prohibiting the use of credit information in underwriting and rating personal automobile and homeowners insurance policies and prohibiting certain surveillance practices by insurers.
Provides for the use of credit information in underwriting or rating of certain personal insurance policies. (8/1/25)
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.
Relating to the use of a consumer's credit score in the underwriting or rating of certain personal lines property and casualty insurance policies.
Relating to the use of a consumer's credit score in the underwriting or rating of certain personal lines property and casualty insurance policies.
Underwriting and Rate Risking; use of credit information and credit scores in underwriting, rating risks, adverse actions, or certain other actions by insurance companies; prohibit
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.
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.
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 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.