Requires property/casualty insurance companies to submit certain data to the department of financial services and authorizes premium discounts to policyholders who demonstrate certain mitigation actions

S T A T E   O F   N E W   Y O R K
        ________________________________________________________________________

                                          9016

                               2025-2026 Regular Sessions

                                  I N  A S S E M B L Y

                                     August 27, 2025
                                       ___________

        Introduced by M. of A. TORRES -- read once and referred to the Committee
          on Insurance

        AN  ACT  to  amend the insurance law, in relation to requiring an annual
          report on the housing insurance market for multifamily  and  nonprofit
          housing providers

          THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
        BLY, DO ENACT AS FOLLOWS:

     1    Section 1. The insurance law is amended by adding a new 3463  to  read
     2  as follows:
     3    §  3463.  REPORT  ON  THE HOUSING INSURANCE MARKET FOR MULTIFAMILY AND
     4  NONPROFIT HOUSING PROVIDERS.  (A)  DEFINITIONS.  FOR  PURPOSES  OF  THIS
     5  SECTION:
     6    (1)  "MULTIFAMILY  RESIDENTIAL  BUILDING"  MEANS A PROPERTY CONTAINING
     7  FIVE OR MORE DWELLING UNITS.
     8    (2) "NONPROFIT HOUSING  PROVIDER"  MEANS  ORGANIZATIONS  DESCRIBED  BY
     9  SECTION 501(C)(3) OF THE UNITED STATES INTERNAL REVENUE CODE, CHARITABLE
    10  CORPORATIONS  AS  DEFINED IN PARAGRAPH (A) OF SECTION ONE HUNDRED TWO OF
    11  THE NOT-FOR-PROFIT CORPORATION LAW AND FORMED PURSUANT TO PARAGRAPH  (A)
    12  OF  SECTION  TWO  HUNDRED ONE OF THE NOT-FOR-PROFIT CORPORATION LAW, AND
    13  ORGANIZATIONS DESCRIBED BY SECTION TWO HUNDRED SIXTEEN-A OF  THE  EDUCA-
    14  TION LAW THAT OWN OR OPERATE RESIDENTIAL HOUSING IN NEW YORK.
    15    (3) "AFFORDABLE HOUSING DEVELOPMENT" MEANS A RESIDENTIAL BUILDING WITH
    16  UNITS  REQUIRED  TO  BE  AFFORDABLE  BY  STATUTE, REGULATION, REGULATORY
    17  AGREEMENT, OR RECORDED COVENANT.
    18    (4) "EXCESS LINE INSURANCE" HAS THE SAME MEANING AS IN  ARTICLE  TWEN-
    19  TY-ONE OF THIS CHAPTER.
    20    (5)  "INSURER" MEANS AN AUTHORIZED INSURER WRITING PROPERTY OR LIABIL-
    21  ITY COVERAGE ON RESIDENTIAL BUILDINGS AND INCLUDES REPORTING  BY  EXCESS
    22  LINE  PLACEMENTS  THROUGH  THE  EXCESS  LINE  ASSOCIATION OF NEW YORK AS
    23  PROVIDED BY REGULATION.

         EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD13657-01-5
        A. 9016                             2

