Bill A02824 Summary

• Establishes the New York Flood Insurance Association as a mandatory membership organization for all insurers authorized to write flood coverage in the state.

• Creates a 13-member board of directors with 10 elected by member insurers (weighted by net direct premiums) and 3 appointed by the superintendent representing the public.

• Sets rate caps at 120-140% of voluntary market rates depending on property type, with maximum coverage limits of $1.5 million for real property or personal property.

• Requires applicants to demonstrate they made diligent efforts to obtain coverage in the regular market before applying to the association; provides for appeals to the superintendent within 30 days.

• Authorizes the association to issue flood insurance and homeowners insurance (if superintendent determines necessity) and establishes a reimbursement fund supported by member assessments under the federal Urban Property Protection and Reinsurance Act.