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.
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
