EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00753-03-5
A. 3842--A 2
housing developers need access to fair and affordable insurance coverage
to secure financing for the development of affordable rental housing;
5. A lack of fair and affordable insurance coverage can limit access
to homeownership and business development, reduce the development of
affordable rental housing, and can also limit lending and community
development financing opportunities of institutions covered by New
York's Community Reinvestment Act that evaluates banking institutions on
their ability to meet credit needs of the entire community;
6. Climate change, resulting primarily from the combustion of fossil
fuels, is an immediate, grave threat to the state's communities, envi-
ronment, and economy. New York has experienced an increasing number of
extreme and unusual weather events, including Hurricanes Irene and Lee
and the unprecedented Superstorm Sandy in 2012, which caused at least 48
deaths and $41.9 billion in damage in New York state;
7. Preexisting social and economic challenges combined with the uneven
distribution of climate change impacts makes certain communities more
vulnerable to climate change impacts than others, such as low- and
moderate-income communities and communities of color;
8. Homeowners, businesses, and affordable multifamily developers are
increasingly facing obstacles in securing fair and affordable insurance
coverage in light of climate change and its economic impacts, and the
New York State Climate Impacts Assessment has identified that "many
regions are already experiencing an increase in policy premiums derived
from past extreme climate events";
9. Scientific evidence shows that climate change impacts will become
more severe over time with the continuing rise of global warming from
greenhouse gas emissions;
10. The state of New York must raise additional resources in order to
mitigate the effects of climate change, as evident by a report commis-
sioned by New York State Energy Research and Development Authority's
(NYSERDA) estimating that climate change costs in New York "could
approach $10 billion annually by midcentury"; and
11. Comprehensive data collection on insurance industry practices in
New York state in the form of a statewide database is necessary in order
to facilitate enforcement of the law and to determine if additional
steps need to be taken to increase the availability of affordable insur-
ance in areas underserved by insurance companies. Such data includes but
is not limited to:
a. The availability and affordability of insurance coverage and the
quality or type of insurance coverage, by the race, ethnicity, gender
and income of the policyholder, as well as race, ethnicity, and income
of the census tract the insured risk is located in;
b. The location of the principal place of business of insurance
agents, by census tract, including in low- and moderate-income census
tracts and census tracts in disadvantaged communities;
c. The extent to which insurance companies are significant financiers
of the fossil fuel industry and new fossil fuel projects; and
d. Whether the extent and characteristics of insurance availability,
affordability, and coverage require public officials to take any actions
to remedy redlining or other illegally or unfairly discriminatory insur-
ance practices; or to promote insurance availability and affordability
in areas underserved by insurers.
§ 3. The insurance law is amended by adding a new article 92 to read
as follows:
ARTICLE 92
INSURE OUR COMMUNITIES ACT
A. 3842--A 3
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.
(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.
(F) "DISADVANTAGED COMMUNITIES" MEANS COMMUNITIES IDENTIFIED AS DISAD-
VANTAGED COMMUNITIES PURSUANT TO THE CRITERIA SET FORTH IN PARAGRAPH C
OF SUBDIVISION ONE OF SECTION 75-0111 OF THE ENVIRONMENTAL CONSERVATION
LAW.
§ 9202. 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) REQUIRE INSURERS TO ANNUALLY FILE AND REPORT PROGRESS ON PLANS TO
ALIGN THEIR 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 AND TO CERTIFY
THAT THEY DO NOT INVEST OR UNDERWRITE NEW FOSSIL FUEL PROJECTS;
(3) 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
(4) DEVELOP A PROCESS FOR INSURANCE COMPANIES TO CERTIFY AS A CONDI-
TION OF LICENSURE THAT THEY FILE AND REPORT PROGRESS ON PLANS TO ALIGN
THEIR 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 AND TO CERTIFY THAT THEY
DO NOT INVEST OR UNDERWRITE NEW FOSSIL FUEL PROJECTS. THE DEPARTMENT
A. 3842--A 4
SHALL REVIEW EACH INSURANCE COMPANY'S CERTIFICATION TO ENSURE THAT THEY
FILE AND REPORT ON SUCH PLANS.
(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;
(4) THE INSURED EMISSIONS FROM ALL OF THE INSURER'S UNDERWRITING IN
THE PREVIOUS REPORTING YEAR;
(5) 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
A. 3842--A 5
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) 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
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.
§ 9203. 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 TWO 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
DISADVANTAGED COMMUNITIES.
(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
A. 3842--A 6
(4) ANY LEGISLATIVE ACTION THAT MUST BE TAKEN IN ORDER TO ALLOW THE
DEPARTMENT TO ADDRESS CLIMATE RISK.
§ 4. 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.
§ 5. The insurance law is amended by adding a new section 2354 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 DISADVANTAGED COMMUNITY. SUCH PROHI-
BITION 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.
§ 6. 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 DISADVANTAGED COMMUNI-
TIES, IN ADDITION TO THE REQUIREMENTS CONTAINED IN PARAGRAPH 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 ENTI-
TLED TO RENEW THE POLICY UPON TIMELY PAYMENT OF THE PREMIUM BILLED TO
THE INSURED FOR THE RENEWAL.
