Senate Bill S9435

2023-2024 Legislative Session

Establishes the climate protection insurance act

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Insurance 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-S9435 (ACTIVE) - Details

Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Add Art 92 §§9201 - 9203, §§2354, 2355 & 215, amd §§107 & 3425, Ins L; amd §102, Fin Serv L

2023-S9435 (ACTIVE) - Summary

Establishes the climate protection insurance act to implement climate leadership and community protection act targets for insurers and establishes reporting requirements related to such targets; defines communities vulnerable to bluelining and identifies and protects such communities.

2023-S9435 (ACTIVE) - Sponsor Memo

2023-S9435 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9435
 
                             I N  S E N A T E
 
                               May 15, 2024
                                ___________
 
 Introduced  by Sen. HOYLMAN-SIGAL -- read twice and ordered printed, and
   when printed to be committed to the Committee on Insurance
 
 AN ACT to amend the insurance law and the  financial  services  law,  in
   relation to establishing the climate protection insurance 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
                     CLIMATE PROTECTION INSURANCE ACT
 SECTION 9201. DEFINITIONS.
         9202. IMPLEMENTING  CLIMATE  LEADERSHIP AND COMMUNITY PROTECTION
                 ACT TARGETS FOR INSURERS.
         9203. REPORTING.
   § 9201. 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-
 BLE  BUT  UNCERTAIN,  ACTIONS  SHALL  BE TAKEN TO AVOID OR DIMINISH THAT
 HARM.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14599-03-4
 S. 9435                             2
              

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