NY A08942

Department of Financial Services shall conduct a study examining increases in property insurance premiums, availability of flood insurance coverage in New York State, and potential support for a private flood insurance market.

Study must analyze factors that have increased property insurance costs for flood losses and factors limiting insurers from providing such coverage.

Study must identify the potential impact over the next ten years of property insurance costs and unavailability of flood insurance coverage, and analyze other relevant topics.

Study must analyze the possibility of supporting a private flood insurance market in New York State as a supplement to the existing National Flood Insurance Program.

Department of Financial Services shall submit a report to the governor, state senate president, assembly speaker, and minority leaders of both chambers within eleven months of the act's effective date, containing findings and recommendations for legislative and regulatory actions.