     1    (B) ANNUAL JOINT REPORT. (1) THE SUPERINTENDENT AND  THE  COMMISSIONER
     2  OF  HOMES  AND COMMUNITY RENEWAL SHALL SUBMIT A JOINT REPORT DETAILED IN
     3  SUBDIVISION (C) OF THIS SECTION ON OR BEFORE OCTOBER FIRST OF EACH  YEAR
     4  TO  THE GOVERNOR, THE TEMPORARY PRESIDENT OF THE SENATE, AND THE SPEAKER
     5  OF THE ASSEMBLY, AND POST IT ON THEIR WEBSITES.
     6    (2)  THE  REPORT  SHALL  ANALYZE THE AVAILABILITY, PRICING, TERMS, AND
     7  AFFORDABILITY OF PROPERTY AND LIABILITY INSURANCE FOR MULTIFAMILY  RESI-
     8  DENTIAL  BUILDINGS  OWNED  OR  OPERATED  BY NONPROFIT AND MISSION-DRIVEN
     9  ENTITIES, INCLUDING AFFORDABLE HOUSING DEVELOPMENTS.
    10    (3) THE REPORT SHALL INCLUDE STATEWIDE AND REGIONAL RESULTS, WITH  NEW
    11  YORK CITY REPORTED SEPARATELY FROM THE REST OF THE STATE.
    12    (C)  REQUIRED CONTENTS. THE REPORT SHALL PRESENT, AT A MINIMUM, AGGRE-
    13  GATED STATISTICS FOR THE PRIOR CALENDAR YEAR ON:
    14    (1) PREMIUM LEVELS AND CHANGES, INCLUDING AVERAGE AND  MEDIAN  PREMIUM
    15  PER UNIT AND SQUARE FOOT, AND PREMIUM AS A SHARE OF OPERATING EXPENSES.
    16    (2)  COVERAGE  AVAILABILITY  AND MARKET CHANNEL, INCLUDING NON-RENEWAL
    17  AND DECLINATION COUNTS, THE SHARE PLACED IN THE EXCESS-LINE MARKET,  AND
    18  USE OF NEW YORK PROPERTY INSURANCE UNDERWRITING ASSOCIATION.
    19    (3) DEDUCTIBLES BY PERIL AND TREND.
    20    (4)  COMMON  EXCLUSIONS  AND  LIMITATIONS,  INCLUDING  NEW OR EXPANDED
    21  EXCLUSIONS INTRODUCED IN THE REPORTING YEAR.
    22    (5) COVERAGE LIMITS RELATIVE TO REPORTED REPLACEMENT COST.
    23    (6) CLAIMS FREQUENCY AND SEVERITY FOR FIRE, WATER, WIND,  AND  LIABIL-
    24  ITY, TO THE EXTENT AVAILABLE.
    25    (7)  DOCUMENTED  AFFORDABILITY  IMPACTS IN THE DIVISION OF HOUSING AND
    26  COMMUNITY  RENEWAL  PORTFOLIOS,  INCLUDING   RENT-PRESSURE   INDICATORS,
    27  RESERVE  DRAWS,  OR  CAPITAL-PLAN  DEFERRALS LINKED TO INSURANCE EXPENSE
    28  CHANGES.
    29    (8)  RISK-MITIGATION  CREDITS  AND  BUILDING  RESILIENCY   INVESTMENTS
    30  REPORTED BY OWNERS AND RECOGNIZED BY INSURERS.
    31    (9) REGIONAL HEAT-MAP SUMMARIES OF MARKET STRESS USING THE METHODOLOGY
    32  SET BY THE DEPARTMENT BY BULLETIN OR CIRCULAR LETTER. THE DEPARTMENT MAY
    33  ALIGN  WITH THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS' MARKET-
    34  INTELLIGENCE DATA ELEMENTS.
    35    (D) DATA COLLECTION AND CONFIDENTIALITY. (1)  THE  SUPERINTENDENT  MAY
    36  REQUIRE  SPECIAL REPORTS UNDER SECTION THREE HUNDRED EIGHT OF THIS CHAP-
    37  TER AND MAY CONSOLIDATE REQUESTS WITH EXISTING DEPARTMENT DATA CALLS.
    38    (2) THE DEPARTMENT MAY  REQUIRE  GRANTEES,  BORROWERS,  AND  REGULATED
    39  OWNERS  TO PROVIDE INSURANCE EXPENSE AND COVERAGE DATA AS A CONDITION OF
    40  ASSISTANCE.
    41    (3) SUBMISSIONS THAT CONSTITUTE TRADE SECRETS OR SENSITIVE  COMMERCIAL
    42  INFORMATION  ARE  CONFIDENTIAL UNDER PARAGRAPH (D) OF SUBDIVISION TWO OF
    43  SECTION EIGHTY-SEVEN OF THE PUBLIC OFFICERS LAW.  THE  PUBLISHED  REPORT
    44  SHALL CONTAIN ONLY AGGREGATED, DE-IDENTIFIED STATISTICS AND ANALYSIS.
    45    (4) THE DEPARTMENT SHALL CONSULT WITH EXCESS LINE AND NEW YORK PROPER-
    46  TY  INSURANCE  UNDERWRITING ASSOCIATION REGARDING REPORTING FORMATS THAT
    47  CAPTURE EXCESS-LINE PLACEMENTS AND ASSIGNED-RISK ACTIVITY WITHOUT  IDEN-
    48  TIFYING INDIVIDUAL INSUREDS.
    49    (E)  THE  DIVISION  OF  HOUSING AND COMMUNITY RENEWAL. THE DIVISION OF
    50  HOUSING AND COMMUNITY RENEWAL SHALL COOPERATE  WITH  THE  DEPARTMENT  IN
    51  PRODUCING  THE JOINT REPORT, INCLUDING COLLECTING PORTFOLIO-LEVEL INSUR-
    52  ANCE EXPENSE AND COVERAGE DATA FROM REGULATED ENTITIES THROUGH  EXISTING
    53  REPORTING  SYSTEMS.  THE DIVISION OF HOUSING AND COMMUNITY RENEWAL SHALL
    54  PUBLISH NON-CONFIDENTIAL AGGREGATED  STATISTICS  AND  PROVIDE  TECHNICAL
    55  ASSISTANCE  TO  OWNERS ON RISK-MITIGATION PRACTICES RECOGNIZED BY INSUR-
    56  ERS.
        A. 9016                             3

     1    (F) RULEMAKING. THE  DEPARTMENT  MAY  ADOPT  REGULATIONS  OR  CIRCULAR
     2  LETTERS  TO  IMPLEMENT  THIS  SECTION,  HARMONIZE  DATA  STANDARDS  WITH
     3  NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS AND OTHER STATES,  LIMIT
     4  THE  BURDEN  ON SMALL INSURERS, AND ENSURE DATA QUALITY. THE DIVISION OF
     5  HOUSING  AND  COMMUNITY  RENEWAL  MAY  ISSUE  GUIDANCE  TO PARTICIPATING
     6  OWNERS.
     7    (G) NO PRIVATE RIGHT OF ACTION. NOTHING  IN  THIS  SECTION  CREATES  A
     8  PRIVATE RIGHT OF ACTION.
     9    § 2. This act shall take effect immediately.