Relates to flood insurance notice in communities bordering Lake Ontario; requires the department of financial services to publish an annual notice with the department's contact information and a statement about flood insurance and how it relates to standard homeowners insurance policies in local newspapers that serve the communities bordering Lake Ontario.
Impact
The enactment of S07391 is likely to have significant implications for flood preparedness in communities near Lake Ontario. By educating residents about the necessity of flood insurance and the resources available for securing it, the bill aims to mitigate the financial impact of potential flooding disasters. It underscores the need for proactive measures in disaster risk reduction, potentially leading to more informed homeowners and renters who take the necessary steps to protect their property.
Summary
Bill S07391 introduces a requirement for the Department of Financial Services in New York to publish an annual notice regarding flood insurance. This notice is specifically aimed at communities bordering Lake Ontario and will include essential information about how flood insurance differs from standard homeowners insurance policies. The goal of this legislation is to enhance awareness and understanding of flood insurance options available through the National Flood Insurance Program (NFIP) among residents and businesses in these areas.
Contention
One potential point of contention regarding S07391 could stem from concerns about the adequacy of the dissemination of these notices. There may be skepticism about whether local newspapers will effectively reach all intended audiences, especially in regions with varied access to media. Additionally, the effectiveness of the bill depends on how well it is implemented by the Department of Financial Services and whether the information provided is comprehensive enough to make a true impact.
Overall_potential
Overall, S07391 represents a proactive effort by the New York State Legislature to enhance community resilience against flooding. With increasing risks associated with climate change and severe weather patterns, measures such as this bill highlight the importance of preparing local communities and ensuring that they have the necessary information to protect their properties. This legislation positions flood insurance as a critical component of disaster preparedness.
Relates to flood insurance notice in communities bordering Lake Ontario; requires the department of financial services to publish an annual notice with the department's contact information and a statement about flood insurance and how it relates to standard homeowners insurance policies in local newspapers that serve the communities bordering Lake Ontario.
Relates to flood insurance notice in communities bordering Lake Ontario; requires the department of financial services to publish an annual notice with the department's contact information and a statement about flood insurance and how it relates to standard homeowners insurance policies in local newspapers that serve the communities bordering Lake Ontario.
Directs the department of financial services to conduct a study examining the increasing costs of insurance premiums, the lack of availability of insurance coverage for losses from flooding, and the possibility of supporting a private flood insurance market in the state.
Directs the department of financial services to conduct a study examining the increasing costs of insurance premiums, the lack of availability of insurance coverage for losses from flooding, and the possibility of supporting a private flood insurance market in the state.
Removes the state insurance fund's exemption from licensing and other requirements of the insurance law; requires the superintendent of financial services to approve the rules adopted by the state insurance fund for the conduct of its business; removes the requirement for policyholders to provide thirty days notice to withdraw from the state insurance fund.
Relates to replacement of individual life insurance policies or annuity contracts; amends provisions relating to misrepresentations and misleading statements; requires replacements regulation be consistent with policies of the national association of insurance commissioners.
Relates to replacement of individual life insurance policies or annuity contracts; amends provisions relating to misrepresentations and misleading statements; requires replacements regulation be consistent with policies of the national association of insurance commissioners.
Relates to the Lake Ontario-St. Lawrence River flood prevention, response, recovery and mitigation task force; establishes reporting and public hearing requirements for the Lake Ontario-St. Lawrence River flood prevention, response, recovery and mitigation task force.