Bill > A08536

This bill improves transparency and regulation in the insurance claims process for real property damage, introducing several key provisions to protect policyholders and establish clearer standards for insurers and insurance professionals. The bill defines a comprehensive "period of restoration" that includes time for damage assessment, repairs, and claim processing, and requires insurers to provide additional living expense coverage throughout this period. It mandates that insurers must acknowledge claims within five business days, provide a full policy copy within 30 days, issue an estimated payout within 60 days, and maintain detailed, unaltered records of all claim-related documents. The bill also establishes new requirements for appraisers, including selecting only competent and disinterested professionals, and sets specific timelines for the appraisal process. Additionally, the legislation introduces mandatory training for insurance adjusters, creates a grievance procedure for policyholders, establishes a review board for complaints, and requires insurers to conduct regular audits of their claims management practices. The bill further requires the creation of a tracking system for claim denials and imposes significant penalties for non-compliance, including potential license revocation, and mandates that building consultants and technicians involved in claim assessments meet specific licensing and disclosure requirements.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A8536