Bill > A09016

This bill requires property and casualty insurance companies to provide detailed data to the Department of Financial Services, including zip code-level information on non-renewal and cancellation rates, claim frequency and amounts, and average premiums, as well as market share data and specifics about any natural disaster risk models or scoring methods they use, which are defined as tools to estimate potential losses from catastrophic events or assess risk for properties. The bill also mandates an annual report on the housing insurance market for multifamily and nonprofit housing providers, analyzing insurance availability, pricing, and affordability, and introduces a provision for premium discounts for policyholders who implement property-specific or community-level mitigation actions, which are defined as science-based actions to reduce risk from natural disasters. Furthermore, it extends the required notice period for policy non-renewals and cancellations to 90 days and increases the number of directors on the board governing the New York Property Insurance Underwriting Association, while also requiring a quadrennial report on its activities.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A9016