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NY A07237
Bill
Status
3/21/2025
Primary Sponsor
Rodneyse Bichotte Hermelyn
Click for details
AI Summary
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Creates a new category of insurance called "real estate value assurance insurance" that covers property value losses caused by local rezoning or significant land use changes in a neighborhood, excluding losses from broader economic downturns
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Adds this new insurance type (paragraph 36) to the Insurance Law section 1113 defining authorized kinds of insurance
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Authorizes excess line brokers to procure real estate value assurance insurance policies from insurers not licensed to transact business in New York State
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Classifies real estate value assurance as a "basic kind of insurance" that property and casualty insurers may write
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Sets minimum capital and surplus requirements for insurers offering this coverage at $2,000,000 and $1,000,000 respectively
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Takes effect 30 days after becoming law
Legislative Description
Relates to authorizing real estate value assurance insurance against loss of real estate value specifically attributable to local rezoning or significant changes in land use within their neighborhood that are not related to broader economic downturns.
Last Action
referred to insurance
1/7/2026