NY S08167

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

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

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

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

Department must submit findings and recommendations to the Governor, Senate President, Assembly Speaker, and both legislative minority leaders within eleven months of the act's effective date.