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NY A09016
Bill
Status
8/27/2025
Primary Sponsor
Emerita Torres
Click for details
AI Summary
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Requires the Superintendent of Financial Services and Commissioner of Homes and Community Renewal to submit a joint annual report by October 1st on insurance availability, pricing, and affordability for multifamily residential buildings (5+ units) owned by nonprofit and mission-driven entities
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Mandates the report include data on premium levels and changes, non-renewal and declination counts, deductibles by peril, common exclusions, coverage limits relative to replacement cost, and claims frequency for fire, water, wind, and liability
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Requires separate reporting for New York City versus the rest of the state, along with regional heat-map summaries of market stress
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Directs reporting on affordability impacts including rent-pressure indicators, reserve draws, and capital-plan deferrals linked to insurance expense changes in regulated housing portfolios
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Protects trade secrets and sensitive commercial information as confidential, with only aggregated, de-identified statistics published in the final report
Legislative Description
Requires property/casualty insurance companies to submit certain information to the department of financial services, including zip code-level data on nonrenewal rates, nonpayment cancellation rates, other cancellation rates, claim frequency rates, average claim amounts, paid loss ratios, and average premiums; market share data; for property/casualty insurance companies that use a natural disaster risk model or scoring method to assign risk, information about such model or scoring method; requires the department of financial services and the division of housing and community renewal to issue an annual report on the housing insurance market for multifamily and nonprofit housing providers; authorizes a premium discount to policyholders of homeowners insurance or property/casualty insurance applicable to residential real property who demonstrate property-specific and community-level mitigation actions to reduce the risk of loss from a natural disaster; requires insurers to post about such discounts on their public websites; relates to the timing of cancellation and nonrenewal notices for certain insurance policies; relates to increasing membership of the board governing the New York property insurance underwriting association; requires a quadrennial report on the activities of such association; increases such board membership to 23 including 6 directors appointed by the legislature and 4 directors appointed by the governor.
Last Action
print number 9016a
1/12/2026