§ 7. 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 DISADVANTAGED COMMUNITIES, INCLUDING THE
DEVELOPMENT OF A PUBLIC OPTION FOR RESIDENTIAL INSURANCE, CONSIDERATION
OF HOMEOWNER MITIGATION IN PREMIUM DISCOUNTS AND NON-RENEWAL AND CANCEL-
LATIONS 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 DISADVANTAGED COMMUNITIES.
(C) FOR THE PURPOSES OF THIS SECTION, AFFORDABILITY SHALL BE MEASURED
BY COMPARING AVERAGE WRITTEN PREMIUMS IN CENSUS TRACTS WHERE THE INSURED
RISK IS LOCATED TO THE MEDIAN HOUSEHOLD INCOME OF CENSUS TRACTS WHERE
A. 3842--A 7
THE INSURED RISK IS LOCATED, DIFFERENTIATING AMONG POLICIES ISSUED FOR
SINGLE-FAMILY HOMES, MULTI-FAMILY HOMES, AND CONDOMINIUM OR COOPERATIVE
UNITS AND BETWEEN POLICIES WITH VARYING TYPES OF BENEFITS, INCLUDING BUT
NOT LIMITED TO GUARANTEED REPLACEMENT COST, STANDARD OR LIMITED REPLACE-
MENT COST, MARKET VALUE OR ACTUAL CASH VALUE.
§ 8. Subdivision 4 of section 28-b of the banking law, as amended by
chapter 180 of the laws of 2012, is amended to read as follows:
4. Notwithstanding any other provision of this chapter or other law to
the contrary, the term banking institution when used in this section
shall mean and include all banks, trust companies, savings banks,
savings and loan associations, credit unions, COVERED INSURANCE COMPA-
NIES and foreign banking corporations incorporated, chartered, organized
or licensed under the laws of this state. In the case of a foreign bank-
ing corporation licensed pursuant to this article and maintaining a
branch in this state, the management of the branch shall establish a
committee of not fewer than three officers to function in the role of a
board of directors for purposes of this section.
§ 9. Section 28-b of the banking law is amended by adding eight new
subdivisions 7, 8, 9, 10, 11, 12, 13, and 14 to read as follows:
7. THE SUPERINTENDENT SHALL CONSIDER THE FOLLOWING FACTORS IN ASSESS-
ING A COVERED INSURANCE COMPANY'S RECORD OF PERFORMANCE AT MEETING THE
INSURANCE NEEDS OF THEIR ASSESSMENT AREAS, AND INCLUDE IN ITS WRITTEN
ASSESSMENT REQUIRED BY THIS SECTION THE RECORD OF PERFORMANCE OF SUCH
COVERED INSURANCE COMPANY AS TO EACH OF THE FOLLOWING FACTORS:
(A) THE NUMBER AND DISTRIBUTION OF POLICYHOLDERS THROUGHOUT THE COMMU-
NITY, INCLUDING THE NUMBER AND DISTRIBUTION OF LOW- AND MODERATE-INCOME
POLICYHOLDERS, AND THE NUMBER AND DISTRIBUTION OF POLICYHOLDERS BASED ON
THE RACE OR ETHNICITY OF POLICYHOLDERS, AS IDENTIFIED IN DATA COLLECTED
PURSUANT TO SUBDIVISION THIRTEEN OF THIS SECTION;
(B) THE NUMBER AND DISTRIBUTION OF POLICYHOLDERS RESIDING IN LOW- AND
MODERATE-INCOME CENSUS TRACTS, AS WELL AS THE NUMBER AND DISTRIBUTION OF
POLICYHOLDERS RESIDING IN CENSUS TRACTS IDENTIFIED AS DISADVANTAGED
COMMUNITIES, AS IDENTIFIED IN DATA COLLECTED PURSUANT TO SUBDIVISION
THIRTEEN OF THIS SECTION;
(C) THE EXTENT TO WHICH THE COMPANY HAS ADOPTED INNOVATIVE AND FLEXI-
BLE MARKETING METHODS AND PRODUCTS THAT FACILITATE THE SALE OF INSURANCE
ON A NONDISCRIMINATORY BASIS TO LOW- AND MODERATE-INCOME CONSUMERS,
CONSUMERS IN DISADVANTAGED COMMUNITIES, AND DEVELOPERS OF AFFORDABLE
HOUSING FOR LOW- AND MODERATE-INCOME RENTERS;
(D) THE EXTENT TO WHICH THE COMPANY OFFERS AFFORDABLE INSURANCE. FOR
THE PURPOSES OF THIS PARAGRAPH, AFFORDABILITY SHALL BE MEASURED BY
