02-2
A. 8760 2
1 for affordable housing development and preservation[, including, but not
2 limited to,] on the projected total reduction in affordable housing
3 units by region, the inability to develop affordable housing in certain
4 areas and any other topic or issue that is determined to be relevant to
5 the completion of the study by the department and the division.
6 § 2. The department of financial services and the division of housing
7 and community renewal shall jointly prepare a report which shall be
8 submitted to the governor, the temporary president of the senate, the
9 speaker of the assembly, the minority leader of the senate and the
10 minority leader of the assembly, within [eight] eleven months after the
11 effective date of this act, containing findings and recommendations for
12 potential legislative and regulatory actions to address [the] any
13 increased costs [and] or any unavailability of liability, fire and casu-
14 alty insurance.
15 § 2. This act shall take effect on the same date and in the same
16 manner as a chapter of the laws of 2021 relating to directing the
17 department of financial services and the division of housing and commu-
18 nity renewal to conduct a study examining the increasing costs of insur-
19 ance premiums and the lack of availability of insurance coverage for
20 affordable housing, as proposed in legislative bills numbers S. 5231 and
21 A. 5574, takes effect.
