Authorizes and directs the department of financial services to conduct a study on the feasibility and impact of requiring homeowners in high-risk flood areas to obtain flood insurance as a condition of obtaining a homeowner's policy; requires a report of the findings and any legislative recommendations to the governor, the temporary president of the senate, the minority leader of the senate, the speaker of the assembly and the minority leader of the assembly.
STATE OF NEW YORK
________________________________________________________________________
6464
2021-2022 Regular Sessions
IN SENATE
April 29, 2021
___________
Introduced by Sen. BROOKS -- read twice and ordered printed, and when
printed to be committed to the Committee on Insurance
AN ACT directing the department of financial services to conduct a study
on requiring homeowners in high-risk flood areas to obtain flood
insurance
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 is hereby authorized
2 and directed to conduct a study on the feasibility and impact of requir-
3 ing homeowners in high-risk flood areas to obtain flood insurance as a
4 condition of obtaining a homeowner's policy.
5 § 2. The department of financial services may consult with any state
6 or local office, agency, or department and request information from any
7 such entity that is relevant and material to the completion of this
8 study and report.
9 § 3. No later than one year after the effective date of this act, the
10 department of financial services shall deliver a report of the findings
11 of the study conducted pursuant to section one of this act and any
12 legislative recommendations deemed necessary to the governor, the tempo-
13 rary president of the senate, the minority leader of the senate, the
14 speaker of the assembly and the minority leader of the assembly.
15 § 4. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10288-01-1
