Bill Text: NY A09821 | 2023-2024 | General Assembly | Introduced

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Bill Title: Increases the number of properties eligible for the coastal market assistance program by providing eligibility to properties within one mile of the shore.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-04-09 - referred to insurance [A09821 Detail]

Download: New_York-2023-A09821-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          9821

                   IN ASSEMBLY

                                      April 9, 2024
                                       ___________

        Introduced  by  M. of A. OTIS -- read once and referred to the Committee
          on Insurance

        AN ACT to amend the insurance law, in relation to increasing the  number
          of properties eligible for the coastal market assistance program

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subsection (c) of section 5414 of  the  insurance  law,  as
     2  added by chapter 136 of the laws of 2008, is amended to read as follows:
     3    (c)  The  association  shall  administer the coastal market assistance
     4  program. The association may, subject to approval of the superintendent,
     5  adopt reasonable eligibility standards for participation in the  coastal
     6  market  assistance  program.  At  a minimum, properties eligible for the
     7  program shall be located within one mile of the shore. For  purposes  of
     8  this section, shore shall mean salt-water ocean, sound, bay, inlet, Lake
     9  Erie,  Lake  Ontario, the Saint Lawrence River or the Niagara River with
    10  distance measured from mean high water. The association may adopt  addi-
    11  tional  or more expansive eligibility standards for participation in the
    12  coastal market assistance program.
    13    § 2. This act shall take effect immediately.






         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13698-04-4