S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  9905--A
 
                           I N  A S S E M B L Y
 
                              April 26, 2024
                                ___________
 
 Introduced  by M. of A. FORREST -- read once and referred to the Commit-
   tee on  Insurance  --  committee  discharged,  bill  amended,  ordered
   reprinted as amended and recommitted to said committee
 
 AN  ACT  to  amend  the insurance law and the financial services law, in
   relation to establishing the insuring our future act
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. The insurance law is amended by adding a new article 92 to
 read as follows:
                                 ARTICLE 92
                          INSURING OUR FUTURE ACT
 SECTION 9201. SHORT TITLE.
         9202. DEFINITIONS.
         9203. IMPLEMENTING CLIMATE LEADERSHIP AND  COMMUNITY  PROTECTION
                 ACT TARGETS FOR INSURERS.
         9204. REPORTING.
   §  9201.  SHORT TITLE. THIS ARTICLE SHALL BE KNOWN AND MAY BE CITED AS
 THE "INSURING OUR FUTURE ACT".
   § 9202. DEFINITIONS. IN THIS ARTICLE, UNLESS THE  CONTEXT  OR  SUBJECT
 MATTER OTHERWISE REQUIRES:
   (A)  "NEW  FOSSIL FUEL PROJECT" MEANS A PROJECT DESIGNED TO FACILITATE
 THE PRODUCTION OF FOSSIL FUELS IN EXCESS OF WHAT IS IN DEVELOPMENT AS OF
 THE EFFECTIVE DATE OF THIS ARTICLE, INCLUDING  PRODUCTION  OF  NEW  COAL
 INFRASTRUCTURE,  POWER  PLANTS, OR MINES. "NEW FOSSIL FUEL PROJECT" ALSO
 INCLUDES PROJECTS THAT WOULD SUPPORT EXPLORING NEW OIL AND GAS FIELDS OR
 OTHERWISE EXPANDING OIL AND GAS  RESERVES.  EXAMPLES  OF  SUCH  PROJECTS
 INCLUDE,  BUT ARE NOT LIMITED TO, NEW WELLS, PIPELINES, TERMINALS OR GAS
 POWER PLANTS.
   (B) "DEPARTMENT" MEANS THE DEPARTMENT OF FINANCIAL SERVICES.
   (C) "SUPERINTENDENT" MEANS THE SUPERINTENDENT  OF  THE  DEPARTMENT  OF
 FINANCIAL SERVICES.
   (D)  "PRECAUTIONARY  PRINCIPLE"  MEANS AN APPROACH TAKEN TO REGULATION
 WHICH MANDATES THAT WHEN ACTIVITIES  UNDER  CONSIDERATION  MAY  LEAD  TO
 UNACCEPTABLY SERIOUS OR IRREVERSIBLE HARM THAT IS SCIENTIFICALLY PLAUSI-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD14599-04-4
 A. 9905--A                          2
 
 BLE  BUT  UNCERTAIN,  ACTIONS  SHALL  BE TAKEN TO AVOID OR DIMINISH THAT
 HARM.
   (E)  "GUIDANCE"  MEANS  THE  DEPARTMENT GUIDANCE FOR NEW YORK DOMESTIC
 INSURERS ON MANAGING THE FINANCIAL RISKS FROM CLIMATE CHANGE  ISSUED  BY
 THE DEPARTMENT OF FINANCIAL SERVICES.
