STATE OF NEW YORK
________________________________________________________________________
5264
2025-2026 Regular Sessions
IN SENATE
February 20, 2025
___________
Introduced by Sen. BAILEY -- read twice and ordered printed, and when
printed to be committed to the Committee on Insurance
AN ACT to amend the insurance law, in relation to requiring insurance
companies to provide detailed rationale for rate changes of certain
state or municipal backed 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 2354
2 to read as follows:
3 § 2354. Notice of rate increase. 1. As used in this section, the term
4 "state or municipal backed building or development" shall mean a build-
5 ing or development owned by the state or which is in any way subsidized
6 by the state including, but not limited to, a building or development
7 organized pursuant to article two of the private housing finance law,
8 supervised by the New York city department of housing preservation and
9 development, or supervised by the department of housing and community
10 renewal.
11 2. No insurer shall impose an increased premium or rate for a policy
12 or contract which includes coverage of a state or municipal backed
13 building or development without providing written notice to all policy-
14 holders and any governmental entity supervising such building or devel-
15 opment indicating the change in premiums or rates not less than sixty,
16 but not more than one hundred twenty, days prior to the effective date
17 of such premiums or rates. Such notice shall include, but not limited
18 to, a detailed rationale for the change in premiums or rates and the
19 formulation of the premium or rate change.
20 § 2. This act shall take effect on the first of January next succeed-
21 ing the date on which it shall have become a law and shall apply to all
22 policies and contracts issued, renewed, modified, altered, or amended on
23 or after such date. Effective immediately, the addition, amendment
24 and/or repeal of any rule or regulation necessary for the implementation
25 of this act on its effective date are authorized to be made and
26 completed on or before such date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10025-01-5
