New York Assembly Bill A09016

New York 2025-2026 Regular Session

• Introduced: 8/27/25
• Refer: 8/27/25
• Refer: 1/7/26

Caption

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.

Impact

The bill seeks to improve the resilience of New York's housing stock by encouraging proactive risk mitigation, especially for multifamily and nonprofit housing providers. It mandates the creation and publication of an annual report detailing the housing insurance market, which would assist in identifying challenges faced by various residential entities. By requiring insurers to disclose zip code-level data on their operations and market shares, the legislation aims to enhance regulation efficacy and consumer protections in the insurance market.

Summary

A09016, introduced by Assembly members Torres and Forrest, mandates property/casualty insurance companies to submit detailed data regarding cancellation and claim rates, as well as their risk assessment models for natural disasters, to the Department of Financial Services. One of the bill's key components is the requirement for insurers to provide premium discounts to homeowners who engage in specified mitigation actions that can reduce risks associated with natural disasters. Furthermore, the bill tightens regulations surrounding the notification process for policy cancellations and nonrenewals, aiming to promote greater transparency for policyholders.

Contention

While A09016 aims to provide significant provisions for housing insurance, it may face contention regarding data privacy and the administrative burden imposed on smaller insurance companies. Critics could argue that the requirement for detailed data reporting might lead to increased operational costs for insurers, which may ultimately be passed on to consumers. Additionally, the enhancements in premium discounts for mitigation actions could lead to concerns over equitable access to insurance and risk management for lower-income households and underserved communities.