Bill > S08583

This bill requires property/casualty insurance companies in New York to submit detailed reporting on insurance market data, including zip code-level information about nonrenewal rates, cancellation rates, claim frequencies, average claim amounts, loss ratios, and average premiums. The bill mandates that insurers disclose their natural disaster risk models and scoring methods, including details about how these models impact rates and underwriting decisions. The legislation also requires insurers to provide premium discounts for policyholders who implement property-specific or community-level natural disaster mitigation actions, such as establishing defensible space or participating in forest treatment activities. Additionally, the bill introduces requirements for an annual joint report by the insurance superintendent and housing commissioner on the insurance market for multifamily and nonprofit housing providers, analyzing insurance availability, pricing, and affordability. The bill extends notice periods for policy cancellations and nonrenewals, increases the board membership of the New York Property Insurance Underwriting Association, and adds protections for properties in disadvantaged communities. The provisions aim to increase transparency, promote risk mitigation, and provide more comprehensive information about insurance practices in New York.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S8583