COMPARING AVERAGE WRITTEN PREMIUMS OF THE COVERED INSURANCE COMPANY IN
CENSUS TRACTS WHERE THE INSURED RISK IS LOCATED TO THE MEDIAN HOUSEHOLD
INCOME OF CENSUS TRACTS WHERE THE INSURED RISK IS LOCATED, DIFFERENTIAT-
ING AMONG POLICIES ISSUED FOR SINGLE-FAMILY HOMES, MULTI-FAMILY HOMES,
AND CONDOMINIUM OR COOPERATIVE UNITS AND BETWEEN POLICIES WITH VARYING
TYPES OF BENEFITS, INCLUDING BUT NOT LIMITED TO GUARANTEED REPLACEMENT
COST, STANDARD OR LIMITED REPLACEMENT COST, MARKET VALUE OR ACTUAL CASH
VALUE;
(E) THE DISTRIBUTION OF THE INSURANCE COMPANY'S RETAIL OFFICES BY
INCOME LEVEL OF CENSUS TRACTS AND RETAIL OFFICES LOCATED IN DISADVAN-
TAGED COMMUNITIES AND THE RANGE OF SERVICES OFFERED BY RETAIL OFFICES
ACROSS CENSUS TRACTS BY INCOME LEVEL AND DISADVANTAGED COMMUNITIES
STATUS;
(F) THE EXTENT TO WHICH THE COMPANY FINANCIALLY SUPPORTS, IN THE FORM
OF LOANS, INVESTMENTS, OR GRANTS, PROJECTS DESIGNED TO AVOID, MODERATE,
A. 3842--A 8
REPAIR, OR ADAPT TO NEGATIVE IMPACTS CAUSED BY CLIMATE CHANGE, FOR THE
BENEFIT OF HOUSEHOLDS RESIDING IN, AND BUSINESSES LOCATED IN, LOW- AND
MODERATE-INCOME COMMUNITIES OR DISADVANTAGED COMMUNITIES IN ORDER TO
HELP SUCH COMMUNITIES PREPARE FOR FUTURE CLIMATE CHANGE-DRIVEN
DISRUPTIONS. SUCH PROJECTS SHALL INCLUDE, BUT ARE NOT LIMITED TO:
(I) HARDENING HOMES AND BUSINESSES IN ORDER TO BETTER PROTECT THEM
FROM EXTREME WEATHER EVENTS;
(II) RESTORING COASTAL WETLANDS AND DEVELOPING OTHER NATURE-BASED
SOLUTIONS AND COASTAL PROTECTIONS;
(III) UPGRADING STORM WATER DRAINAGE SYSTEMS;
(IV) MAKING DEFENSIVE UPGRADES TO ROADS, BRIDGES, SUBWAYS, AND TRANSIT
SYSTEMS;
(V) PREPARING FOR AND RECOVERING FROM HURRICANES AND OTHER EXTREME
WEATHER EVENTS;
(VI) UNDERTAKING PREVENTIVE HEALTH CARE PROGRAMS AND PROVIDING MEDICAL
CARE TO TREAT ILLNESS OR INJURY CAUSED BY THE EFFECTS OF CLIMATE CHANGE,
INCLUDING BUT NOT LIMITED TO PROGRAMS TO MINIMIZE HEALTH ISSUES CAUSED
BY AIR POLLUTION, WATER POLLUTION, OR RISING TEMPERATURES, SUCH AS LYME
DISEASE AND WEST NILE VIRUS;
(VII) RELOCATING, ELEVATING, OR RETROFITTING SEWAGE TREATMENT PLANTS
VULNERABLE TO FLOODING;
(VIII) INSTALLING ENERGY EFFICIENT COOLING SYSTEMS AND OTHER WEATHERI-
ZATION AND ENERGY EFFICIENCY UPGRADES AND RETROFITS IN PUBLIC AND
PRIVATE BUILDINGS INCLUDING SCHOOLS AND PUBLIC HOUSING;
(IX) UPGRADING PARTS OF THE ELECTRICAL GRID TO INCREASE STABILITY AND
RESILIENCE, INCLUDING SUPPORTING THE CREATION OF SELF-SUFFICIENT CLEAN
ENERGY MICROGRIDS;
(X) ADDRESSING URBAN HEAT ISLAND EFFECTS THROUGH GREEN SPACES, URBAN
FORESTRY, AND OTHER INTERVENTIONS; AND
(XI) RESPONDING TO TOXIC ALGAE BLOOMS, LOSS OF AGRICULTURAL TOPSOIL,
AND OTHER CLIMATE-DRIVEN ECOSYSTEM THREATS TO FORESTS, FARMS, FISHERIES,
AND FOOD SYSTEMS;
(G) EVIDENCE OF PROHIBITED DISCRIMINATORY, UNFAIR, DECEPTIVE, ABUSIVE
OR OTHER ILLEGAL INSURANCE PRACTICES, INCLUDING PRACTICES THAT DISPRO-
PORTIONATELY DISADVANTAGE LOW-INCOME CONSUMERS OR CONSUMERS OF COLOR
IRRESPECTIVE OF WHETHER SUCH PRACTICES MAY BE GROUNDED IN TRADITIONAL OR
ACTUARIAL PRINCIPLES; AND
(H) OTHER FACTORS THAT, IN THE JUDGMENT OF THE SUPERINTENDENT, REASON-
ABLY BEAR UPON THE EXTENT TO WHICH A COVERED INSURANCE COMPANY IS HELP-
ING TO MEET THE INSURANCE NEEDS OF ITS ASSESSMENT AREA.
