S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9016
 
                        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 insurance law, in relation to requiring an annual
   report on the housing insurance market for multifamily  and  nonprofit
   housing providers
 
   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 3463  to  read
 as follows:
   §  3463.  REPORT  ON  THE HOUSING INSURANCE MARKET FOR MULTIFAMILY AND
 NONPROFIT HOUSING PROVIDERS.  (A)  DEFINITIONS.  FOR  PURPOSES  OF  THIS
 SECTION:
   (1)  "MULTIFAMILY  RESIDENTIAL  BUILDING"  MEANS A PROPERTY CONTAINING
 FIVE OR MORE DWELLING UNITS.
   (2) "NONPROFIT HOUSING  PROVIDER"  MEANS  ORGANIZATIONS  DESCRIBED  BY
 SECTION 501(C)(3) OF THE UNITED STATES INTERNAL REVENUE CODE, CHARITABLE
 CORPORATIONS  AS  DEFINED IN PARAGRAPH (A) OF SECTION ONE HUNDRED TWO OF
 THE NOT-FOR-PROFIT CORPORATION LAW AND FORMED PURSUANT TO PARAGRAPH  (A)
 OF  SECTION  TWO  HUNDRED ONE OF THE NOT-FOR-PROFIT CORPORATION LAW, AND
 ORGANIZATIONS DESCRIBED BY SECTION TWO HUNDRED SIXTEEN-A OF  THE  EDUCA-
 TION LAW THAT OWN OR OPERATE RESIDENTIAL HOUSING IN NEW YORK.
   (3) "AFFORDABLE HOUSING DEVELOPMENT" MEANS A RESIDENTIAL BUILDING WITH
 UNITS  REQUIRED  TO  BE  AFFORDABLE  BY  STATUTE, REGULATION, REGULATORY
 AGREEMENT, OR RECORDED COVENANT.
   (4) "EXCESS LINE INSURANCE" HAS THE SAME MEANING AS IN  ARTICLE  TWEN-
 TY-ONE OF THIS CHAPTER.
   (5)  "INSURER" MEANS AN AUTHORIZED INSURER WRITING PROPERTY OR LIABIL-
 ITY COVERAGE ON RESIDENTIAL BUILDINGS AND INCLUDES REPORTING  BY  EXCESS
 LINE  PLACEMENTS  THROUGH  THE  EXCESS  LINE  ASSOCIATION OF NEW YORK AS
 PROVIDED BY REGULATION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13657-01-5
 A. 9016                             2
              

