New York S 5264: Requires insurance companies to provide detailed rationale for rate changes of certain state or municipal backed buildings

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S05264 Summary:

BILL NOS05264 

&nbsp

SAME ASNo Same As

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SPONSORBAILEY

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COSPNSR

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MLTSPNSR

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Add §2354, Ins L

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Requires insurance companies to provide detailed rationale and the formulation for rate changes of certain state or municipal backed buildings.

Go to top S05264 Actions:

BILL NOS05264 

&nbsp

02/20/2025REFERRED TO INSURANCE

01/07/2026REFERRED TO INSURANCE

Go to topS05264 Committee&nbspVotes:

Go to topS05264 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05264 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5264

 2025-2026 Regular Sessions

 IN SENATE

 February 20, 2025
 ___________

 Introduced by Sen. BAILEY -- 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 insurance
 companies to provide detailed rationale for rate changes of certain
 state or municipal backed buildings

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The insurance law is amended by adding a new section 2354
 2 to read as follows:
 3 § 2354. Notice of rate increase. 1. As used in this section, the term
 4 "state or municipal backed building or development" shall mean a build-
 5 ing or development owned by the state or which is in any way subsidized
 6 by the state including, but not limited to, a building or development
 7 organized pursuant to article two of the private housing finance law,
 8 supervised by the New York city department of housing preservation and
 9 development, or supervised by the department of housing and community
 10 renewal.
 11 2. No insurer shall impose an increased premium or rate for a policy
 12 or contract which includes coverage of a state or municipal backed
 13 building or development without providing written notice to all policy-
 14 holders and any governmental entity supervising such building or devel-
 15 opment indicating the change in premiums or rates not less than sixty,
 16 but not more than one hundred twenty, days prior to the effective date
 17 of such premiums or rates. Such notice shall include, but not limited
 18 to, a detailed rationale for the change in premiums or rates and the
 19 formulation of the premium or rate change.
 20 § 2. This act shall take effect on the first of January next succeed-
 21 ing the date on which it shall have become a law and shall apply to all
 22 policies and contracts issued, renewed, modified, altered, or amended on
 23 or after such date. Effective immediately, the addition, amendment
 24 and/or repeal of any rule or regulation necessary for the implementation
 25 of this act on its effective date are authorized to be made and
 26 completed on or before such date.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10025-01-5

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