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.
Summary
Bill A03842, known as the "Insure Our Communities Act," aims to amend various laws related to insurance, financial services, and banking in New York State. The bill addresses the affordable housing crisis exacerbated by rising insurance premiums and aims to ensure fair and affordable insurance coverage for homeowners, businesses, and affordable housing developers. It mandates the collection of comprehensive data on insurance practices, particularly focusing on the impact of climate change on insurance availability and affordability, especially in disadvantaged communities.
Impact
The bill will significantly alter the landscape of insurance regulation in New York by requiring insurers to align their practices with climate mitigation targets and to report on their investments in fossil fuel projects. It seeks to protect disadvantaged communities from discriminatory insurance practices and aims to improve the affordability of insurance through various measures, including the potential development of a public option for residential insurance. This legislation will likely lead to increased scrutiny of insurance companies' practices and their impact on community development.
Sentiment
The sentiment surrounding Bill A03842 appears to be supportive among advocates for affordable housing and climate justice, as it addresses critical issues of insurance affordability and access for marginalized communities. However, there may be concerns from the insurance industry regarding the regulatory burdens and potential impacts on their business models. The absence of recorded votes or committee discussions suggests that the bill's reception is still being gauged.
Contention
Notable points of contention include the potential pushback from insurance companies regarding the requirements to divest from fossil fuel investments and the increased regulatory oversight they would face. Additionally, there may be debates over the definitions of 'disadvantaged communities' and how effectively the bill will address the complex issues of insurance affordability and availability in the context of climate change.
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.
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.
An act to amend, repeal, and add Sections 12740 and 12762 of, to add Chapter 4 (commencing with Section 12766) to Part 7 of Division 2 of, and to repeal Section 12773 of, of the Insurance Code, relating to insurance.
Insurance: health insurers; insurance coverage and affordability task force; establish. Amends 1956 PA 218 (MCL 500.100 - 500.8302) by adding sec. 3478.