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NY A03793
Bill
Status
1/30/2025
Primary Sponsor
David Weprin
Click for details
AI Summary
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Directs the Department of Financial Services to study increases in property insurance premiums affecting affordability and the lack of available flood insurance coverage in New York State
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Requires analysis of factors driving up flood insurance costs and factors limiting insurers from offering flood coverage
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Mandates identification of the potential 10-year impact of rising property insurance costs and unavailability of flood coverage
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Requires analysis of the possibility of creating a private flood insurance market to supplement the existing National Flood Insurance Program
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Report with findings and recommendations for legislative and regulatory action must be submitted to the Governor and legislative leaders within 11 months of the act taking effect
Legislative Description
Directs the department of financial services to conduct a study examining the increasing costs of insurance premiums, the lack of availability of insurance coverage for losses from flooding, and the possibility of supporting a private flood insurance market in the state.
Last Action
referred to insurance
1/7/2026