NY State Senate Bill 2021-S7782

Senate Bill S7782

Signed By Governor

2021-2022 Legislative Session

Directs the department of financial services and the division of housing and community renewal to conduct a study examining any increasing costs of liability, fire and casualty insurance premiums

download bill text pdf

Archive: Last Bill Status - Signed by Governor

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

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Mar 18, 2022	signed chap.158 delivered to governor
Feb 28, 2022	returned to senate passed assembly ordered to third reading cal.445 substituted for a8760
Jan 31, 2022	referred to insurance delivered to assembly passed senate
Jan 24, 2022	ordered to third reading cal.284
Jan 11, 2022	referred to rules

Votes

- Jan 31, 2022 - Floor Vote
  S7782
  
  63
  
  Aye
  
  0
  
  Nay
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Jan 31, 2022
      
      aye (63)
      
      Addabbo Jr.
      
      Akshar
      
      Bailey
      
      Biaggi
      
      Borrello
      
      Boyle
      
      Breslin
      
      Brisport
      
      Brooks
      
      Brouk
      
      Cleare
      
      Comrie
      
      Cooney
      
      Felder
      
      Gallivan
      
      Gaughran
      
      Gianaris
      
      Gounardes
      
      Griffo
      
      Harckham
      
      Helming
      
      Hinchey
      
      Hoylman-Sigal
      
      Jackson
      
      Jordan
      
      Kaminsky
      
      Kaplan
      
      Kavanagh
      
      Kennedy
      
      Krueger
      
      Lanza
      
      Liu
      
      Mannion
      
      Martucci
      
      Mattera
      
      May
      
      Mayer
      
      Myrie
      
      O'Mara
      
      Oberacker
      
      Ortt
      
      Palumbo
      
      Parker
      
      Persaud
      
      Ramos
      
      Rath III
      
      Reichlin-Melnick
      
      Ritchie
      
      Rivera
      
      Ryan
      
      Salazar
      
      Sanders Jr.
      
      Savino
      
      Sepúlveda
      
      Serino
      
      Serrano
      
      Skoufis
      
      Stavisky
      
      Stec
      
      Stewart-Cousins
      
      Tedisco
      
      Thomas
      
      Weik
  Jan 24, 2022 - Rules Committee Vote
  S7782
  
  20
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Rules Committee Vote: Jan 24, 2022
      
      aye (20)
      
      Addabbo Jr.
      
      Bailey
      
      Biaggi
      
      Boyle
      
      Breslin
      
      Comrie
      
      Gallivan
      
      Gianaris
      
      Griffo
      
      Kennedy
      
      Krueger
      
      Liu
      
      Mayer
      
      O'Mara
      
      Ortt
      
      Parker
      
      Ritchie
      
      Savino
      
      Sepúlveda
      
      Stewart-Cousins
      
      aye wr (1)
      
      Lanza

2021-S7782 (ACTIVE) - Details

See Assembly Version of this Bill:: A8760
Law Section:: Insurance
Laws Affected:: Amd §§1 & 2, Chap of 2021 (as proposed in S.5231 & A.5574)

2021-S7782 (ACTIVE) - Summary

Directs the department of financial services and the division of housing and community renewal to conduct a study examining any increasing costs of liability, fire and casualty insurance premiums or any lack of availability of liability, fire and casualty insurance coverage for affordable housing.

2021-S7782 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S7782

SPONSOR: KAVANAGH
 
TITLE OF BILL:

An act to amend a chapter of the laws of 2021 relating to directing the
department of financial services and the division of housing and commu-
nity renewal to conduct a study examining the increasing costs of insur-
ance premiums and the lack of availability of insurance coverage for
affordable housing, as proposed in legislative bills numbers S. 5231 and
A. 5574, in relation to directing the department of financial services
and the division of housing and community renewal to conduct a study
examining any increasing costs of liability, fire and casualty insurance
premiums or any lack of availability of liability, fire and casualty
insurance coverage for affordable housing

 
PURPOSE:

This is a chapter amendment that makes changes to provisions of L.
2021, c. 790, to clarify provisions relating to a study examining the
increasing costs of insurance premiums and the lack of availability of
insurance coverage for affordable housing

 
SUMMARY OF PROVISIONS:

This legislation amends the underlying chapter by clarifying that the
proposed study concerns liability, fire, and casualty insurance cover-
age. Additionally, the due date of the study and report is extended to
11 months after the effective date.

