| BILL NO | A09016B |
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| SAME AS | SAME AS S08583-A
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| SPONSOR | Torres |
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| COSPNSR | Forrest, Kelles, Tapia, Simon |
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| MLTSPNSR | |
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| Add §§4122, 3463 & 2346-b, amd §§2305, 3425, 3426, 3462 & 5402, Ins L |
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| Requires property/casualty insurance companies to submit certain information to the department of financial services, including zip code-level data on nonrenewal rates, nonpayment cancellation rates, other cancellation rates, claim frequency rates, average claim amounts, paid loss ratios, and average premiums; market share data; for property/casualty insurance companies that use a natural disaster risk model or scoring method to assign risk, information about such model or scoring method; requires the department of financial services and the division of housing and community renewal to issue an annual report on the housing insurance market for multifamily and nonprofit housing providers; authorizes a premium discount to policyholders of homeowners insurance or property/casualty insurance applicable to residential real property who demonstrate property-specific and community-level mitigation actions to reduce the risk of loss from a natural disaster; requires insurers to post about such discounts on their public websites; relates to the timing of cancellation and nonrenewal notices for certain insurance policies; relates to increasing membership of the board governing the New York property insurance underwriting association; requires a quadrennial report on the activities of such association; increases such board membership to 23 including 6 directors appointed by the legislature and 4 directors appointed by the governor. |