8. FOR THE PURPOSES OF THIS SECTION:
(A) THE TERM "ASSESSMENT AREA" MEANS, WITH RESPECT TO A COVERED INSUR-
ANCE COMPANY, EACH COMMUNITY, INCLUDING METROPOLITAN STATISTICAL AREAS
AND RURAL COUNTIES, IN WHICH SUCH COMPANY: (I) MAINTAINS A RETAIL OFFICE
OR IS REPRESENTED BY AN AGENT; AND (II) HAS NOT LESS THAN FIFTY POLICY-
HOLDERS RESIDING IN EITHER THE METROPOLITAN STATISTICAL AREA OR RURAL
COUNTY. THE COMMUNITIES CONSTITUTING ASSESSMENT AREAS SHALL INCLUDE THE
COMMUNITIES IN WHICH THE GREAT MAJORITY OF POLICIES HAVE BEEN ISSUED.
(B) THE TERM "DISADVANTAGED COMMUNITIES" MEANS COMMUNITIES IDENTIFIED
AS DISADVANTAGED COMMUNITIES PURSUANT TO THE CRITERIA SET FORTH IN PARA-
GRAPH C OF SUBDIVISION ONE OF SECTION 75-0111 OF THE ENVIRONMENTAL
CONSERVATION LAW.
9. IN THE CASE OF ANY COVERED INSURANCE COMPANY WHICH THE SUPERINTEN-
DENT DETERMINES HAS ENGAGED IN ANY PRACTICE OR PROVIDED ANY SERVICE IN A
MANNER WHICH UNLAWFULLY DISCRIMINATES AGAINST, OR IS UNFAIR, DECEPTIVE,
A. 3842--A 9
OR ABUSIVE TOWARDS, ANY PERSON OR DISADVANTAGED COMMUNITY, THE SUPER-
INTENDENT:
(A) MAY NOT GIVE POSITIVE CONSIDERATION TO ANY SUCH PRACTICE IN
ASSESSING THE EXTENT TO WHICH SUCH COVERED INSURANCE COMPANY HAS MET ITS
OBLIGATIONS UNDER SUBDIVISION SEVEN OF THIS SECTION;
(B) SHALL REDUCE THE RATING THAT THE COVERED INSURANCE COMPANY WOULD
OTHERWISE OBTAIN WITH RESPECT TO SUCH COMPANY AFTER CONSIDERATION OF THE
EXTENT OF SUCH DISCRIMINATORY PRACTICE OR SERVICE; AND
(C) SHALL, IN ADDITION TO ANY OTHER PENALTY OR SANCTION IMPOSED BY
LAW, ORDER THE COVERED INSURANCE COMPANY TO MAKE RESTITUTION TO ALL
CONSUMERS HARMED BY SUCH PRACTICE.
10. WHENEVER A COVERED INSURANCE COMPANY RECEIVES A RATING OF "NEEDS
TO IMPROVE" OR LOWER IN ANY ASSESSMENT AREA OR OVERALL RATING, THE
COMPANY SHALL SUBMIT AN IMPROVEMENT PLAN, SUBJECT TO PUBLIC NOTICE AND
COMMENT, TO THE SUPERINTENDENT.
(A) ANY IMPROVEMENT PLAN SUBMITTED TO THE SUPERINTENDENT BY A COVERED
INSURANCE COMPANY PURSUANT TO THIS SUBDIVISION SHALL DESCRIBE HOW THE
INSTITUTION INTENDS TO IMPROVE ITS PERFORMANCE OVERALL AND IN ANY
ASSESSMENT AREA WHERE THE COMPANY RECEIVED A RATING OF "NEEDS TO
IMPROVE" OR LOWER.
(B) THE SUPERINTENDENT SHALL REVIEW ANY IMPROVEMENT PLAN SUBMITTED BY
A COVERED INSURANCE COMPANY AND EITHER APPROVE THE PLAN OR SEND IT BACK
TO THE COMPANY FOR REVISIONS.
(C) AFTER THE SUPERINTENDENT APPROVES AN IMPROVEMENT PLAN SUBMITTED BY
A COVERED INSURANCE COMPANY PURSUANT TO THIS SUBDIVISION, THE COMPANY
SHALL SUBMIT REPORTS AND DATA ON A QUARTERLY BASIS SO THAT THE SUPER-
INTENDENT AND THE GENERAL PUBLIC CAN MONITOR PERFORMANCE.
(D) IF ANY COVERED INSURANCE COMPANY RECEIVES A RATING OF "NEEDS TO
IMPROVE" OR "SUBSTANTIAL NONCOMPLIANCE" IN ANY ASSESSMENT AREA OR OVER-
ALL RATING, THE SUPERINTENDENT MAY NOT ACCEPT OR APPROVE ANY APPLICATION
BY SUCH COVERED INSURANCE COMPANY OR ANY MERGER APPLICATIONS INVOLVING
SUCH COMPANY UNTIL THE COMPANY'S PERFORMANCE IMPROVES ON A SUBSEQUENT
EVALUATION AND MAY INCREASE EXAMINATION FEES PURSUANT TO SUBDIVISION
ELEVEN OF THIS SECTION.
