NY S02338

Changes the superintendent of insurance title to superintendent of financial services in the special advisory panel on homeowners' insurance/catastrophe coverage statute.

Extends the reporting deadline from November 30, 2009 to November 30, 2014, and changes reporting frequency from annual to biennial basis.

Adds new evaluation requirements for the panel to assess insurer withdrawals, policy cancellations, premium rate increases in coastal homeowners' insurance markets, and estimated costs of replacement coverage for cancelled policyholders.

Defines coastal homeowners' insurance market as areas within one mile of saltwater ocean, sound, inlet or bay in Bronx, Kings, Nassau, Queens, Richmond, Suffolk, and Westchester counties.

Modifies the superintendent's program to attract homeowners' insurance competitors to specifically target coastal communities within one mile of saltwater bodies in the seven specified counties.