New York Senate Bill S08320 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 8320--A Cal. No. 154  IN SENATE January 17, 2024 ___________ Introduced by Sen. MAYER -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- reported favorably from said committee, ordered to first report, amended on first report, ordered to a second report and ordered reprinted, retaining its place in the order of second report AN ACT to amend the insurance law, in relation to increasing the number of properties eligible for the coastal market assistance program The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subsection (c) of section 5414 of the insurance law, as 2 added by chapter 136 of the laws of 2008, is amended to read as follows: 3 (c) The association shall administer the coastal market assistance 4 program. The association may, subject to approval of the superintendent, 5 adopt reasonable eligibility standards for participation in the coastal 6 market assistance program. At a minimum, properties eligible for the 7 program shall be located within one mile of the shore. For purposes of 8 this section, shore shall mean salt-water ocean, sound, bay, inlet, Lake 9 Erie, Lake Ontario, the Saint Lawrence River or the Niagara River with 10 distance measured from mean high water. The association may adopt addi- 11 tional or more expansive eligibility standards for participation in the 12 coastal market assistance program. 13 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13698-03-4