Assembly Bill A8942

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 Via S8167 - Passed Assembly

  • 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-A8942 (ACTIVE) - Details

See Senate Version of this Bill:
S8167
Law Section:
Financial Services

2023-A8942 (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-A8942 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8942
 
                           I N  A S S E M B L Y
 
                             January 30, 2024
                                ___________
 
 Introduced by M. of A. WEPRIN -- read once and referred 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
 the  possibility  of  supporting a private flood insurance market in the
 state.
   § 3. This act shall take effect immediately.

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