NY A09905

Establishes the "Insuring Our Future Act" requiring the Department of Financial Services to integrate the precautionary principle into regulation of insurers and prohibit underwriting for new fossil fuel projects while phasing out underwriting for existing fossil fuel exploration, extraction, processing, exporting, and transporting activities.

Requires insurers with over $100 million in annual assets or heightened climate risk exposure to submit annual reports disclosing investments and underwriting related to fossil fuel companies and projects, financed emissions, insured emissions, and aggregated homeowners and renters premium data by census tract.

Mandates that within five years, all insurers doing business in New York must divest from companies deriving 10% or more revenue from fossil fuel activities and fossil fuel infrastructure projects.

Prohibits insurers from refusing to issue, renew, or cancel property and casualty insurance policies solely based on policyholders residing in "communities vulnerable to bluelining" (low-to-moderate income, high-risk climate areas) or based on source of income such as housing vouchers.

Requires the Department of Financial Services to establish criteria to identify communities vulnerable to bluelining and conduct a study within 12 months on methods to keep property and casualty insurance affordable for such communities.