(E) THE SUPERINTENDENT SHALL CONSIDER THE PROGRESS IN MEETING THE
GOALS DESCRIBED IN ANY IMPROVEMENT PLAN AS AN INTEGRAL FACTOR IN REVIEWS
OF ANY APPLICATION BY SUCH COVERED INSURANCE COMPANY OR ANY MERGER
APPLICATIONS INVOLVING SUCH COMPANY.
11. THE SUPERINTENDENT SHALL HAVE THE AUTHORITY TO EXAMINE EACH
COVERED INSURANCE COMPANY FOR COMPLIANCE WITH THIS SECTION, IN CONSULTA-
TION WITH STATE AND FEDERAL REGULATORS WITH AN APPROPRIATE REGULATORY
INTEREST, FOR AND IN COMPLIANCE WITH APPLICABLE NEW YORK AND FEDERAL
CONSUMER PROTECTION AND ANTI-DISCRIMINATION LAWS, AS OFTEN AS THE SUPER-
INTENDENT DEEMS NECESSARY AND PROPER. THE SUPERINTENDENT MAY ADOPT RULES
AND REGULATIONS WITH RESPECT TO THE FREQUENCY AND MANNER OF EXAMINATION
INCLUDING THE IMPOSITION OF EXAMINATION FEES. THE SUPERINTENDENT MAY
ALSO INCREASE FEES FOR COVERED INSURANCE COMPANIES WITH LESS THAN SATIS-
FACTORY COMMUNITY REINVESTMENT PERFORMANCE, AS WELL AS COVERED INSURANCE
COMPANIES IDENTIFIED USING DATA COLLECTED PURSUANT TO ARTICLE NINETY-TWO
OF THE INSURANCE LAW TO BE SIGNIFICANT FINANCIERS OF FOSSIL FUEL BUSI-
NESSES AND NEW FOSSIL FUEL PROJECTS AS DEFINED PURSUANT TO SECTION NINE-
TY-TWO HUNDRED ONE OF THE INSURANCE LAW. FEES COLLECTED PURSUANT TO THIS
SUBDIVISION MAY BE TRANSFERRED TO OTHER DEPARTMENTS OR STATE-ADMINIS-
TERED FUNDS FOR THE PURPOSE OF FINANCING PROJECTS AND INITIATIVES
DESIGNED TO AVOID, MODERATE, REPAIR, OR ADAPT TO NEGATIVE IMPACTS CAUSED
BY CLIMATE CHANGE, FOR THE BENEFIT OF HOUSEHOLDS RESIDING IN, AND BUSI-
A. 3842--A 10
NESSES LOCATED IN, LOW- AND MODERATE-INCOME COMMUNITIES OR DISADVANTAGED
COMMUNITIES IN ORDER TO HELP SUCH COMMUNITIES PREPARE FOR FUTURE CLIMATE
CHANGE-DRIVEN DISRUPTIONS. THE SUPERINTENDENT AND THE SUPERINTENDENT'S
APPOINTEES MAY EXAMINE THE ENTIRE BOOKS, RECORDS, DOCUMENTS, AND OPER-
ATIONS OF COVERED INSURANCE COMPANIES, THEIR PARENT COMPANY, AND THEIR
SUBSIDIARIES, AFFILIATES, OR AGENTS, AND MAY EXAMINE ANY OF THE COVERED
INSURANCE COMPANIES, THEIR PARENT COMPANY'S OR THEIR SUBSIDIARIES',
AFFILIATES', OR AGENTS' OFFICERS, DIRECTORS, EMPLOYEES, AND AGENTS UNDER
OATH. ANY DOCUMENT OR RECORD PREPARED OR OBTAINED IN CONNECTION WITH OR
RELATING TO ANY SUCH EXAMINATION, AND ANY RECORD PREPARED OR OBTAINED BY
THE SUPERINTENDENT TO THE EXTENT THAT THE RECORD SUMMARIZES OR CONTAINS
INFORMATION DERIVED FROM ANY DOCUMENT OR RECORD DESCRIBED IN THIS SUBDI-
VISION, SHALL NOT BE DISCLOSED TO THE PUBLIC UNLESS OTHERWISE AUTHORIZED
PURSUANT TO ARTICLE NINETY-TWO OF THE INSURANCE LAW.
12. COVERED INSURANCE COMPANIES WITH LESS THAN "SATISFACTORY CRA"
PERFORMANCE, AS IDENTIFIED BY THE SUPERINTENDENT, WILL BE INELIGIBLE FOR
PRIOR APPROVAL OF RAISING PROPERTY INSURANCE RATES AS STIPULATED BY THE
FILING REQUIREMENTS ESTABLISHED PURSUANT TO SECTIONS TWENTY-THREE
HUNDRED FIVE AND TWENTY-THREE HUNDRED EIGHT OF THE INSURANCE LAW AND
WILL BE INELIGIBLE FOR PRIOR APPROVAL OF RAISING PROPERTY INSURANCE
RATES BEYOND LIMITATIONS SPECIFIED BY REGULATION PURSUANT TO SECTION
TWENTY-THREE HUNDRED FORTY-FOUR OF THE INSURANCE LAW.