   §  9203.  IMPLEMENTING CLIMATE LEADERSHIP AND COMMUNITY PROTECTION ACT
 TARGETS FOR INSURERS. (A) THE DEPARTMENT SHALL:
   (1) INTEGRATE THE PRECAUTIONARY  PRINCIPLE  INTO  ITS  REGULATION  AND
 SUPERVISION OF INSURERS BY:
   (A)  INCORPORATING  MEASURES  TO  ANTICIPATE, PREVENT, OR MINIMIZE THE
 EFFECTS OF CLIMATE RISK AND ITS ADVERSE EFFECTS; AND
   (B) IMPLEMENTING COST-EFFECTIVE MEASURES TO ADDRESS THE  CLIMATE  RISK
 EXPOSURE OF INSURERS, EVEN IN THE ABSENCE OF FULL ECONOMIC OR SCIENTIFIC
 CERTAINTY;
   (2)   ALIGN   INSURER  INVESTMENT  AND  UNDERWRITING  ACTIVITIES  WITH
 SCIENCE-BASED CLIMATE MITIGATION TARGETS CONSISTENT WITH  THE  EMISSIONS
 LIMITS  SET  IN SECTION 75-0107 OF THE ENVIRONMENTAL CONSERVATION LAW BY
 PROHIBITING UNDERWRITING FOR ANY NEW FOSSIL FUEL PROJECT  AND  DIRECTING
 INSURERS TO PHASE OUT EXISTING UNDERWRITING FOR EXPLORATION, EXTRACTION,
 PROCESSING,  EXPORTING,  TRANSPORTING,  AND ANY OTHER SIGNIFICANT ACTION
 WITH RESPECT TO OIL, NATURAL GAS, COAL, OR ANY BYPRODUCT THEREOF; AND
   (3) DEVELOP A PROCESS FOR INSURANCE COMPANIES TO CERTIFY AS  A  CONDI-
 TION  OF  LICENSURE  THAT  THEY  MEET  CERTAIN CRITERIA RELATED TO THEIR
 INVESTMENT AND UNDERWRITING ACTIVITY, AND TO REVIEW THEIR CERTIFICATION.
   (B) WITHIN TWELVE MONTHS OF THE EFFECTIVE DATE OF  THIS  ARTICLE,  THE
 SUPERINTENDENT SHALL DEVELOP AND IMPLEMENT CRITERIA FOR CERTAIN INSURERS
 DOING BUSINESS IN THIS STATE, AS DETERMINED BY THE SUPERINTENDENT PURSU-
 ANT  TO SUBSECTION (F) OF THIS SECTION, TO SUBMIT ANNUALLY TO THE SUPER-
 INTENDENT A REPORT DISCLOSING:
   (1) SUCH INSURER'S INVESTMENTS IN:
   (A) ANY COMPANY THAT DERIVES TEN  PERCENT  OR  MORE  OF  REVENUE  FROM
 EXPLORATION,  EXTRACTION,  PROCESSING,  EXPORTING, TRANSPORTING, AND ANY
 OTHER SIGNIFICANT ACTION WITH RESPECT TO OIL, NATURAL GAS, COAL, OR  ANY
 BYPRODUCT THEREOF;
   (B)   ANY  PROJECT  INTENDED  TO  FACILITATE  OR  EXPAND  EXPLORATION,
 EXTRACTION, PROCESSING, EXPORTING, TRANSPORTING, AND ANY  OTHER  SIGNIF-
 ICANT  ACTION  WITH  RESPECT TO OIL, NATURAL GAS, COAL, OR ANY BYPRODUCT
 THEREOF; AND
   (C) ANY PROJECT INTENDED TO CONSTRUCT ANY  INFRASTRUCTURE  RELATED  TO
 PROJECTS  UNDER SUBPARAGRAPH (B) OF THIS PARAGRAPH, SUCH AS WELLS, PIPE-
 LINES, TERMINALS OR REFINERIES;
   (2) THE FINANCED EMISSIONS FROM ALL OF THE  INSURER'S  INVESTMENTS  IN
 THE PREVIOUS REPORTING YEAR;
   (3)  INFORMATION  CONCERNING SUCH INSURER'S GROSS PREMIUM UNDERWRITING
 FOR:
   (A) ANY COMPANY THAT DERIVES TEN  PERCENT  OR  MORE  OF  REVENUE  FROM
