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NY S08583
Bill
Status
11/17/2025
Primary Sponsor
Brian Kavanagh
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AI Summary
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Requires property/casualty insurers to submit zip code-level data to the Department of Financial Services on nonrenewal rates, cancellation rates, claim frequency, average claim amounts, paid loss ratios, and average premiums, along with market share data and information about catastrophe models or natural disaster risk scoring methods used
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Mandates an annual joint report from the Superintendent of Financial Services and Commissioner of Homes and Community Renewal analyzing insurance availability, pricing, and affordability for multifamily residential buildings (5+ units) and nonprofit housing providers, including affordable housing developments
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Authorizes actuarially appropriate premium discounts for homeowners and property/casualty insurance policyholders who demonstrate property-specific mitigation actions (like defensible space or building hardening) or community-level mitigation measures to reduce natural disaster risk, with insurers required to post discount information on their websites
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Extends notice periods for insurance policy cancellations and nonrenewals from 45-60 days to 90-120 days in advance, and from 15 days to 90 days for mid-term cancellations after 60 days of coverage
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Expands the NY Property Insurance Underwriting Association board from 13 to 23 directors, adding 6 legislative appointees and 4 gubernatorial appointees (including 2 consumer representatives), and requires quadrennial reports on association activities including policy counts, geographic distribution, and financial standing
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
REFERRED TO INSURANCE
1/7/2026