Establishes the insure our communities act to implement climate leadership and community protection act targets for insurers; identifies and protects such communities; relates to affordability of insurance rates; assesses covered insurance companies' record of performance at meeting insurance needs; requires covered insurance companies to file statistical reports, including information on insurance coverage in specific assessment areas and disadvantaged communities.
Impact
The proposed legislation emphasizes that fair and affordable insurance is key to securing housing for low- and moderate-income families, especially in light of rising rental costs and disparities among racial groups. By requiring annual reporting from insurers on their alignment with climate goals and their performance in meeting the insurance needs of disadvantaged communities, the bill aims to enhance transparency and accountability in how insurers operate within these markets. Such measures are expected to lead to improved access to insurance, enabling communities to better withstand climate-related challenges.
Summary
S09942, known as the 'Insure Our Communities Act', seeks to address critical issues surrounding insurance accessibility and affordability in New York, particularly for disadvantaged communities. This act arises amid growing concerns over the impact of climate change and its implications for insurance coverage and housing stability. The bill mandates that insurers align their practices with climate leadership and community protection act targets, pushing for comprehensive strategies to mitigate financial risks associated with climate change. It positions the Department of Financial Services as a regulator to oversee these implementations effectively.
Contention
Opponents of the bill could argue that the added regulations on insurance companies may lead to increased operational costs and might prompt some insurers to withdraw from providing coverage in high-risk areas. Furthermore, while the bill aims to provide protections against 'bluelining'—the practice of denying insurance based on the racial makeup of neighborhoods—it raises concerns about maintaining a balance between risk assessment and equitable access to insurance products. Critics worry that such measures may inadvertently result in a less competitive insurance market in New York, impacting premium rates negatively for all consumers.
Same As
Establishes the insure our communities act to implement climate leadership and community protection act targets for insurers; identifies and protects such communities; relates to affordability of insurance rates; assesses covered insurance companies' record of performance at meeting insurance needs; requires covered insurance companies to file statistical reports, including information on insurance coverage in specific assessment areas and disadvantaged communities.
Establishes the insure our communities act to implement climate leadership and community protection act targets for insurers; identifies and protects such communities; relates to affordability of insurance rates; assesses covered insurance companies' record of performance at meeting insurance needs; requires covered insurance companies to file statistical reports, including information on insurance coverage in specific assessment areas and disadvantaged communities.
Establishes the insure our communities act to implement climate leadership and community protection act targets for insurers; identifies and protects such communities; relates to affordability of insurance rates; assesses covered insurance companies' record of performance at meeting insurance needs; requires covered insurance companies to file statistical reports, including information on insurance coverage in specific assessment areas and disadvantaged communities.
Relates to flood insurance notice in communities bordering Lake Ontario; requires the department of financial services to publish an annual notice with the department's contact information and a statement about flood insurance and how it relates to standard homeowners insurance policies in local newspapers that serve the communities bordering Lake Ontario.