 EXPLORATION,  EXTRACTION,  PROCESSING,  EXPORTING, TRANSPORTING, AND ANY
 OTHER SIGNIFICANT ACTION WITH RESPECT TO OIL, NATURAL GAS, COAL, OR  ANY
 BYPRODUCT THEREOF;
   (B)   ANY  PROJECT  INTENDED  TO  FACILITATE  OR  EXPAND  EXPLORATION,
 EXTRACTION, PROCESSING, EXPORTING, TRANSPORTING, AND ANY  OTHER  SIGNIF-
 ICANT  ACTION  WITH  RESPECT TO OIL, NATURAL GAS, COAL, OR ANY BYPRODUCT
 THEREOF; AND
   (C) ANY PROJECT  INTENDED  TO  CONSTRUCT  ANY  INFRASTRUCTURE  RELATED
 PROJECTS  UNDER SUBPARAGRAPH (B) OF THIS PARAGRAPH, SUCH AS WELLS, PIPE-
 LINES, TERMINALS OR REFINERIES;
 A. 9905--A                          3
 
   (4) THE INSURED EMISSIONS FROM ALL OF THE  INSURER'S  UNDERWRITING  IN
 THE PREVIOUS REPORTING YEAR;
   (5) AGGREGATED DATA ON HOMEOWNERS AND RENTERS PREMIUMS, CLAIMS, DEDUC-
 TIBLES  AND  OVERALL  INSURANCE EXPOSURES, AT A CENSUS-TRACT LEVEL, IN A
 MANNER THAT DOES NOT RISK PUBLIC DISCLOSURE OF  PERSONALLY  IDENTIFIABLE
 INFORMATION OF POLICYHOLDERS; AND
   (6)  ANY  OTHER  INFORMATION  THE DEPARTMENT DEEMS NECESSARY TO EFFEC-
 TIVELY IMPLEMENT AND ENFORCE ANY RULE OR REGULATION PROMULGATED PURSUANT
 TO THIS ARTICLE.
   (C)  THE  CRITERIA  DEVELOPED  BY  THE  SUPERINTENDENT   PURSUANT   TO
 SUBSECTION  (B)  OF THIS SECTION SHALL ENABLE THE SUPERINTENDENT TO POST
 THE INFORMATION REPORTED TO THE SUPERINTENDENT  PURSUANT  TO  SUBSECTION
 (D) OF THIS SECTION ON THE DEPARTMENT'S WEBSITE.
   (D)  WITHIN  TWELVE  MONTHS OF THE EFFECTIVE DATE OF THIS ARTICLE, AND
 ANNUALLY THEREAFTER, SUCH INSURERS DOING  BUSINESS  IN  THIS  STATE,  AS
 DETERMINED  BY  THE  SUPERINTENDENT  SUBJECT  TO  SUBSECTION (F) OF THIS
 SECTION, SHALL SUBMIT A REPORT  TO  THE  SUPERINTENDENT  DISCLOSING  THE
 INFORMATION  SET FORTH IN SUBSECTION (B) OF THIS SECTION FOR THE PRECED-
 ING CALENDAR YEAR.
   (E) WITHIN THREE MONTHS OF RECEIVING THE REPORT REQUIRED  PURSUANT  TO
 SUBSECTION (B) OF THIS SECTION, AND ANNUALLY THEREAFTER, THE SUPERINTEN-
 DENT  SHALL  COMPILE  AND  POST  THE  INFORMATION  IN SUCH REPORT ON THE
 DEPARTMENT'S WEBSITE.
   (F) THE SUPERINTENDENT MAY ENGAGE THE SERVICES OF  ATTORNEYS,  ACTUAR-
 IES,  ACCOUNTANTS  AND  OTHER EXPERTS NOT OTHERWISE A PART OF THE SUPER-
 INTENDENT'S STAFF, AT THE  REPORTING  INSURER'S  EXPENSE,  AS  SHALL  BE
 REASONABLY  NECESSARY  TO  ASSIST IN THE REVIEW OF SUCH INSURER'S FILING
 UNDER SUBSECTION (C) OF THIS SECTION. ALL PERSONS SO  ENGAGED  SHALL  BE
 UNDER THE DIRECTION AND CONTROL OF THE SUPERINTENDENT AND SHALL ACT IN A
 PURELY ADVISORY CAPACITY.
