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.
S T A T E O F N E W Y O R K
________________________________________________________________________
3793
2025-2026 Regular Sessions
I N A S S E M B L Y
January 30, 2025
___________
Introduced by M. of A. WEPRIN, COLTON -- read once and referred 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
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