Mandates transparency of the expenses of title insurance corporations, including marketing expenses, lobbying expenses, salaries and other forms of compensation and authorizes the department of financial services to lower title insurance rates if deemed excessive.
Enacts the "construction insurance transparency act" to require insurers providing coverage for liability under the scaffold law to report, on an annual basis, to the superintendent of financial services relating to its finances and claims paid thereunder.
Creates an affordable housing insurance relief fund program to provide grants to eligible projects for reasonable and necessary commercial insurance expenses.
Creates an affordable housing insurance relief fund program to provide grants to eligible projects for reasonable and necessary commercial insurance expenses.
Establishes the bank of Rochester, including provisions related to definitions; sponsors and corporate structure; powers and restrictions; governance; charter requirements; financial and operations frameworks; transparency and financial reporting; insurance; deposits; policy mandates; ethics and financial disclosure; inconsistency with other laws; and owners not to be considered bank holding companies.
Requires the superintendent of financial services to conduct a review of mandated benefits in effect as of December 31, 2024 and their impact on insurance premiums and to conduct a cost analysis of legislation mandating new insurance benefits to examine the impact on insurance premiums prior to the adoption of such legislation.
Establishes the bank of Rochester, including provisions related to definitions; sponsors and corporate structure; powers and restrictions; governance; charter requirements; financial and operations frameworks; transparency and financial reporting; insurance; deposits; policy mandates; ethics and financial disclosure; inconsistency with other laws; and owners not to be considered bank holding companies.
Prohibits title insurance corporations from making payments to lenders on title insurance claims when the transaction conveying such title is false or fraudulent.
Allows the department of financial services to have additional oversight of banks and insurance companies that are not currently licensed in this state; provides penalties for violations.