13. BY MARCH THIRTY-FIRST OF EACH YEAR, EVERY COVERED INSURANCE COMPA-
NY SHALL FILE WITH THE SUPERINTENDENT A "RESIDENTIAL INSURANCE RATE,
EXPERIENCE AND STATISTICAL REPORT" AND SHALL MAKE AVAILABLE IN AN ELEC-
TRONIC DATABASE FORMAT THE STATISTICAL INFORMATION ON ITS RESIDENTIAL
AND COMMERCIAL ACTIVITIES BY CENSUS TRACT AND DEMOGRAPHICS OF THE POLI-
CYHOLDER ACCORDING TO THE PROVISIONS OF PARAGRAPHS (A) AND (B) OF THIS
SUBDIVISION.
(A) SUCH STATISTICAL REPORT SHALL BE IN A FORM PRESCRIBED BY THE
SUPERINTENDENT AS IN EFFECT AT THE COMMENCEMENT OF THE CALENDAR YEAR
REPORTED UPON AND SHALL INCLUDE, BUT NOT BE LIMITED TO, THE FOLLOWING
INFORMATION:
(I) THE NUMBER OF POLICIES IN EFFECT, OR OTHER EXPOSURES INSURED. FOR
THE PURPOSES OF THIS PARAGRAPH: "POLICIES IN EFFECT" SHALL MEAN THE
NUMBER OF POLICIES WRITTEN IN THE REPORTING YEAR; AND "OTHER EXPOSURES",
IF ANY, SHALL MEAN ANY COVERAGE EXTENDED OTHER THAN POLICIES WRITTEN,
AND SHALL BE DESCRIBED IN THE REPORT IN SUFFICIENT DETAIL TO IDENTIFY
THE COVERAGE PROVIDED;
(II) THE NUMBER OF APPLICATIONS FOR COVERAGE;
(III) THE NUMBER OF APPLICATIONS FOR WHICH COVERAGE WAS NOT PROVIDED,
CLASSIFIED ACCORDING TO APPLICATIONS WITHDRAWN, APPLICATIONS DENIED, AND
APPLICATIONS STILL IN PROCESS;
(IV) THE NUMBER OF POLICIES NOT RENEWED;
(V) THE NUMBER OF POLICIES CANCELED OR TERMINATED;
(VI) THE NUMBER OF CLAIMS FILED;
(VII) THE NUMBER OF CLAIMS APPROVED, IN WHOLE OR IN PART;
(VIII) THE NUMBER OF CLAIMS DENIED, IN WHOLE OR IN PART;
(IX) THE AMOUNTS OF THE LOSSES INCURRED;
(X) THE AMOUNTS OF THE LOSSES PAID;
(XI) APPLICABLE RATES, WITHIN ASSESSMENT AREAS SERVED BY A COVERED
INSURANCE COMPANY, FOR EACH FORM OF PROPERTY INSURANCE AND RATING CLAS-
SIFICATION, INCLUDING RATES BY TIER IN MULTI-TIER PROGRAMS, AND DIFFER-
ENTIATING BETWEEN POLICIES WITH VARYING TYPES OF BENEFITS, INCLUDING BUT
NOT LIMITED TO GUARANTEED REPLACEMENT COST, STANDARD OR LIMITED REPLACE-
MENT COST, MARKET VALUE OR ACTUAL CASH VALUE, AND DIFFERENTIATING AMONG
A. 3842--A 11
POLICIES ISSUED FOR SINGLE-FAMILY HOMES, MULTI-FAMILY HOMES, CONDOMINIUM
OR COOPERATIVE UNITS, AND RENTERS;
(XII) FOR COVERED INSURANCE COMPANIES DISTRIBUTING THROUGH DIRECT
SOLICITATION, THE NUMBER OF DIRECT MAIL OR TELEPHONE SOLICITATIONS;
(XIII) THE NUMBER OF AGENTS APPOINTED BY THE COVERED INSURANCE COMPA-
NY;
(XIV) THE STREET ADDRESSES OF ALL OFFICES ISSUING OR SERVICING POLI-
CIES;
(XV) LANGUAGES SPOKEN, OTHER THAN ENGLISH, WITH SUFFICIENT FLUENCY TO
CONDUCT BUSINESS IN THAT LANGUAGE BY PERSONNEL WITHIN EACH OFFICE;
(XVI) WHETHER THE COVERED INSURANCE COMPANY ISSUES POLICIES IN A
LANGUAGE OTHER THAN ENGLISH, AND, IF SO, IDENTIFYING THE LANGUAGES IN
WHICH POLICIES ARE ISSUED AND THE NUMBER OF POLICIES ISSUED IN EACH
LANGUAGE;
(XVII) FOR EACH OF THE CATEGORIES OF INFORMATION DESCRIBED IN SUBPARA-
