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NY A03842
Bill
Status
1/30/2025
Primary Sponsor
Phara Souffrant Forrest
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AI Summary
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Requires insurance companies to align investments and underwriting with New York's climate emissions reduction targets and prohibits underwriting new fossil fuel projects, with mandatory divestment from fossil fuel companies within 5 years of enactment
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Creates new anti-"bluelining" protections that prohibit insurers from refusing to issue, renew, or cancel property/casualty policies solely because the insured resides in a disadvantaged community, and requires 1-year advance notice for non-renewals in these areas
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Mandates annual disclosure reports from insurers with over $100 million in Schedule T filings, detailing their fossil fuel investments, financed emissions, and underwriting for oil, gas, and coal projects
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Extends New York's Community Reinvestment Act to cover insurance companies, requiring them to demonstrate they are meeting insurance needs of low/moderate-income communities and disadvantaged communities, with ratings affecting their ability to raise rates or obtain merger approvals
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Requires insurers to file annual statistical reports by census tract and policyholder demographics including race, ethnicity, income, and gender, with data on policies issued, applications denied, claims filed, and rates charged to enable enforcement against discriminatory practices
Legislative Description
Establishes the insure our communities act to implement climate leadership and community protection act targets for insurers; identifies and protects such communities; relates to affordability of insurance rates; assesses covered insurance companies' record of performance at meeting insurance needs; requires covered insurance companies to file statistical reports, including information on insurance coverage in specific assessment areas and disadvantaged communities.
Last Action
referred to insurance
1/7/2026