Bill > S05264

This bill requires insurance companies to provide detailed written notice to policyholders and supervising governmental entities before increasing premiums or rates for policies covering state or municipal backed buildings. Specifically, the bill defines "state or municipal backed buildings" as properties owned or subsidized by the state, including housing developments supervised by agencies like the New York City Department of Housing Preservation and Development. The notice must be provided 60 to 120 days before the rate change and must include a comprehensive explanation of the rationale behind the premium increase and the specific formulation used to calculate the new rate. This legislation aims to increase transparency in insurance pricing for publicly supported buildings by ensuring that policyholders and relevant government agencies receive advance warning and a clear understanding of why their insurance rates are changing.

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https://www.nysenate.gov/legislation/bills/2025/S5264