GRAPHS (I) THROUGH (XI) OF THIS PARAGRAPH: FURTHER CLASSIFICATIONS AND
AGGREGATED DATA ACCORDING TO RACE, NATIONAL ORIGIN, ETHNICITY, HOUSEHOLD
INCOME, AND GENDER OF THE INSUREDS OR APPLICANTS; CLASSIFICATIONS AND
AGGREGATED DATA BY RACE, NATIONAL ORIGIN, ETHNICITY, AND INCOME CHARAC-
TERISTICS OF THE CENSUS TRACT IN WHICH THE INSURED RISK IS LOCATED,
INCLUDING WHETHER THE INSURED RISK IS LOCATED IN A DISADVANTAGED COMMU-
NITY, PURSUANT TO RULES AND REGULATIONS PROMULGATED BY THE SUPERINTEN-
DENT; AND, WHERE AN INSURER APPLIES ANY OTHER CLASSIFICATION WHICH
AFFECTS THE PREMIUM RATE AT WHICH THE POLICY IS ISSUED, TOTALS BY RACE,
NATIONAL ORIGIN, ETHNICITY, HOUSEHOLD INCOME AND GENDER FOR EACH SUCH
CLASSIFICATION;
(XVIII) ALL OF THE INFORMATION UPON WHICH AN INSURER, RATE SERVICE
ORGANIZATION, OR GROUP OF INSURERS FILED WITH THE SUPERINTENDENT IN
SUPPORT OF THE RATES AS REQUIRED TO BE FILED WITH THE SUPERINTENDENT BY
SUBSECTION (B) OF SECTION TWENTY-THREE HUNDRED FOUR AND SUBSECTION (C)
OF SECTION TWENTY-THREE HUNDRED FIVE OF THE INSURANCE LAW. AN INSURER OR
GROUP OF INSURERS WHICH ARE MEMBERS OR SUBSCRIBERS OF A RATE SERVICE
ORGANIZATION WHICH MAKES OR FILES RATES ON BEHALF OF SUCH INSURER OR
GROUP OF INSURERS SHALL BE RESPONSIBLE FOR FILING SUCH INFORMATION AS
PART OF THE REPORT REQUIRED BY THIS PARAGRAPH;
(XIX) THE TOTAL DOLLAR AMOUNT OF FINANCING TO FOSSIL FUEL BUSINESSES,
INCLUDING INVESTMENTS AND INSURANCE POLICIES. FOR PURPOSES OF THIS
SUBPARAGRAPH, "FOSSIL FUEL BUSINESSES" MEANS 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; AND
(XX) THE TOTAL DOLLAR AMOUNT OF FINANCING FOR NEW FOSSIL FUEL
PROJECTS, INCLUDING INVESTMENTS AND INSURANCE POLICIES. FOR PURPOSES OF
THIS SUBPARAGRAPH, "NEW FOSSIL FUEL PROJECTS" MEANS PROJECTS DESIGNED TO
FACILITATE THE PRODUCTION OF FOSSIL FUELS IN EXCESS OF WHAT IS IN DEVEL-
OPMENT AS OF THE EFFECTIVE DATE OF THIS SUBDIVISION, INCLUDING
PRODUCTION OF NEW COAL INFRASTRUCTURE, POWER PLANTS, OR MINES, AND ALSO
INCLUDES PROJECTS THAT WOULD SUPPORT EXPLORING NEW OIL AND GAS FIELDS OR
OTHERWISE EXPANDING OIL AND GAS RESERVES, INCLUDING, BUT NOT LIMITED TO,
PROJECTS RELATING TO NEW WELLS, PIPELINES, TERMINALS OR GAS POWER
PLANTS.
(B) IN ADDITION TO AGGREGATE DATA REQUIRED TO BE REPORTED PURSUANT TO
THIS SUBDIVISION, EACH INSURER SHALL FILE WITH THE SUPERINTENDENT, AND
MAKE AVAILABLE TO THE PUBLIC, THE INDIVIDUAL RECORD DATA COLLECTED
PURSUANT TO SUBPARAGRAPHS (I) THROUGH (XI) OF PARAGRAPH (A) OF THIS
SUBDIVISION FROM WHICH THE REPORT SUMMARIES WERE TABULATED. SUCH DATA
A. 3842--A 12
SHALL BE PROVIDED IN AN ONLINE, ELECTRONIC DATABASE FORMAT AS PRESCRIBED
BY THE SUPERINTENDENT AND THE SUPERINTENDENT SHALL MAKE SUCH DATABASE
FILES AVAILABLE DIRECTLY TO THE PUBLIC IN ACCORDANCE WITH THE PROCEDURES
AND TIME REQUIREMENTS ESTABLISHED IN PARAGRAPH (C) OF THIS SUBDIVISION.
