Bill > A03842

This bill establishes the "Insure Our Communities Act" to address climate change, insurance affordability, and potential discriminatory practices in the insurance industry. The bill requires insurance companies to report on their investments in fossil fuel industries, align their underwriting and investment activities with climate mitigation targets, and prevent "bluelining" (discriminatory insurance practices in vulnerable communities). Key provisions include mandating that insurers annually report their investments in fossil fuel companies, prohibiting underwriting for new fossil fuel projects, and requiring the Department of Financial Services to develop criteria for tracking insurance practices in disadvantaged communities. The bill also introduces protections for communities vulnerable to climate change, such as a moratorium on policy non-renewals in areas affected by climate disasters and a requirement to study methods for keeping property and casualty insurance affordable. Additionally, the legislation empowers the superintendent of financial services to examine insurers' community reinvestment performance, with potential penalties for companies that fail to meet certain standards or discriminate against low-income or minority communities. The ultimate goal is to ensure more equitable and climate-conscious insurance practices that protect vulnerable populations from the economic impacts of climate change.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A3842