New York Senate Bill S09561

New York 2025-2026 Regular Session

• Introduced: 3/25/26
• Refer: 3/25/26

Caption

Requires property/casualty insurance companies to submit information on multifamily housing premiums and claims paid to the department of financial services.

Summary

This bill would add a new section to the Insurance Law requiring every property/casualty insurance company doing business in New York to file an annual report with the Department of Financial Services about insurance for multifamily residential buildings, defined as properties with two or more dwelling units. The report would include collected premiums, claims paid, and any additional information the department requires in consultation with the Division of Housing and Community Renewal. The bill also directs DFS to create and maintain a public-facing database containing the submitted reports. Information that qualifies as trade secrets or sensitive commercial information would not be published in raw form; instead, it would be aggregated and de-identified, and remain confidential under the Public Officers Law and exempt from disclosure under the Freedom of Information Law.

Impact

The bill would create a new reporting and transparency requirement in the Insurance Law for property/casualty insurers covering multifamily residential buildings. It would give DFS new authority to collect, standardize, and publish data on premiums and claims for apartment buildings and other multifamily housing, while preserving confidentiality protections for sensitive business information. The measure would affect insurers, multifamily property owners, housing advocates, and state agencies responsible for insurance and housing oversight.

Sentiment

There is no recorded committee transcript or vote history available for this bill, so no formal support or opposition is documented in the provided materials. Based on the text alone, the bill appears aimed at increasing transparency in a housing-related insurance market, suggesting a policy focus on data collection and public accountability rather than direct regulation of rates or coverage terms.

Contention

The main point of potential contention is the balance between transparency and confidentiality. Supporters would likely favor public access to data on premiums and claims for multifamily housing, while insurers may be concerned about disclosure of commercially sensitive information, administrative burden, and the possibility that aggregated data could still reveal market conditions. Another possible issue is the scope of DFS’s discretion to require additional information in consultation with the Division of Housing and Community Renewal.