Bill Text: NY S07298 | 2023-2024 | General Assembly | Introduced

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Bill Title: Prohibits insurance discrimination because of the affordability of residential buildings and residential construction projects.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced - Dead) 2024-01-03 - REFERRED TO INSURANCE [S07298 Detail]

Download: New_York-2023-S07298-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7298

                               2023-2024 Regular Sessions

                    IN SENATE

                                      May 19, 2023
                                       ___________

        Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
          printed to be committed to the Committee on Insurance

        AN ACT to amend the insurance law, in relation to prohibiting  discrimi-
          nation  because of affordability of residential buildings and residen-
          tial construction projects

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  The insurance law is amended by adding a new section 2618
     2  to read as follows:
     3    § 2618. Discrimination because of affordability of residential  build-
     4  ings   and  residential  construction  projects.    Notwithstanding  the
     5  provisions of section three thousand four hundred  twenty-nine  of  this
     6  chapter,  no  individual  or  entity  subject  to the supervision of the
     7  superintendent shall refuse to issue any policy of insurance, or  cancel
     8  or  decline  to renew the policy; make any distinction or discrimination
     9  as to the premiums or rates charged for such policies; make  or  require
    10  any rebate, discrimination or discount upon the amount to be paid or the
    11  service  to  be  rendered on any policy; insert in the policy any condi-
    12  tion, or make any stipulation, whereby the insured binds themselves,  or
    13  their  heirs, executors, administrators or assigns, to accept any sum or
    14  service less than the full value or amount of such policy in case  of  a
    15  claim  thereon  except  such  conditions and stipulations as are imposed
    16  upon others in similar cases; or fix any lower rate or  discriminate  in
    17  the  fees  or  commissions  of agents or brokers for writing or renewing
    18  such a policy, due to any of the following factors:
    19    (a) The presence within such a residential building or  a  residential
    20  construction  project of dwelling units that are subject to restrictions
    21  on the maximum amount of rent that may be charged pursuant to a  statue,
    22  regulation, regulatory agreement or restrictive declaration with a city,
    23  state, or federal agency;

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10702-05-3
        S. 7298                             2

     1    (b)  The  presence within such a residential building or a residential
     2  construction project of tenants with rental  assistance  provided  by  a
     3  city, state, or federal agency, housing authority, or other entity wher-
     4  ein  the  tenant's portion of the rent is limited to a percentage of his
     5  or her income; or
     6    (c)  Whether  such  residential  building  or residential construction
     7  project is a limited-equity cooperative or  limited-equity  condominium;
     8  owned  by  a public housing authority; or owned by a housing development
     9  fund corporation as defined in the private housing finance law.
    10    § 2. This act shall take effect immediately.