A 3793: 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.
The state of New York is introducing a bill to direct the Department of Financial Services to conduct a study on the increasing costs of insurance premiums, lack of availability of insurance coverage for losses from flooding, and the possibility of supporting a private flood insurance market in the state. The study will examine factors that have increased property insurance costs and limited insurers from providing coverage for losses from flooding, as well as the potential impact on the state over the next ten years. The department will also analyze the possibility of supporting a private flood insurance market as a supplement to the existing national flood insurance program. The study's findings and recommendations will be submitted to the governor, the legislature, and other key stakeholders within eleven months of the bill's effective date. The bill aims to address the issue of incr…
| Jan. 07, 2026 | referred to insurance |
| Jan. 30, 2025 | referred to insurance |
STATE OF NEW YORK ________________________________________________________________________ 3793 2025-2026 Regular Sessions IN ASSEMBLY 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: 1 Section 1. The department of financial services shall conduct a study 2 to examine any increases in property insurance premiums that may affect 3 affordability of property insurance coverage, any lack of availability 4 of property insurance coverage for losses from flooding in New York 5 state, and the possibility of supporting a private flood insurance 6 market in the state. Such department shall: 7 (a) analyze any factors that have increased property insurance costs 8 for such losses from flooding and analyze any factors that have limited 9 insurers from property insurance coverage for losses from flooding; 10 (b) identify the potential impact, over the next ten years, of the 11 cost of property insurance and the unavailability of property insurance 12 coverage for losses from flooding and any other topic or issue that is 13 determined to be relevant to the completion of the study by the depart- 14 ment; and 15 (c) analyze the possibility of supporting a private flood insurance 16 market in the state as a supplement to the existing National Flood 17 Insurance Program. 18 § 2. The department of financial services shall prepare a report which 19 shall be submitted to the governor, the temporary president of the 20 senate, the speaker of the assembly, the minority leader of the senate 21 and the minority leader of the assembly, within eleven months after the 22 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. LBD07797-01-5A. 3793 2 1 potential legislative and regulatory actions to address any increased 2 costs, affordability, or any unavailability of property insurance, and 3 the possibility of supporting a private flood insurance market in the 4 state. 5 § 3. This act shall take effect immediately.