Senate Bill S5231

Signed By Governor
2021-2022 Legislative Session

Provides for a study to examine the increasing costs of insurance premiums and the lack of availability of insurance coverage for affordable housing

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor

  • 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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2021-S5231 (ACTIVE) - Details

See Assembly Version of this Bill:
A5574
Law Section:
Financial Services

2021-S5231 (ACTIVE) - Summary

Directs the department of financial services, in coordination with the division of housing and community renewal, to conduct a study examining the increasing costs of insurance premiums and the lack of availability of insurance coverage for affordable housing developments.

2021-S5231 (ACTIVE) - Sponsor Memo

2021-S5231 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5231
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 26, 2021
                                ___________
 
 Introduced  by Sen. KAVANAGH -- 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 and
   the division of housing and community renewal to conduct a study exam-
   ining the increasing costs of  insurance  premiums  and  the  lack  of
   availability of insurance coverage for affordable housing
 
   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, in coordination  with
 the  division of housing and community renewal, shall conduct a study to
 examine the increases in insurance premiums and the lack of availability
 of insurance coverage for affordable housing developments  in  New  York
 state. The department and the division shall:
   (a) analyze the factors that increase insurance costs for such housing
 developments and analyze the factors that may limit insurers from offer-
 ing coverage for affordable housing projects; and
   (b)  identify the potential impact, over the next ten years, of insur-
 ance premium increases and  unavailability  of  insurance  coverage  for
 affordable  housing  development  and  preservation,  including, but not
 limited to, the projected total reduction in affordable housing units by
 region, the inability to develop affordable housing in certain areas and
 any other topic or issue that  is  determined  to  be  relevant  to  the
 completion of the study by the department and the division.
   §  2. The department of financial services and the division of housing
 and community renewal shall jointly 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 eight months after the effective
 date  of this act, containing findings and recommendations for potential
 legislative and regulatory actions to address the costs and unavailabil-
 ity of insurance.
   § 3. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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