THE SUPERINTENDENT SHALL REQUIRE THAT ALL INFORMATION WHICH WOULD
PERSONALLY IDENTIFY ANY INDIVIDUAL APPLICANT OR POLICYHOLDER SHALL BE
DELETED. THE CATEGORIES OF DATA TO BE MADE AVAILABLE FOR EACH INDIVIDUAL
RECORD SHALL INCLUDE ALL OF THE SAME CATEGORIES OF INFORMATION COLLECTED
PURSUANT TO SUBPARAGRAPHS (I) THROUGH (XI) OF PARAGRAPH (A) OF THIS
SUBDIVISION AND SHALL BE PRESENTED IN ACCORDANCE WITH STANDARDIZED CLAS-
SIFICATION CODES TO BE ESTABLISHED BY THE SUPERINTENDENT.
(C) NOTWITHSTANDING THE PROVISIONS OF ANY OTHER LAW, BY JULY FIRST OF
EACH YEAR THE SUPERINTENDENT SHALL MAKE THE FULL TEXT OF THE REPORTS
FILED PURSUANT TO THIS SUBDIVISION AVAILABLE TO THE PUBLIC ON REQUEST
AND SHALL MAKE SUCH REPORTS AVAILABLE FOR INSPECTION AT THE OFFICE OF
THE SUPERINTENDENT. SUCH REPORTS SHALL BE MADE AVAILABLE IN BOTH PRINTED
AND ELECTRONIC FORMAT, INCLUDING ACCESS THROUGH THE DEPARTMENT'S
WEBSITE, AT NO CHARGE TO THE REQUESTING PARTY; PROVIDED, HOWEVER, THAT
PRINTED COPIES OR PHOTOCOPIES SHALL BE AVAILABLE FOR A REASONABLE FEE,
NOT TO EXCEED FIVE CENTS PER PAGE OR THE ACTUAL COST OF DUPLICATION,
WHICHEVER IS LESS. DATA PRESENTED IN ELECTRONIC FORMAT SHALL BE MADE
AVAILABLE IN A DATABASE FILE FORMAT OF THE TYPE IN GENERAL USAGE BY THE
PUBLIC.
14. A COVERED INSURANCE COMPANY WHO DOES NOT FILE THE STATISTICAL
REPORT OR OTHER INFORMATION REQUIRED BY THIS SECTION AS OF THE DATE SUCH
REPORT IS REQUIRED TO BE FILED SHALL, UPON NOTICE AND OPPORTUNITY TO BE
HEARD, BE SUBJECT TO A PENALTY NOT TO EXCEED ONE THOUSAND DOLLARS PER
DAY FOR EACH DAY BEYOND THE DATE SUCH REPORT OR INFORMATION WAS REQUIRED
TO BE FILED; PROVIDED, HOWEVER, THAT THE SUPERINTENDENT MAY WAIVE SUCH
PENALTY UPON A WRITTEN FINDING THAT THE REPORT OR OTHER INFORMATION WAS
FILED BY SUCH INSURER BY THE REQUIRED DATE, WAS SUBSTANTIALLY COMPLETE,
AND THE INSURER HAS CORRECTED ANY DEFICIENCIES WITHIN A DATE SET BY THE
SUPERINTENDENT. A COVERED INSURANCE COMPANY REQUIRED BY THIS SECTION TO
SUBMIT A STATISTICAL REPORT OR OTHER INFORMATION WHO WILLFULLY FAILS TO
FILE SUCH STATISTICAL REPORT OR OTHER INFORMATION SHALL, IN ADDITION TO
ANY OTHER PENALTIES PROVIDED FOR BY LAW, UPON NOTICE AND OPPORTUNITY TO
BE HEARD, BE SUBJECT TO A PENALTY OF UP TO FIVE HUNDRED DOLLARS PER DAY
FOR EACH DAY BEYOND THE DATE SUCH REPORT OR INFORMATION WAS REQUIRED TO
BE FILED. FEES COLLECTED PURSUANT TO THIS SUBDIVISION MAY BE TRANSFERRED
TO OTHER DEPARTMENTS OR STATE-ADMINISTERED FUNDS FOR THE PURPOSE OF
FINANCING PROJECTS AND INITIATIVES DESIGNED TO AVOID, MODERATE, REPAIR,
OR ADAPT TO NEGATIVE IMPACTS CAUSED BY CLIMATE CHANGE, AND TO ASSIST
LOW- AND MODERATE-INCOME AND MINORITY COMMUNITIES, HOUSEHOLDS, AND BUSI-
NESSES IN PREPARING FOR FUTURE CLIMATE CHANGE-DRIVEN DISRUPTIONS. WHERE
AN INSURER HAS FAILED TO COMPLY WITH THE REQUIREMENTS OF THIS SECTION,
AN AGGRIEVED INDIVIDUAL, INCLUDING ANY PERSON OR AGENCY ATTEMPTING TO
ANALYZE THE PERFORMANCE OF ANY INSURER SUBJECT TO THIS SECTION, SHALL
HAVE A CAUSE OF ACTION IN ANY COURT OF COMPETENT JURISDICTION FOR
DECLARATORY AND INJUNCTIVE RELIEF. THE COURT MAY, IN ITS DISCRETION,
AWARD COSTS AND REASONABLE ATTORNEY FEES TO THE SUCCESSFUL PARTY IN ANY
ACTION OR PROCEEDING BROUGHT PURSUANT TO THIS SECTION.
§ 10. This act shall take effect immediately.