 
   (B) ANNUAL JOINT REPORT. (1) THE SUPERINTENDENT AND  THE  COMMISSIONER
 OF  HOMES  AND COMMUNITY RENEWAL SHALL SUBMIT A JOINT REPORT DETAILED IN
 SUBDIVISION (C) OF THIS SECTION ON OR BEFORE OCTOBER FIRST OF EACH  YEAR
 TO  THE GOVERNOR, THE TEMPORARY PRESIDENT OF THE SENATE, AND THE SPEAKER
 OF THE ASSEMBLY, AND POST IT ON THEIR WEBSITES.
   (2)  THE  REPORT  SHALL  ANALYZE THE AVAILABILITY, PRICING, TERMS, AND
 AFFORDABILITY OF PROPERTY AND LIABILITY INSURANCE FOR MULTIFAMILY  RESI-
 DENTIAL  BUILDINGS  OWNED  OR  OPERATED  BY NONPROFIT AND MISSION-DRIVEN
 ENTITIES, INCLUDING AFFORDABLE HOUSING DEVELOPMENTS.
   (3) THE REPORT SHALL INCLUDE STATEWIDE AND REGIONAL RESULTS, WITH  NEW
 YORK CITY REPORTED SEPARATELY FROM THE REST OF THE STATE.
   (C)  REQUIRED CONTENTS. THE REPORT SHALL PRESENT, AT A MINIMUM, AGGRE-
 GATED STATISTICS FOR THE PRIOR CALENDAR YEAR ON:
   (1) PREMIUM LEVELS AND CHANGES, INCLUDING AVERAGE AND  MEDIAN  PREMIUM
 PER UNIT AND SQUARE FOOT, AND PREMIUM AS A SHARE OF OPERATING EXPENSES.
   (2)  COVERAGE  AVAILABILITY  AND MARKET CHANNEL, INCLUDING NON-RENEWAL
 AND DECLINATION COUNTS, THE SHARE PLACED IN THE EXCESS-LINE MARKET,  AND
 USE OF NEW YORK PROPERTY INSURANCE UNDERWRITING ASSOCIATION.
   (3) DEDUCTIBLES BY PERIL AND TREND.
   (4)  COMMON  EXCLUSIONS  AND  LIMITATIONS,  INCLUDING  NEW OR EXPANDED
 EXCLUSIONS INTRODUCED IN THE REPORTING YEAR.
   (5) COVERAGE LIMITS RELATIVE TO REPORTED REPLACEMENT COST.
   (6) CLAIMS FREQUENCY AND SEVERITY FOR FIRE, WATER, WIND,  AND  LIABIL-
 ITY, TO THE EXTENT AVAILABLE.
   (7)  DOCUMENTED  AFFORDABILITY  IMPACTS IN THE DIVISION OF HOUSING AND
 COMMUNITY  RENEWAL  PORTFOLIOS,  INCLUDING   RENT-PRESSURE   INDICATORS,
 RESERVE  DRAWS,  OR  CAPITAL-PLAN  DEFERRALS LINKED TO INSURANCE EXPENSE
 CHANGES.
   (8)  RISK-MITIGATION  CREDITS  AND  BUILDING  RESILIENCY   INVESTMENTS
 REPORTED BY OWNERS AND RECOGNIZED BY INSURERS.
   (9) REGIONAL HEAT-MAP SUMMARIES OF MARKET STRESS USING THE METHODOLOGY
 SET BY THE DEPARTMENT BY BULLETIN OR CIRCULAR LETTER. THE DEPARTMENT MAY
 ALIGN  WITH THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS' MARKET-
 INTELLIGENCE DATA ELEMENTS.
   (D) DATA COLLECTION AND CONFIDENTIALITY. (1)  THE  SUPERINTENDENT  MAY
 REQUIRE  SPECIAL REPORTS UNDER SECTION THREE HUNDRED EIGHT OF THIS CHAP-
 TER AND MAY CONSOLIDATE REQUESTS WITH EXISTING DEPARTMENT DATA CALLS.
   (2) THE DEPARTMENT MAY  REQUIRE  GRANTEES,  BORROWERS,  AND  REGULATED
 OWNERS  TO PROVIDE INSURANCE EXPENSE AND COVERAGE DATA AS A CONDITION OF
 ASSISTANCE.
   (3) SUBMISSIONS THAT CONSTITUTE TRADE SECRETS OR SENSITIVE  COMMERCIAL
 INFORMATION  ARE  CONFIDENTIAL UNDER PARAGRAPH (D) OF SUBDIVISION TWO OF
 SECTION EIGHTY-SEVEN OF THE PUBLIC OFFICERS LAW.  THE  PUBLISHED  REPORT
 SHALL CONTAIN ONLY AGGREGATED, DE-IDENTIFIED STATISTICS AND ANALYSIS.
   (4) THE DEPARTMENT SHALL CONSULT WITH EXCESS LINE AND NEW YORK PROPER-
 TY  INSURANCE  UNDERWRITING ASSOCIATION REGARDING REPORTING FORMATS THAT
 CAPTURE EXCESS-LINE PLACEMENTS AND ASSIGNED-RISK ACTIVITY WITHOUT  IDEN-
 TIFYING INDIVIDUAL INSUREDS.
   (E)  THE  DIVISION  OF  HOUSING AND COMMUNITY RENEWAL. THE DIVISION OF
 HOUSING AND COMMUNITY RENEWAL SHALL COOPERATE  WITH  THE  DEPARTMENT  IN
 PRODUCING  THE JOINT REPORT, INCLUDING COLLECTING PORTFOLIO-LEVEL INSUR-
 ANCE EXPENSE AND COVERAGE DATA FROM REGULATED ENTITIES THROUGH  EXISTING
 REPORTING  SYSTEMS.  THE DIVISION OF HOUSING AND COMMUNITY RENEWAL SHALL
 PUBLISH NON-CONFIDENTIAL AGGREGATED  STATISTICS  AND  PROVIDE  TECHNICAL
 ASSISTANCE  TO  OWNERS ON RISK-MITIGATION PRACTICES RECOGNIZED BY INSUR-
 ERS.
 A. 9016                             3
 
   (F) RULEMAKING. THE  DEPARTMENT  MAY  ADOPT  REGULATIONS  OR  CIRCULAR
 LETTERS  TO  IMPLEMENT  THIS  SECTION,  HARMONIZE  DATA  STANDARDS  WITH
 NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS AND OTHER STATES,  LIMIT
 THE  BURDEN  ON SMALL INSURERS, AND ENSURE DATA QUALITY. THE DIVISION OF
 HOUSING  AND  COMMUNITY  RENEWAL  MAY  ISSUE  GUIDANCE  TO PARTICIPATING
 OWNERS.
   (G) NO PRIVATE RIGHT OF ACTION. NOTHING  IN  THIS  SECTION  CREATES  A
 PRIVATE RIGHT OF ACTION.
   § 2. This act shall take effect immediately.