   (G) THE SUPERINTENDENT SHALL SUBJECT AN INSURER TO THE REQUIREMENTS OF
 THIS SECTION IF:
   (1) THE INSURER REPORTS OVER ONE HUNDRED MILLION DOLLARS ON ITS ANNUAL
 SCHEDULE T FILING WITH THE NATIONAL ASSOCIATION OF INSURANCE SUPERINTEN-
 DENTS; OR
   (2) THE INSURER'S ACTIVITIES OR INVESTMENTS MAY EXPOSE SUCH INSURER TO
 A  HEIGHTENED  LEVEL  OF RISK FROM THE PHYSICAL OR TRANSITION EFFECTS OF
 CLIMATE CHANGE; OR
   (3) THE SUPERINTENDENT OTHERWISE DETERMINES THAT DISCLOSURE  WOULD  BE
 IN THE PUBLIC INTEREST.
   (H)  THE  SUPERINTENDENT SHALL REVIEW AND UPDATE THE GUIDANCE AT LEAST
 ONCE EVERY TWO YEARS AND SHALL UPDATE THE GUIDANCE TO  REFLECT  DEVELOP-
 MENTS  ELSEWHERE IN THE WORLD, WITH THE INTENT OF INCORPORATING EMERGING
 BEST PRACTICES AND ENSURING THE SMOOTH FUNCTIONING OF NEW YORK INSURANCE
 MARKETS.
   (I) THE SUPERINTENDENT MAY ADOPT SUCH REGULATIONS AS  THE  SUPERINTEN-
 DENT DEEMS NECESSARY TO CARRY OUT THE PURPOSES OF THIS ARTICLE.
   (J)  THE  SUPERINTENDENT SHALL DEVELOP A PROCESS FOR FOREIGN INSURANCE
 COMPANIES TO CERTIFY AS A CONDITION OF LICENSURE THAT THEY MEET  CERTAIN
 CRITERIA  RELATED  TO THEIR INVESTMENT AND UNDERWRITING ACTIVITY, AND TO
 REVIEW THEIR CERTIFICATION.
   (K) WITHIN FIVE YEARS OF THE  EFFECTIVE  DATE  OF  THIS  ARTICLE,  THE
 SUPERINTENDENT  SHALL REQUIRE ANY INSURER DOING BUSINESS IN THE STATE TO
 CERTIFY THAT THEY HAVE DIVESTED FROM:
   (1) ANY COMPANY THAT DERIVES TEN  PERCENT  OR  MORE  OF  REVENUE  FROM
 EXPLORATION,  EXTRACTION,  PROCESSING,  EXPORTING, TRANSPORTING, AND ANY
 A. 9905--A                          4
 
 OTHER SIGNIFICANT ACTION WITH RESPECT TO OIL, NATURAL GAS, COAL, OR  ANY
 BYPRODUCT THEREOF;
   (2)   ANY  PROJECT  INTENDED  TO  FACILITATE  OR  EXPAND  EXPLORATION,
 EXTRACTION, PROCESSING, EXPORTING, TRANSPORTING, AND ANY  OTHER  SIGNIF-
 ICANT  ACTION  WITH  RESPECT TO OIL, NATURAL GAS, COAL, OR ANY BYPRODUCT
 THEREOF; AND
   (3) ANY PROJECT INTENDED TO CONSTRUCT ANY  INFRASTRUCTURE  RELATED  TO
 PROJECTS  UNDER  PARAGRAPH  TWO OF THIS SUBSECTION, SUCH AS WELLS, PIPE-
 LINES, TERMINALS OR REFINERIES.
