Bill > S00186

This bill establishes the Insure Our Communities Act, a comprehensive legislation aimed at addressing climate change risks and insurance affordability in New York State. The bill requires insurers with over $100 million in annual premiums to report on their investments in fossil fuel industries, their financed and insured emissions, and their climate risk mitigation strategies. Insurance companies must align their investment and underwriting activities with science-based climate targets and will be prohibited from underwriting new fossil fuel projects within five years. The legislation also protects communities vulnerable to "bluelining" - a practice of denying or limiting insurance in certain geographic areas, particularly disadvantaged communities. The bill mandates that insurers cannot refuse to issue or renew policies solely based on a policyholder residing in a disadvantaged community and requires the Department of Financial Services to conduct a study on methods to keep property and casualty insurance affordable for these communities. Additionally, the bill expands reporting requirements for insurers, including detailed demographic and geographic data about policy issuance, claims, and rates, with the goal of identifying and preventing discriminatory insurance practices and promoting climate resilience.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S186