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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to insurance
- Referred to insurance
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4222
Title of bill
An act to amend the insurance law, in relation to creating the state flood insurance association
Purpose
To create the state flood insurance association, which will extend flood insurance to all New York State citizens.
Summary of provisions
Add new article 54-A to the insurance law.
Justification
Following Hurricane Sandy, a large portion of the State of New York was devastated due to the effects of the storm. The majority of these damages were a result of the immense amount of flooding that occurred throughout the state. As of now the FEMA NFIP is the only flood insurance option offered to New York citizens. Sadly, many New Yorkers will soon have to face skyrocketing insurance rates, leaving many homeowners without flood insurance or unable to afford their own home. This bill, like the bill that established the New York Property's Insurance Underwriter's Association in the 1960's would address the problem by creating a state flood insurance association. Thus the bill will extend a flood insurance option to offer affordable and manageable coverage to all New York citizens.
Legislative history
New bill.
Fiscal implications
To be determined.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.