   § 9204. REPORTING. (A) WITHIN TWELVE MONTHS OF THE EFFECTIVE  DATE  OF
 THIS  ARTICLE,  AND  ONCE EVERY TWO YEARS THEREAFTER, THE SUPERINTENDENT
 SHALL SUBMIT A REPORT TO THE LEGISLATURE AND THE  GOVERNOR.  THE  REPORT
 SHALL  ALSO  BE  MADE  AVAILABLE TO THE PUBLIC AND POSTED ON THE DEPART-
 MENT'S WEBSITE. THE REPORT SHALL DISCLOSE, FOR THE PRECEDING TWO  CALEN-
 DAR YEARS, THE DEPARTMENT'S:
   (1)  EFFORTS  TO IMPLEMENT THE PROVISIONS OF SECTION NINE THOUSAND TWO
 HUNDRED THREE OF THIS ARTICLE;
   (2) REGULATORY AND SUPERVISORY ACTIONS TAKEN, IF ANY, TO  BOLSTER  THE
 RESILIENCE OF INSURERS TO THE PHYSICAL IMPACTS OF CLIMATE CHANGE;
   (3) REGULATORY AND SUPERVISORY ACTIONS PLANNED, IF ANY, TO BOLSTER THE
 RESILIENCE OF INSURERS TO THE PHYSICAL IMPACTS OF CLIMATE CHANGE;
   (4) THE EFFECTS, IF ANY, THAT THE INSURERS' EFFORTS TO ADDRESS CLIMATE
 RISK HAVE HAD ON THE AFFORDABILITY AND AVAILABILITY OF INSURANCE FOR LOW
 INCOME  COMMUNITIES, COMMUNITIES OF COLOR AND OTHER TRADITIONALLY UNDER-
 SERVED COMMUNITIES IN THE STATE,  INCLUDING  COMMUNITIES  VULNERABLE  TO
 BLUELINING  AS  DEFINED  IN  PARAGRAPH  FIFTY-SIX  OF  SUBSECTION (A) OF
 SECTION ONE HUNDRED SEVEN OF THIS CHAPTER.
   (B) SUCH REPORT SHALL ALSO SUMMARIZE AVAILABLE INFORMATION REGARDING:
   (1) INSURER AND INSURANCE MARKET READINESS FOR CLIMATE CHANGE AND  THE
 ENERGY TRANSITION;
   (2) MAJOR SOURCES OF CLIMATE RISK FACED BY NEW YORK INSURERS;
   (3)  ANY  GAPS  RELATED TO CLIMATE RISK THAT THE DEPARTMENT INTENDS TO
 ADDRESS; AND
   (4) ANY LEGISLATIVE ACTION THAT MUST BE TAKEN IN ORDER  TO  ALLOW  THE
 DEPARTMENT TO ADDRESS CLIMATE RISK.
   §  2. Subsections (k) and (l) of section 102 of the financial services
 law are amended and a new subsection (m) is added to read as follows:
   (k) To promote the reduction and elimination of fraud, criminal  abuse
 and  unethical  conduct  by, and with respect to, banking, insurance and
 other financial services institutions and their customers; [and]
   (l) To educate and protect users of banking, insurance, and  financial
 services  products  and  services  through  the  provision of timely and
 understandable information[.]; AND
   (M) TO IDENTIFY, SUPERVISE, REGULATE AND MANAGE EXPOSURE  TO  RISK  IN
 NEW YORK'S BANKING, INSURANCE AND FINANCIAL SERVICES INDUSTRIES, INCLUD-
 ING RISKS RELATED TO CLIMATE CHANGE.
   §  3. Subsection (a) of section 107 of the insurance law is amended by
 adding a new paragraph 56 to read as follows:
   (56) "COMMUNITY VULNERABLE TO BLUELINING" MEANS A  CENSUS  TRACT  THAT
 MEETS THE FOLLOWING:
   (A) QUALIFIES AS A LOW-TO-MODERATE INCOME COMMUNITY UNDER THE CRITERIA
 OF THE STATE'S  COMMUNITY REINVESTMENT ACT OR UNDER THE CRITERIA DEFINED
 IN  SECTION    TWO  THOUSAND THREE HUNDRED FIFTY-FIVE OF THIS CHAPTER OR
 QUALIFIES AS A DISADVANTAGED COMMUNITY AS DEFINED IN SECTION 75-0101  OF
 THE  ENVIRONMENTAL CONSERVATION LAW AND QUALIFIES AS A HIGH CLIMATE RISK
 COMMUNITY BASED EITHER ON THE FEDERAL EMERGENCY MANAGEMENT AGENCY'S RISK
 A. 9905--A                          5
 
 INDEX OR OTHER CRITERIA DEFINED IN SECTION TWO  THOUSAND  THREE  HUNDRED
 FIFTY-FIVE OF THIS CHAPTER; OR
   (B)  QUALIFIES  BASED  ON  OTHER  CRITERIA DEVELOPED BY THE DEPARTMENT
 PURSUANT TO SECTION TWO THOUSAND THREE HUNDRED FIFTY-FIVE OF THIS  CHAP-
 TER.
