Assembly Bill A10529

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10529
 
                           I N  A S S E M B L Y
 
                               March 6, 2026
                                ___________
 
 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
   property/casualty insurance companies to submit information on  multi-
   family housing premiums and claims paid to the department of financial
   services
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The insurance law is amended by adding a new  section  4123
 to read as follows:
   §  4123. REPORTING REQUIREMENTS FOR PROPERTY/CASUALTY INSURANCE COMPA-
 NIES REGARDING MULTIFAMILY RESIDENTIAL BUILDINGS. (A) FOR  THE  PURPOSES
 OF  THIS SECTION, THE TERM "MULTIFAMILY RESIDENTIAL BUILDING" SHALL MEAN
 A PROPERTY CONTAINING TWO OR MORE DWELLING UNITS.
   (B) EVERY PROPERTY/CASUALTY INSURANCE COMPANY DOING BUSINESS  IN  THIS
 STATE  SHALL  ANNUALLY  SUBMIT  TO  THE  DEPARTMENT A REPORT RELATING TO
 MULTIFAMILY RESIDENTIAL BUILDINGS INCLUDING, BUT NOT LIMITED TO,  INFOR-
 MATION REGARDING:
   (1) COLLECTED PREMIUMS;
   (2) CLAIMS PAID; AND
   (3)  ANY  OTHER INFORMATION REQUIRED BY THE DEPARTMENT IN CONSULTATION
 WITH THE DIVISION OF HOUSING AND COMMUNITY RENEWAL.
   (C) SUCH REPORT SHALL BE SUBMITTED IN THE FORM AND  MANNER  PRESCRIBED
 BY  THE  SUPERINTENDENT  ON  OR  BEFORE MARCH FIRST OF EACH YEAR FOR THE
 PRIOR CALENDAR YEAR.
   (D) THE DEPARTMENT SHALL CREATE AND MAINTAIN A PUBLIC-FACING  DATABASE
 WHICH  ALLOWS  ACCESS  TO  THE  REPORTS  SUBMITTED  UNDER  THIS SECTION;
 PROVIDED, HOWEVER, ANY PORTION OF A REPORT SUBMITTED UNDER THIS  SECTION
 THAT  SHALL CONSTITUTE TRADE SECRETS OR SENSITIVE COMMERCIAL INFORMATION
 SHALL:
   (1) NOT BE PUBLISHED ON SUCH DATABASE AND SHALL INSTEAD BE  AGGREGATED
 AND  DE-IDENTIFIED BY THE DEPARTMENT AND PUBLISHED AS SUCH ON SUCH DATA-
 BASE;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD15143-01-6
              

 A. 10529                            2
 
   (2) BE CONFIDENTIAL UNDER PARAGRAPH (D) OF SUBDIVISION TWO OF  SECTION
 EIGHTY-SEVEN OF THE PUBLIC OFFICERS LAW; AND
   (3) NOT BE SUBJECT TO DISCLOSURE UNDER ARTICLE SIX OF THE PUBLIC OFFI-
 CERS LAW.
   § 2. This act shall take effect on the one hundred eightieth day after
 it  shall have become a law. Effective immediately, the addition, amend-
 ment and/or repeal of any rule or regulation necessary for the implemen-
 tation of this act on its effective date are authorized to be  made  and
 completed on or before such effective date.