NY A11147

Directs the superintendent of financial services to review and report on the adequacy, reasonableness, and affordability of business interruption insurance coverage for losses from pandemics, viruses, and infectious diseases.

Report must include analysis of current marketplace conditions, reasons for coverage denials, premium rating variables, state experiences with pandemic coverage, and costs of mandating retroactive coverage.

Report shall examine the necessity for federal intervention, financial impacts to insurers and businesses, removal of physical damage requirements, disclosure practices, and recommendations for cost-effective pandemic coverage.

Superintendent must submit the report to the governor, temporary president of the senate, and speaker of the assembly within 180 days of the act's effective date.

The act takes effect immediately and is repealed 60 days after submission of the report.