Senate Bill S8167

2023-2024 Legislative Session

Directs the department of financial services to conduct a study examining private flood insurance

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-S8167 (ACTIVE) - Details

See Assembly Version of this Bill:
A8942
Current Committee:
Assembly Insurance
Law Section:
Financial Services

2023-S8167 (ACTIVE) - Summary

Directs the department of financial services to conduct a study examining the increasing costs of insurance premiums, the lack of availability of insurance coverage for losses from flooding, and the possibility of supporting a private flood insurance market in the state.

2023-S8167 (ACTIVE) - Sponsor Memo

2023-S8167 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8167
 
                             I N  S E N A T E
 
                             January 10, 2024
                                ___________
 
 Introduced  by  Sen. BRESLIN -- read twice and ordered printed, and when
   printed to be committed to the Committee on Insurance
 
 AN ACT in relation to directing the department of financial services  to
   conduct  a study examining the increasing costs of insurance premiums,
   the lack of availability of insurance coverage for losses from  flood-
   ing,  and  the  possibility  of  supporting  a private flood insurance
   market in the state
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. The department of financial services shall conduct a study
 to examine any increases in property insurance premiums that may  affect
 affordability  of  property insurance coverage, any lack of availability
 of property insurance coverage for losses  from  flooding  in  New  York
 state,  and  the  possibility  of  supporting  a private flood insurance
 market in the state. Such department shall:
   (a) analyze any factors that have increased property  insurance  costs
 for  such losses from flooding and analyze any factors that have limited
 insurers from property insurance coverage for losses from flooding;
   (b) identify the potential impact, over the next  ten  years,  of  the
 cost  of property insurance and the unavailability of property insurance
 coverage for losses from flooding and any other topic or issue  that  is
 determined  to be relevant to the completion of the study by the depart-
 ment; and
   (c) analyze the possibility of supporting a  private  flood  insurance
 market  in  the  state  as  a  supplement to the existing National Flood
 Insurance Program.
   § 2. The department of financial services shall prepare a report which
 shall be submitted to the  governor,  the  temporary  president  of  the
 senate,  the  speaker of the assembly, the minority leader of the senate
 and the minority leader of the assembly, within eleven months after  the
 effective  date of this act, containing findings and recommendations for
 potential legislative and regulatory actions to  address  any  increased
 costs,  affordability,  or any unavailability of property insurance, and
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13697-01-3

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