A 9016: Requires property/casualty insurance companies to submit certain data to the department of financial services and authorizes premium discounts to policyholders who demonstrate certain mitigation actions - New York

A9016C → A9016D · 4 edits

MODERATE

The bill was revised to streamline reporting requirements by consolidating zip code-level data submissions into a single section and removing specific model disclosure mandates. Additionally, a new section was added to mandate premium discounts for policyholders who complete mitigation actions, requiring insurers to publicly list available discounts and apply them on declarations pages.

Scope change

The scope of reporting requirements was narrowed by removing the mandate to submit detailed descriptions of risk models and scoring methods, while the scope of premium discounts was expanded to explicitly cover both property-specific and community-level mitigation actions.

REQUIREMENT

Removed the requirement for insurers to submit detailed descriptions, impact assessments, and actuarial justifications for catastrophe models and scoring methods used in underwriting.

Consolidated reporting requirements by moving specific zip code-level data categories (claim frequency, average claim amounts, etc.) from a separate subsection into the main reporting clause.

Required insurers to post a list of available mitigation discounts on their public websites and to clearly display the percentage of any discount applied on the policy declarations page.

ELIGIBILITY

Added eligibility for premium discounts based on both property-specific actions (like building hardening) and community-level actions (like neighborhood certifications) to reduce natural disaster risk.

A9016B → A9016C · 4 edits

MODERATE

The bill was amended to add new sponsors and significantly restructure the reporting requirements for insurance companies. The most substantive change is the reorganization of the data reporting section, which now requires an annual submission of zip code-level data (including market share) and model details in a new format, while removing a separate requirement for an annual housing market report. Additionally, the definition of mitigation actions was updated from 'science-based' to 'actuarially appropriate,' shifting the standard for qualifying discounts from scientific validation to financial modeling.

Scope change

The bill's scope regarding data reporting was expanded and reorganized; the specific requirement for a separate annual report on the multifamily housing insurance market was removed and integrated into the general data submission requirements.

REQUIREMENT

Reorganized reporting structure to require annual submission of zip code-level data and model details in a new format, replacing the previous separate housing market report requirement.

Removed the specific mandate for an annual report on the housing insurance market for multifamily and nonprofit providers.

DEFINITION

Changed the definition of mitigation actions from 'science-based' to 'actuarially appropriate,' altering the criteria for policyholders to qualify for premium discounts.

ELIGIBILITY

Added five new sponsors (TAPIA, SIMON, GALLAGHER) to the bill's introduction list.

A9016A → A9016B · 1 edit

MINOR

The bill version was updated from A to B, reflecting progress in the legislative process. The text now indicates the bill has been reported again from the Committee on Insurance with amendments, suggesting further review or changes were made to the bill's content.

Scope change

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TECHNICAL

The bill's status was updated to show it has been re-reported from the Committee on Insurance with amendments, indicating it is still under consideration.

A9016 → A9016A · 5 edits

MODERATE

The bill was significantly amended to expand its scope from a single report on housing insurance to a comprehensive package of reforms. The primary addition requires property/casualty insurance companies to submit detailed zip code-level data, market share statistics, and specific details about catastrophe models and scoring methods to the Department of Financial Services. This change aims to increase transparency in how insurers price risks and apply mitigation discounts, while the original housing market report provisions were largely retained but renumbered.

Scope change

The bill's scope expanded from solely addressing the housing insurance market to also mandating granular data reporting and model transparency for all property/casualty insurance companies in the state.

REQUIREMENT

New requirement for insurers to submit zip code-level data on nonrenewals, cancellations, claims, and premiums to the Department of Financial Services.

New requirement for insurers to disclose details about catastrophe models and scoring methods used for underwriting, including actuarial justifications for rating factors.

DEFINITION

New definitions for 'catastrophe model,' 'natural disaster risk model,' and specific types of mitigation actions (community-level and property-specific).

ENFORCEMENT

Clarification that submitted insurance models and methods are treated as trade secrets and are protected from public disclosure.

TECHNICAL

The original section regarding the annual housing insurance market report was renumbered and integrated into a larger act containing multiple amendments.

Requires property/casualty insurance companies to submit certain data to the department of financial services and authorizes premium discounts to policyholders who demonstrate certain mitigation actions

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