 
EXISTING LAW:

None.

 
JUSTIFICATION:

Pursuant to approval memo 122 of 2021, this legislation is a negotiated
change to the underlying chapter.

 
LEGISLATIVE HISTORY:

Chapter amendment to Chapter 790 of the Laws of 2021. S.5231 and A.5574
both passed the Senate and Assembly, respectfully, in May 2021.

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect on the same date and in the same manner as a
chapter of the laws of 2021 relating to directing the department of
financial services and the division of housing and community renewal to
conduct a study examining the increasing costs of insurance premiums and
the lack of availability of insurance coverage for affordable housing,
as proposed in legislative bills numbers S. 5231 and A. 5574, takes
effect.

2021-S7782 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7782
 
                             I N  S E N A T E
 
                             January 11, 2022
                                ___________
 
 Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend a chapter of the laws of 2021 relating to directing  the
   department  of  financial  services  and  the  division of housing and
   community renewal to conduct a study examining the increasing costs of
   insurance premiums and the lack of availability of insurance  coverage
   for  affordable  housing,  as proposed in legislative bills numbers S.
   5231 and A. 5574, in relation to directing the department of financial
   services and the division of housing and community renewal to  conduct
   a study examining any increasing costs of liability, fire and casualty
   insurance  premiums or any lack of availability of liability, fire and
   casualty insurance coverage for affordable housing
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. Sections 1 and 2 of a chapter of the laws of 2021 relating
 to directing the department of financial services and  the  division  of
 housing  and community renewal to conduct a study examining the increas-
 ing costs of insurance premiums and the lack of availability  of  insur-
 ance  coverage  for affordable housing, as proposed in legislative bills
 numbers S. 5231 and A. 5574, are amended to read as follows:
   Section 1. The department of financial services, in coordination  with
 the  division of housing and community renewal, shall conduct a study to
 examine [the] ANY increases in LIABILITY, FIRE  AND  CASUALTY  insurance
 premiums  [and  the]  OR ANY lack of availability of LIABILITY, FIRE AND
 CASUALTY insurance coverage for affordable housing developments  in  New
 York state. The department and the division shall:
   (a)  analyze  [the] ANY factors that [increase] HAVE INCREASED LIABIL-
 ITY, FIRE AND CASUALTY insurance costs for such housing developments and
 analyze [the] ANY factors that [may limit] HAVE  LIMITED  insurers  from
 offering  LIABILITY,  FIRE  AND CASUALTY coverage for affordable housing
 projects; and
   (b) identify the potential impact, over the next  ten  years,  of  THE
 COST  OF  LIABILITY, FIRE AND CASUALTY insurance [premium increases] and
 THE unavailability of LIABILITY, FIRE AND  CASUALTY  insurance  coverage
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD09784-02-2
 S. 7782                             2
 
 for affordable housing development and preservation[, including, but not
 limited  to,]  ON  the  projected  total reduction in affordable housing
 units by region, the inability to develop affordable housing in  certain
 areas  and any other topic or issue that is determined to be relevant to
 the completion of the study by the department and the division.
   § 2. The department of financial services and the division of  housing
 and  community  renewal  shall  jointly  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 [eight] ELEVEN months after  the
 effective  date of this act, containing findings and recommendations for
 potential legislative  and  regulatory  actions  to  address  [the]  ANY
 INCREASED costs [and] OR ANY unavailability of LIABILITY, FIRE AND CASU-
 ALTY insurance.
   §  2.  This  act  shall  take  effect on the same date and in the same
 manner as a chapter of the  laws  of  2021  relating  to  directing  the
 department  of financial services and the division of housing and commu-
 nity renewal to conduct a study examining the increasing costs of insur-
 ance premiums and the lack of availability  of  insurance  coverage  for
 affordable housing, as proposed in legislative bills numbers S. 5231 and
 A. 5574, takes effect.

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