BILL NUMBER: S9561
SPONSOR: KAVANAGH
 
TITLE OF BILL:
An act to amend the insurance law, in relation to requiring
property/casualty insurance companies to submit information on multifam-
ily housing premiums and claims paid to the department of financial
services
 
PURPOSE OR GENERAL IDEA OF BILL:
To require property and casualty insurance companies doing business in
New York State to annually report data regarding premiums collected and
claims paid for multifamily residential buildings to the Department of
Financial Services (DFS), and to direct DFS to create a public-facing
database containing this information, subject to protections for trade
secrets and confidential commercial data.
 
SUMMARY OF PROVISIONS:
Section one adds new section 4123 to the insurance law, requiring that
every property and casualty insurance company operating in New York
State to annually submit a report to DFS concerning multifamily residen-
tial buildings.
Section two sets forth the effective date.
 
JUSTIFICATION:
Multifamily residential buildings provide housing to New Yorkers across
the state. In recent years, property and casualty insurance premiums for
multifamily housing have risen dramatically, placing significant finan-
cial strain on building owners that may ultimately be passed along to
tenants. Policymakers lack consistent, statewide data to evaluate trends
in premiums, claims activity, underwriting practices, and market concen-
tration within this sector.
This legislation establishes a clear reporting framework. By requiring
insurers to provide standardized data to DFS and making this information
available to the public, this bill will equip stakeholders with the
tools necessary to assess market trends and consider targeted reforms as
necessary. This bill balances transparency with business concerns by
safeguarding tradeò secrets and confidential commercial information
through aggregation, de-identification, and statutory confidentiality
protections.
 
PRIOR LEGISLATIVE HISTORY:
None.
 
FISCAL IMPLICATIONS:
Subject to appropriations.
 
EFFECTIVE DATE:
This act shall take effect on the one hundred eightieth day after it
shall have become law. Necessary rulemaking is authorized prior to the
effective date.