Bill Text: NY S08167 | 2023-2024 | General Assembly | Introduced

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Bill Title: Directs the department of financial services to conduct a study examining the increasing costs of insurance premiums, the lack of availability of insurance coverage for losses from flooding, and the possibility of supporting a private flood insurance market in the state.

Spectrum: Bipartisan Bill

Status: (Engrossed) 2024-02-13 - referred to insurance [S08167 Detail]

Download: New_York-2023-S08167-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8167

                    IN SENATE

                                    January 10, 2024
                                       ___________

        Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Insurance

        AN ACT in relation to directing the department of financial services  to
          conduct  a study examining the increasing costs of insurance premiums,
          the lack of availability of insurance coverage for losses from  flood-
          ing,  and  the  possibility  of  supporting  a private flood insurance
          market in the state

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

     1    Section  1. The department of financial services shall conduct a study
     2  to examine any increases in property insurance premiums that may  affect
     3  affordability  of  property insurance coverage, any lack of availability
     4  of property insurance coverage for losses  from  flooding  in  New  York
     5  state,  and  the  possibility  of  supporting  a private flood insurance
     6  market in the state. Such department shall:
     7    (a) analyze any factors that have increased property  insurance  costs
     8  for  such losses from flooding and analyze any factors that have limited
     9  insurers from property insurance coverage for losses from flooding;
    10    (b) identify the potential impact, over the next  ten  years,  of  the
    11  cost  of property insurance and the unavailability of property insurance
    12  coverage for losses from flooding and any other topic or issue  that  is
    13  determined  to be relevant to the completion of the study by the depart-
    14  ment; and
    15    (c) analyze the possibility of supporting a  private  flood  insurance
    16  market  in  the  state  as  a  supplement to the existing National Flood
    17  Insurance Program.
    18    § 2. The department of financial services shall prepare a report which
    19  shall be submitted to the  governor,  the  temporary  president  of  the
    20  senate,  the  speaker of the assembly, the minority leader of the senate
    21  and the minority leader of the assembly, within eleven months after  the
    22  effective  date of this act, containing findings and recommendations for
    23  potential legislative and regulatory actions to  address  any  increased
    24  costs,  affordability,  or any unavailability of property insurance, and

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13697-01-3
        S. 8167                             2

     1  the possibility of supporting a private flood insurance  market  in  the
     2  state.
     3    § 3. This act shall take effect immediately.