Assembly Bill A9015

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9015
 
                        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 financial services law, in relation to establishing
   the insurance and housing task force to  ensure  the  availability  of
   affordable housing and affordable housing insurance

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Legislative findings and  purpose.  The  Legislature  finds
 that owners and developers of affordable housing and multifamily housing
 in  New  York face steep insurance costs and reduced availability across
 property and liability lines. A 2022 study by the Department  of  Finan-
 cial  Services  and  Division  of Homes and Community Renewal documented
 access problems for affordable developments. A 2024 policy review  found
 sharp premium growth and reduced limits for New York affordable housing.
 Federal analysis links higher loss experience to higher risk areas.
   The purpose of this act is to establish an interagency task force that
 will  ensure the availability of affordable housing and affordable hous-
 ing insurance and assess market conditions for housing insurance,  iden-
 tify actions to improve availability and pricing, and recommend statuto-
 ry, regulatory, and program changes.
   § 2. The financial services law is amended by adding a new section 208
 to read as follows:
   § 208. INSURANCE AND HOUSING TASK FORCE. (A) ESTABLISHMENT. THE SUPER-
 INTENDENT  SHALL  ESTABLISH  AN INSURANCE AND HOUSING TASK FORCE FOR THE
 PURPOSE OF ENSURING THE AVAILABILITY OF AFFORDABLE HOUSING AND ASSESSING
 MARKET CONDITIONS FOR HOUSING INSURANCE, IDENTIFYING ACTIONS TO  IMPROVE
 AVAILABILITY  AND  PRICING,  AND RECOMMENDING STATUTORY, REGULATORY, AND
 PROGRAM CHANGES.
   (B) MEMBERSHIP. THE TASK FORCE SHALL CONSIST OF: (1)  THE  SUPERINTEN-
 DENT, OR THE SUPERINTENDENT'S DESIGNEE, WHO SHALL SERVE AS CO-CHAIR; (2)
 THE  COMMISSIONER  OF HOMES AND COMMUNITY RENEWAL, OR THE COMMISSIONER'S
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13655-01-5
              

