Bill > S05330

This bill amends the New York insurance law to explicitly allow insurers to provide loss prevention or loss mitigation programs to policyholders at no or reduced cost, subject to regulations established by the state insurance superintendent. Currently, the law may have been ambiguous about whether such programs were permitted, and this amendment clarifies that insurers can offer these cost-effective programs to help policyholders reduce potential insurance claims. The bill maintains existing penalties of $500 for violations of the section and will take effect immediately upon passage. Loss prevention programs typically involve strategies or services that help reduce the risk of damage or loss, such as safety inspections, risk assessments, or educational resources that can help policyholders avoid potential insurance claims, ultimately benefiting both the insurer and the policyholder by potentially lowering overall risk and insurance costs.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S5330