N.Y.: A brief guide for major insurance bills that passed this legislative session 

The 2023-24 legislative session has officially come to a close in New York state. True to form, the Legislature worked tirelessly, passing hundreds of bills on the last day of the session. During the session, PIANY was committed to supporting measures that would assist agents in navigating the challenging hard market. This goal was met by backing a variety of bills aimed at simplifying insurance for consumers and introducing innovative products to the market. 

Standard windstorm definition 

PIANY’s top priority for 2024 was advocating for legislation to create a standard definition of “windstorm” in homeowners insurance policies (A.2866/S.4199). This bill’s passage by both houses of the Legislature is a significant win for both consumers and agents, and it would ensure clarity and consistency in coverage. 

To learn more about this issue, click here. 

Supplemental spousal liability fix 

This legislation (A.9407A/S.9021) aims to resolve the confusion stemming from changes to the Supplemental Spousal Liability law in 2023. It would ensure that spousal liability insurance coverage is provided when an insured indicates a spouse on the insurance application.  

To learn more about the issue, click here. 

Anti-concurrent causation clauses 

The anti-concurrent causation clauses bill (A.10343/S.9421) would bring clarity to water damage coverage. If it is signed into law, it would mandate that if a policy covers water damage, it cannot exclude coverage because an excluded peril also contributed to the loss, whether concurrently or in sequence.   

To learn more about the issue click here. 

New products and markets 

PIANY was a key supporter of Coastal Market Assistance Program legislation (S.8320), which would expand the number of properties eligible for the C-MAP. This expansion would provide thousands of New Yorkers along the coast with more coverage options, and it would address the increasingly restrictive coastal underwriting environment. 

To learn more about this issue, click here.  

Parametric insurance 

This bill (A.10344/S.9420) would introduce parametric insurance—a novel product that pays out predetermined amounts of money based on specific events, like natural disasters, rather than the cost of the damage—to New York consumers. PIANY strongly supported this bill to ensure licensed insurance professionals are available to guide consumers through these new options.  

To learn more about the issue and PIANY advocacy efforts, click here. 

Business interruption coverage 

Addressing a critical issue highlighted by the COVID-19 pandemic, a bill (A.10342/S.9481) would expand the scope of business interruption insurance. If it is signed into law, insurers would be able to offer BI coverage that does not require physical damage to trigger a claim. This change would addresses a significant gap exposed during the pandemic.  

 To learn more about this legislation, click here. 

PIANY’s proactive stance and strategic support for these legislative measures have significantly contributed to a more navigable and innovative insurance landscape in New York state. As we move forward, these changes promise to benefit both consumers and agents, ensuring better coverage and more options in the marketplace. 

Let’s not forget 2023 … 

Amid the flurry of legislative activity in 2024, it’s important to remember the successes from the earlier part of the session. One notable achievement was the elimination of New York state’s outdated photo inspection requirement, a top legislative priority for PIANY.  

Read more about PIANY’s success here.