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Senate Bill S9561

2025-2026 Legislative Session

Requires property/casualty insurance companies to submit information on multifamily housing premiums and claims paid to the department of financial services

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Sponsored By

Current Bill Status - In Senate Committee Insurance Committee

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2025-S9561 (ACTIVE) - Details

See Assembly Version of this Bill:
A10529
Current Committee:
Senate Insurance
Law Section:
Insurance Law
Laws Affected:
Add §4123, Ins L

2025-S9561 (ACTIVE) - Summary

Requires property/casualty insurance companies to submit information on multifamily housing premiums and claims paid to the department of financial services.

2025-S9561 (ACTIVE) - Sponsor Memo

2025-S9561 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9561
 
                             I N  S E N A T E
 
                              March 25, 2026
                                ___________
 
 Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
   printed to be committed 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

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