NY A10416

Defines "real estate value assurance insurance" as coverage against loss of real estate value caused by local rezoning or significant land use changes unrelated to broader economic downturns.

Adds real estate value assurance insurance as an authorized kind of insurance that excess line brokers can procure from non-authorized insurers.

Designates real estate value assurance insurance as a "basic kind of insurance" for regulatory classification purposes.

Establishes capital requirements of $2,000,000 for stock companies and $1,000,000 for mutual companies offering real estate value assurance insurance.

Takes effect thirty days after becoming law.