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Assembly Bill A5439

2023-2024 Legislative Session

Relates to flood insurance notice in communities bordering Lake Ontario

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Archive: Last Bill Status - In Senate Committee Insurance Committee

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2023-A5439 (ACTIVE) - Details

See Senate Version of this Bill:
S4381
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Amd §3444, Ins L
Versions Introduced in Other Legislative Sessions:
2017-2018: A8058, S6410
2019-2020: A5070, S8810
2021-2022: A6367, S1872
2025-2026: S7391

2023-A5439 (ACTIVE) - Summary

Relates to flood insurance notice in communities bordering Lake Ontario; requires the department of financial services to publish an annual notice with the department's contact information and a statement about flood insurance and how it relates to standard homeowners insurance policies in local newspapers that serve the communities bordering Lake Ontario.

2023-A5439 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5439
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 10, 2023
                                ___________
 
 Introduced  by  M.  of  A. BARCLAY, HAWLEY, NORRIS, MORINELLO, LEMONDES,
   DeSTEFANO, J. M. GIGLIO, BLANKENBUSH, JENSEN, BRABENEC --  Multi-Spon-
   sored by -- M.  of A. K. BROWN, MANKTELOW -- read once and referred to
   the Committee on Insurance
 
 AN ACT to amend the insurance law, in relation to flood insurance notice
   in communities bordering Lake Ontario
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 3444 of the insurance law is amended  by  adding  a
 new subsection 3 to read as follows:
   3. THE DEPARTMENT OF FINANCIAL SERVICES SHALL PUBLISH AN ANNUAL NOTICE
 THAT CONTAINS THE DEPARTMENT'S CONTACT INFORMATION AND A STATEMENT ABOUT
 FLOOD  INSURANCE  AND  HOW  IT  RELATES TO STANDARD HOMEOWNERS INSURANCE
 POLICIES IN NEW YORK STATE IN LOCAL NEWSPAPERS THAT SERVE  THE  COMMUNI-
 TIES  BORDERING  LAKE  ONTARIO. SUCH NOTICE MAY INCLUDE: (A) THE DEPART-
 MENT'S DISASTER HOTLINE AND OTHER RELEVANT CONTACT  INFORMATION;  (B)  A
 WEB LINK TO THE DEPARTMENT'S DISASTER AND FLOOD RESOURCE CENTER ON THEIR
 WEBSITE;  AND  (C)  THE  FOLLOWING  STATEMENT OR A SUBSTANTIALLY SIMILAR
 STATEMENT: "WHILE FLOODS ARE THE MOST COMMON  NATURAL  DISASTER  IN  THE
 UNITED STATES, INSURANCE COVERAGE FOR LOSSES FROM FLOODS IS NOT PROVIDED
 IN  STANDARD HOMEOWNERS OR TENANTS POLICIES. INSURANCE FOR FLOOD DAMAGES
 IS GENERALLY AVAILABLE  UNDER  A  SEPARATE  POLICY  ISSUED  THROUGH  THE
 NATIONAL  FLOOD  INSURANCE  PROGRAM  (NFIP) AND AVAILABLE TO HOMEOWNERS,
 RENTERS AND BUSINESSES. DFS CAN ANSWER QUESTIONS ABOUT  AGENTS,  BROKERS
 AND  ADJUSTORS, THE CLAIMS PROCESS (INCLUDING HURRICANE AND WIND DEDUCT-
 IBLES), POLICY CANCELLATION, AND NON-RENEWAL,  AND  COVERAGE  FOR  ADDI-
 TIONAL  LIVING  EXPENSES  (WHICH  YOU  MAY  BE  ENTITLED  TO  IF YOU ARE
 DISPLACED AFTER A DISASTER). IF YOUR BUSINESS HAS  BEEN  AFFECTED  BY  A
 DISASTER,  WE  CAN ALSO ANSWER QUESTIONS ABOUT COVERAGE, BUSINESS INTER-
 RUPTION INSURANCE AND OFF-PREMISES SERVICE INTERRUPTION COVERAGE."
   § 2. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03848-01-3

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