Bill > S05325

This bill directs the New York State Department of Financial Services to conduct a comprehensive study on flood insurance challenges in the state. The study will investigate increasing property insurance premiums, the limited availability of flood insurance coverage, and potential strategies to support a private flood insurance market. Specifically, the department will analyze factors contributing to rising insurance costs and restricted coverage, project the potential impact of these issues over the next decade, and explore ways to supplement the existing National Flood Insurance Program (NFIP). Within eleven months of the bill's effective date, the department is required to prepare and submit a detailed report to key state leaders, including the governor and legislative leadership, with findings and recommendations for potential legislative and regulatory actions to address insurance affordability and availability in flood-prone areas. The bill is designed to provide insights into the state's insurance market and propose solutions to protect property owners from the financial risks associated with flooding.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S5325