Insurance; property and casualty; rates; filing; Insurance Commissioner; effective date.
Insurance; property and casualty; rates; filing; Insurance Commissioner; repealer; effective date.
Underwriting and Rate Risking; use of credit information and credit scores in underwriting, rating risks, adverse actions, or certain other actions by insurance companies; prohibit
Regulates property insurers to limit underwriting and investment in fossil fuel projects, requires climate risk reporting and emissions disclosures, and aligns insurance practices with science-based climate targets.
Regulates property insurers to limit underwriting and investment in fossil fuel projects, requires climate risk reporting and emissions disclosures, and aligns insurance practices with science-based climate targets.
Insurance; modeling and data organizations
Requires property/casualty insurance companies to submit certain zip code-level data to the department of financial services on nonrenewal rates, nonpayment cancellation rates, other cancellation rates, claim frequency rates, average claim amounts, paid loss ratios, and average premiums; requires property/casualty insurance companies that use a natural disaster risk model or scoring method to assign risk, information about such model or scoring method; authorizes a premium discount to policyholders of homeowners insurance or property/casualty insurance applicable to residential real property who demonstrate certain mitigation actions; 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.
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; authorizes a premium discount to policyholders of homeowners insurance or property/casualty insurance applicable to residential real property who demonstrate certain mitigation actions; 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.
Insurance; allowing certain rates to be determined to be excessive in the Property and Casualty Competitive Loss Cost Rating Act. Effective date.
Provides with respect to residential property and catastrophic event modeling