New York Eyes Annual Insurance Reporting for Multifamily and Nonprofit Housing

New York lawmakers have introduced Assembly Bill A09016, targeting increased transparency in the property and liability insurance markets for multifamily and nonprofit housing providers. The proposed legislation mandates an annual joint report by the state superintendent of insurance and commissioner of homes and community renewal, analyzing key metrics including insurance availability, pricing, terms, and affordability specifically for properties with five or more dwelling units and nonprofit housing developments. The report requires comprehensive data collection, such as premium statistics, coverage availability, renewal rates, and policy placements in excess-line markets, alongside claims data for various perils like fire, water, and wind. This detailed reporting aims to highlight trends in insurance cost impact on housing affordability indicators, including rent pressures and capital investment deferrals. Additionally, the law empowers the superintendent to request special reports from insurers and integrates data collection with existing regulatory frameworks, ensuring confidentiality of sensitive commercial information by restricting published data to aggregated, de-identified formats. The Division of Housing and Community Renewal will support report production and provide guidance on risk mitigation strategies recognized by insurers to promote building resilience. Currently under committee review, enactment of this bill would formalize annual transparency reporting for insurers serving multifamily and nonprofit housing in New York, potentially influencing regulatory oversight and market practices.