   §  4. The insurance law is amended by adding two new sections 2354 and
 2355 to read as follows:
   § 2354. PROTECTING COMMUNITIES FROM BLUELINING. (A) THE SUPERINTENDENT
 SHALL HAVE THE AUTHORITY TO PLACE A MORATORIUM ON NON-RENEWALS IN UNDER-
 SERVED COMMUNITIES THAT HAVE BEEN AFFECTED BY A CLIMATE DISASTER IN  THE
 LAST YEAR.
   (B) NO INSURER SHALL REFUSE TO ISSUE OR RENEW OR SHALL CANCEL A POLICY
 OF  PROPERTY AND CASUALTY INSURANCE BASED SOLELY ON THE INSURED RESIDING
 IN AN AREA THAT IS DESIGNATED AS A COMMUNITY  VULNERABLE  TO  BLUELINING
 PURSUANT TO PARAGRAPH FIFTY-SIX OF SUBSECTION (A) OF SECTION ONE HUNDRED
 SEVEN  OR SECTION TWO THOUSAND THREE HUNDRED FIFTY-FIVE OF THIS CHAPTER.
 SUCH PROHIBITION SHALL NOT PRECLUDE AN INSURER FROM REFUSING TO ISSUE OR
 RENEW OR FROM CANCELING SUCH POLICIES BASED ON  SOUND  UNDERWRITING  AND
 ACTUARIAL  PRINCIPLES  REASONABLY  RELATED TO ACTUAL OR ANTICIPATED LOSS
 EXPERIENCE SUBJECT TO THE APPLICABLE PROVISIONS OF THIS SECTION  AND  OF
 SECTION THREE THOUSAND FOUR HUNDRED TWENTY-FIVE OF THIS CHAPTER.
   (C) NO INSURER SHALL REFUSE TO ISSUE OR RENEW OR SHALL CANCEL A POLICY
 OF  PROPERTY AND CASUALTY INSURANCE BASED SOLELY ON THE INSURED'S SOURCE
 OF INCOME, INCLUDING THE USE OF HOUSING VOUCHERS.
   § 2355. IDENTIFICATION OF COMMUNITIES VULNERABLE TO BLUELINING. (A) IN
 ADDITION TO THOSE COMMUNITIES WHICH QUALIFY AS COMMUNITIES VULNERABLE TO
 BLUELINING PURSUANT TO PARAGRAPH FIFTY-SIX OF SUBSECTION (A) OF  SECTION
 ONE HUNDRED SEVEN OF THIS CHAPTER, THE DEPARTMENT SHALL ESTABLISH CRITE-
 RIA AND A PROCESS TO IDENTIFY NEW COMMUNITIES VULNERABLE TO BLUELINING.
   (1)  SUCH CRITERIA SHALL IDENTIFY COMMUNITIES VULNERABLE TO BLUELINING
 BASED ON GEOGRAPHIC, PUBLIC HEALTH, ENVIRONMENTAL HAZARD, AND  SOCIOECO-
 NOMIC CRITERIA, WHICH SHALL INCLUDE, BUT ARE NOT LIMITED TO:
   (A)  AREAS  BURDENED  BY  CUMULATIVE ENVIRONMENTAL POLLUTION AND OTHER
 HAZARDS THAT CAN LEAD TO NEGATIVE PUBLIC HEALTH EFFECTS;
   (B) AREAS WITH CONCENTRATIONS OF PEOPLE THAT ARE OF LOW  INCOME,  HIGH
 UNEMPLOYMENT, HIGH RENT BURDEN, LOW LEVELS OF HOME OWNERSHIP, LOW LEVELS
 OF  EDUCATIONAL  ATTAINMENT, OR MEMBERS OF GROUPS THAT HAVE HISTORICALLY
 EXPERIENCED DISCRIMINATION ON THE BASIS OF RACE OR ETHNICITY;
   (C) AREAS VULNERABLE TO THE IMPACTS OF CLIMATE CHANGE SUCH  AS  FLOOD-
 ING, STORM SURGES, AND URBAN HEAT ISLAND EFFECTS; AND
   (D) ANY ADDITIONAL CRITERIA THAT THE DEPARTMENT MAY IDENTIFY.