 A. 9015                             2
 
 DESIGNEE, WHO SHALL SERVE AS CO-CHAIR; (3) ONE REPRESENTATIVE OF THE NEW
 YORK PROPERTY INSURANCE UNDERWRITING ASSOCIATION; (4) ONE REPRESENTATIVE
 OF THE EXCESS LINE ASSOCIATION OF NEW YORK; (5) TWO  REPRESENTATIVES  OF
 ADMITTED  INSURERS THAT WRITE COMMERCIAL PROPERTY OR LIABILITY INSURANCE
 FOR MULTIFAMILY HOUSING; (6) ONE REPRESENTATIVE OF A REINSURER ACTIVE IN
 THE NEW YORK MARKET; (7) THREE HOUSING STAKEHOLDERS, WHICH SHALL INCLUDE
 ONE AFFORDABLE HOUSING OWNER, DEVELOPER, OR RESIDENT, ONE MISSION-DRIVEN
 LENDER OR INVESTOR, AND ONE MUNICIPAL HOUSING AGENCY; (8)  ONE  CONSUMER
 REPRESENTATIVE  WITH EXPERTISE IN TENANT PROTECTION OR FAIR HOUSING; (9)
 ONE REPRESENTATIVE FROM THE NEW YORK STATE  ASSOCIATION  FOR  AFFORDABLE
 HOUSING;  (10) ONE REPRESENTATIVE FROM THE SUPPORTIVE HOUSING NETWORK OF
 NEW YORK; (11) ONE REPRESENTATIVE FROM THE ASSOCIATION FOR  NEIGHBORHOOD
 AND  HOUSING  DEVELOPMENT;  (12) ONE REPRESENTATIVE FROM THE REAL ESTATE
 BOARD OF NEW YORK; AND (13) ANY OTHER MEMBERS THE CO-CHAIRS  INVITE  FOR
 SPECIFIC SUBJECT-MATTER SESSIONS. MEMBERS WHO ARE NOT CO-CHAIRS SHALL BE
 APPOINTED BY THE CO-CHAIRS FOR TWO-YEAR TERMS.
   (C) DUTIES. THE TASK FORCE SHALL:
   (1)  CONDUCT  A BASELINE ASSESSMENT OF AVAILABILITY, PRICING, COVERAGE
 LIMITS, DEDUCTIBLES, AND EXCLUSIONS FOR PROPERTY AND LIABILITY INSURANCE
 FOR AFFORDABLE AND MULTIFAMILY AFFORDABLE HOUSING IN EACH REGION OF  THE
 STATE;
   (2)  ASSESS  THE  ROLE OF REINSURANCE, CATASTROPHE EXPOSURE, AND CLAIM
 TRENDS IN PRICING AND AVAILABILITY;
   (3) EVALUATE BARRIERS IN THE ADMITTED MARKET THAT SHIFT RISKS  TO  THE
 EXCESS LINE MARKET;
   (4)  REVIEW  THE OPERATION OF NEW YORK PROPERTY INSURANCE UNDERWRITING
 ASSOCIATION FOR MULTIFAMILY RISKS AND OPTIONS TO MODERNIZE PRODUCTS  AND
 SERVICES;
   (5) EVALUATE THE DEPARTMENT ENFORCEMENT AND MARKET CONDUCT TOOLS SINCE
 APRIL TWENTIETH, TWO THOUSAND TWENTY-FOUR;
   (6)  IDENTIFY  MITIGATION, INSPECTION, AND SAFETY MEASURES THAT REDUCE
 LOSSES AND PROPOSE INCENTIVES AND RATING CREDITS;
   (7) ASSESS FEASIBILITY OF POOLED PURCHASING, CAPTIVES,  PUBLIC-PRIVATE
 FACILITIES, OR LOSS-FUNDING MECHANISMS FOR AFFORDABLE HOUSING;
   (8)  RECOMMEND  SPECIFIC  STATUTORY AND REGULATORY CHANGES AND PROGRAM
 ACTIONS BY THE DEPARTMENT, THE DIVISION OF HOMES AND COMMUNITY  RENEWAL,
 AND OTHER STATE OR LOCAL ENTITIES; AND
   (9) SET METRICS AND A TIMELINE TO TRACK RESULTS.
   (D)  INFORMATION REQUESTS. (1) THE SUPERINTENDENT MAY REQUIRE DATA AND
 INFORMATION FROM INSURERS AND THE NEW YORK PROPERTY INSURANCE UNDERWRIT-
 ING ASSOCIATION UNDER SECTION THREE HUNDRED EIGHT OF THE  INSURANCE  LAW
 FOR PURPOSES OF THE TASK FORCE.
   (2) DATA THAT QUALIFIES AS A TRADE SECRET OR THAT WOULD CAUSE SUBSTAN-
 TIAL COMPETITIVE INJURY SHALL BE TREATED AS CONFIDENTIAL UNDER PARAGRAPH
 (D)  OF  SUBDIVISION  TWO OF SECTION EIGHTY-SEVEN OF THE PUBLIC OFFICERS
 LAW.  THE DEPARTMENT SHALL USE SUCH DATA IN AGGREGATE  OR  DE-IDENTIFIED
 FORM IN PUBLIC REPORTS.
   (E)  MEETINGS AND TRANSPARENCY. (1) THE TASK FORCE SHALL MEET AT LEAST
 QUARTERLY AND SHALL HOLD AT LEAST TWO  PUBLIC  LISTENING  SESSIONS  EACH
 YEAR IN DIFFERENT REGIONS.
   (2)  THE TASK FORCE IS A PUBLIC BODY FOR PURPOSES OF THE OPEN MEETINGS
 LAW. THE CO-CHAIRS MAY CONVENE AN EXECUTIVE SESSION  SOLELY  TO  RECEIVE
 CONFIDENTIAL DATA AS PERMITTED BY LAW.
   (F)  REPORTS AND DELIVERABLES. (1) WITHIN NINE MONTHS OF THE EFFECTIVE
 DATE OF THIS SECTION, THE TASK FORCE SHALL  PUBLISH  AN  INTERIM  REPORT
 WITH FINDINGS AND INITIAL RECOMMENDATIONS.
 A. 9015                             3
 
   (2)  WITHIN EIGHTEEN MONTHS OF THE EFFECTIVE DATE OF THIS SECTION, THE
 TASK FORCE SHALL PUBLISH A FINAL REPORT THAT LISTS RECOMMENDED  ACTIONS,
 IDENTIFIES LEAD ENTITIES, SETS DEADLINES, AND PROPOSES ANY NEEDED APPRO-
 PRIATIONS.
   (3)  THE  DEPARTMENT SHALL PUBLISH AN ANNUAL DASHBOARD THAT TRACKS KEY
 INDICATORS AND PROGRESS ON RECOMMENDATIONS.
   (G) STAFF SUPPORT. THE  DEPARTMENT  SHALL  PROVIDE  STAFF  SUPPORT  IN
 CONSULTATION WITH THE DIVISION OF HOMES AND COMMUNITY RENEWAL.
   §  3.  This  act shall take effect immediately and shall expire and be
 deemed repealed three years after such date.