state_legiscan_drain · NY
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.
November 17, 2025
Summary
If enacted, this bill would require property/casualty insurers in New York to submit detailed zip code-level data on nonrenewal rates, cancellation rates, claim frequency, average claim amounts, paid loss ratios, and average premiums to the Department of Financial Services. It would also mandate disclosure of natural disaster risk models or scoring methods used to assign risk and authorize premium discounts for policyholders who demonstrate mitigation actions. Additionally, the bill expands the board of the New York Property Insurance Underwriting Association and requires insurers to post discount information on their websites.
Source: https://www.nysenate.gov/legislation/bills/2025/S8583
Common questions
- What does "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." cover?
- If enacted, this bill would require property/casualty insurers in New York to submit detailed zip code-level data on nonrenewal rates, cancellation rates,…
- When was it published?
- It was published on November 17, 2025.