   (2) BEFORE FINALIZING THE CRITERIA FOR IDENTIFYING COMMUNITIES VULNER-
 ABLE  TO  BLUELINING  PURSUANT  TO PARAGRAPH ONE OF THIS SUBSECTION, THE
 DEPARTMENT SHALL PUBLISH DRAFT CRITERIA AND A DRAFT LIST OF  COMMUNITIES
 VULNERABLE  TO  BLUELINING  AND  MAKE  SUCH INFORMATION AVAILABLE ON ITS
 WEBSITE.
   (B) THE DEPARTMENT SHALL ANNUALLY REVIEW THE  CRITERIA,  PROCESS,  AND
 METHODS  USED TO IDENTIFY COMMUNITIES VULNERABLE TO BLUELINING AND SHALL
 MODIFY SUCH METHODS TO INCORPORATE NEW DATA AND SCIENTIFIC FINDINGS.
   (C) THE DEPARTMENT SHALL REGULARLY REVIEW THE IDENTITIES  OF  COMMUNI-
 TIES VULNERABLE TO BLUELINING AND MODIFY SUCH IDENTITIES AS NEEDED.
   § 5. Subsection (d) of section 3425 of the insurance law is amended by
 adding a new paragraph 4 to read as follows:
   (4) WITH RESPECT TO CANCELLATION OF POLICIES IN COMMUNITIES VULNERABLE
 TO  BLUELINING  PURSUANT  TO  PARAGRAPH  FIFTY-SIX  OF SUBSECTION (A) OF
 SECTION ONE HUNDRED SEVEN OR SECTION TWO THOUSAND THREE  HUNDRED  FIFTY-
 A. 9905--A                          6
 
 FIVE OF THIS CHAPTER, IN ADDITION TO THE REQUIREMENTS CONTAINED IN PARA-
 GRAPH  ONE  OF THIS SUBSECTION, UNLESS THE INSURER, AT LEAST ONE YEAR IN
 ADVANCE OF THE END OF THE POLICY PERIOD, MAILS OR DELIVERS TO THE  NAMED
 INSURED,  AT  THE  ADDRESS  SHOWN IN THE POLICY, A WRITTEN NOTICE OF ITS
 INTENTION NOT TO RENEW A COVERED POLICY, OR  TO  CONDITION  ITS  RENEWAL
 UPON CHANGE OF LIMITS OR ELIMINATION OF ANY COVERAGES, THE NAMED INSURED
 SHALL BE ENTITLED TO RENEW THE POLICY UPON TIMELY PAYMENT OF THE PREMIUM
 BILLED TO THE INSURED FOR THE RENEWAL.
   §  6. The insurance law is amended by adding a new section 215 to read
 as follows:
   § 215. RATING AND AFFORDABILITY IMPROVEMENT STUDY. (A) THE  DEPARTMENT
 SHALL  CONDUCT  A  STUDY  ON  METHODS  FOR KEEPING PROPERTY AND CASUALTY
 INSURANCE LINES AFFORDABLE FOR  COMMUNITIES  VULNERABLE  TO  BLUELINING,
 INCLUDING THE CONSIDERATION OF HOMEOWNER MITIGATION IN PREMIUM DISCOUNTS
 AND  NON-RENEWAL  AND  CANCELLATIONS  DECISIONS, ASSISTANCE PROGRAMS FOR
 LOW-INCOME POLICYHOLDERS SIMILAR TO  THOSE  PROPOSED  FOR  THE  NATIONAL
 FLOOD  INSURANCE  PROGRAM,  AND A TAX ON HOMEOWNERS INSURANCE LINES THAT
 DECLINES INTO A REBATE BASED ON INCOME.
   (B) WITHIN TWELVE MONTHS OF THE EFFECTIVE DATE OF  THIS  SECTION,  THE
 DEPARTMENT  SHALL  ISSUE  A REPORT ON THEIR FINDINGS WHICH SHALL PROVIDE
 RECOMMENDATIONS FOR  REGULATORY  AND  LEGISLATIVE  ACTIONS  RELATING  TO
 AFFORDABLE INSURANCE LINES IN COMMUNITIES VULNERABLE TO BLUELINING.
   § 7. This act shall take effect immediately.