NY A10344

Defines "parametric insurance" as insurance against weather-related events (windstorm, flood, snow, wildfire, tornado, cyclone, earthquake) where indemnification is based on the proximity and magnitude of the event as measured by state or federal government agencies.

Requires insurers issuing parametric insurance policies to disclose that the policy is not a substitute for property or flood insurance and that a mortgagee or loss payee may not accept parametric insurance, in both the application and prominently upon policy issuance and renewal.

Authorizes excess line brokers to procure parametric insurance policies and requires them to provide the required disclosures on behalf of the insurer.

Classifies parametric insurance as a "covered policy" under the insurance guaranty fund and as a "non-basic kind of insurance" for licensing purposes.

Takes effect thirty days after becoming law.