Imposes certain requirements for the use of aerial images of an insured property for the purposes of homeowners' insurance; requires certain notices and appeals process.
Requires rate filings for prior approval for commercial property insurance, commercial general liability insurance, and personal residential property insurance; requires insurers provide written explanations for premium increases in certain covered policies; requires certain insurers of homeowners' insurance to refile its homeowners' insurance rates and, in certain circumstances, be required to reduce rates.
Places limitations and requirements on the use of aerial images by insurers.
Places limitations and requirements on the use of aerial images by insurers.
Requires insurers to disclose all available endorsements for homeowners' liability insurance policies with plain language descriptions of the coverage added by each endorsement as part of the application process.
Improves transparency in the insurance claims process; regulates insurance adjusting professionals; institutes licensing standards for insurance professionals; ensures timely responses to insurance claims; enhances policyholder protections.
Improves transparency in the insurance claims process; regulates insurance adjusting professionals; institutes licensing standards for insurance professionals; ensures timely responses to insurance claims; enhances policyholder protections.
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.
Sets the definition of "principal" for the purposes of limits on amount of flood insurance required by a mortgagee; clarifies applicability of the state law relative to certain federal programs and requirements.