New York S 5325: Establishes an energy-related public utility mass real property central assessment program

Bill Text

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 Speaker Carl E. Heastie

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S05325 Summary:

BILL NOS05325 

&nbsp

SAME ASSAME AS A03793

&nbsp

SPONSORBAILEY

&nbsp

COSPNSRHELMING

&nbsp

MLTSPNSR

&nbsp

&nbsp

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.

Go to top S05325 Actions:

BILL NOS05325 

&nbsp

02/20/2025REFERRED TO INSURANCE

01/07/2026REFERRED TO INSURANCE

Go to topS05325 Committee&nbspVotes:

Go to topS05325 Floor&nbspVotes:

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

Go to topS05325 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5325

 2025-2026 Regular Sessions

 IN SENATE

 February 20, 2025
 ___________

 Introduced by Sens. BAILEY, HELMING -- read twice and ordered printed,
 and when printed to be committed 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.
 LBD07797-01-5

 S. 5325 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.

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