NY State Senate Bill 2025-S5325

Senate Bill S5325

2025-2026 Legislative Session

Directs the department of financial services to conduct a study examining private flood insurance

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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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 20, 2025	referred to insurance

co-Sponsors

2025-S5325 (ACTIVE) - Details

See Assembly Version of this Bill:: A3793
Current Committee:: Senate Insurance
Law Section:: Financial Services
Versions Introduced in 2023-2024 Legislative Session:: S8167, A8942

2025-S5325 (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.

2025-S5325 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S5325

SPONSOR: BAILEY
 
TITLE OF BILL:

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 flooding,
and the possibility of supporting a private flood insurance market in
the state

 
PURPOSE OR GENERAL IDEA OF BILL:

To direct the Department of Financial Services to study the impacts that
recent weather-related events have had on the property insurance market
in New York State.

 
SUMMARY OF PROVISIONS:

Section 1 directs the Department of Financial Services (DFS) 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.

(a) Analyze factors that have increased property insurance costs for
such losses from flooding and factors that have limited insurers from
property insurance coverage for losses from flooding;

(b) Identify potential impact, over the next ten years, of the cost of
property insurance and unavailability of coverage for losses from flood-
ing and other relent topics;

(c) Analyze the possibility of supporting a private flood insurance
market in New York State as a supplement to the existing national Flood
Insurance Program.

Section 2 directs DFS to prepare a report with findings and recommenda-
tions for potential legislative and regulatory actions within 11 months
after the effective date of this act.

 
JUSTIFICATION:

With the frequency and severity of weather-related events increasing, it
is important to examine the impact they are having on both affordability
and availability of property insurance, with a strong focus on flooding.

By directing the Department of Financial Services to study the impact of
these events and report its findings to the Legislature, we will be able
to better determine what measures we need to take to make sure that New
York homeowners are protected.

 
PRIOR LEGISLATIVE HISTORY:

2023-24: S8167 - Vetoed

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

None.

 
EFFECTIVE DATE:
Immediately.

2025-S5325 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5325
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             February 20, 2025
                                ___________
 
 Introduced  by  Sens. BAILEY, HELMING -- 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  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

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07797-01-5

 S. 5325                             2
 
 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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Senate Bill S5325

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Sponsored By

Jamaal T. Bailey