S 8583 NY
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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Summary
NY S 8583 requires property and casualty insurance companies to submit detailed zip code-level data to the Department of Financial Services, including nonrenewal rates, cancellation rates, claim data, and premium information. The bill authorizes premium discounts to homeowners who demonstrate certain mitigation actions and requires insurers to publicize these discounts on their websites. The bill modifies the governance structure of the New York Property Insurance Underwriting Association by increasing board membership to 23 members with specific legislative and gubernatorial appointments. The bill also addresses timing requirements for insurance cancellation and nonrenewal notices and requires quadrennial reports on the association's activities.
AI-generated plain-language summary of the bill (from the OpenStates abstract — no full text available yet) — neutral, and may be imperfect.
Official abstract
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.
Sponsor (1)
- Brian Kavanagh Democratic · primary
2 coauthors / cosponsors
- Liz Krueger Democratic · cosponsor
- Rachel May Democratic · cosponsor
Action history (13)
- Nov 17, 2025 REFERRED TO RULES · upper
- Nov 17, 2025 AMEND AND RECOMMIT TO RULES · upper
- Nov 17, 2025 PRINT NUMBER 8583A · upper
- Jan 7, 2026 REFERRED TO INSURANCE · upper
- May 13, 2026 AMEND (T) AND RECOMMIT TO INSURANCE · upper
- May 13, 2026 PRINT NUMBER 8583B · upper
- May 29, 2026 AMEND (T) AND RECOMMIT TO INSURANCE · upper
- May 29, 2026 PRINT NUMBER 8583C · upper
- Jun 3, 2026 COMMITTEE DISCHARGED AND COMMITTED TO RULES · upper
- Jun 3, 2026 ORDERED TO THIRD READING CAL.1637 · upper
- Jun 3, 2026 PASSED SENATE · upper
- Jun 3, 2026 DELIVERED TO ASSEMBLY · upper
- Jun 4, 2026 REFERRED TO INSURANCE · lower
Full text
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