Bill > A03793

This bill directs the New York State Department of Financial Services to conduct a comprehensive study on property insurance challenges, specifically focusing on three key areas: increasing insurance premiums, limited flood insurance coverage, and the potential development of a private flood insurance market. The department is required to analyze the factors driving up insurance costs and restricting flood insurance availability, with a particular emphasis on understanding the potential impacts over the next decade. The study will examine how these insurance challenges affect property owners and explore potential strategies to address affordability and coverage gaps. As part of the bill's requirements, the department must prepare a detailed report within eleven months of the bill's effective date, which will be submitted to key state leaders including the governor, senate president, assembly speaker, and minority leaders of both legislative chambers. The report will include findings and recommendations for potential legislative and regulatory actions to mitigate insurance-related issues, with a specific focus on potentially supporting a private flood insurance market to supplement the existing National Flood Insurance Program. The bill is designed to provide policymakers with a comprehensive understanding of insurance market dynamics and potential solutions to protect property owners.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A3793