NY A09231

Creates the New York State Catastrophe Fund Authority, a 20-member public benefit corporation to provide reimbursement to insurers for catastrophic losses from windstorms, earthquakes, ice storms, and other natural disasters declared by the governor

Establishes a reimbursement structure where insurers retain losses below $6 billion and above $15 billion, with the fund covering a percentage (50-90%) of losses in between, adjusted annually for premium growth

Authorizes the authority to issue revenue bonds with terms up to 30 years and levy emergency assessments on property/casualty insurers of up to 2% of gross premiums (4% per covered event during declared emergencies, 10% maximum for multiple events)

Appropriates $10 million in state funds for startup costs, with insurers required to pay $1,000 advance premiums by November 30, 2026; initial reimbursement contracts must be entered into between February 1 and May 1, 2027

Beginning in fiscal year 2030, requires $10 million annually from fund investment income for disaster preparedness, loss mitigation programs, research, and public education initiatives