Requires property/casualty insurance companies to submit information on multifamily housing premiums and claims paid to the department of financial services

◆ The sponsor's argument

Why Brian Kavanagh says this is needed

Multifamily residential buildings provide housing to New Yorkers across the state. In recent years, property and casualty insurance premiums for multifamily housing have risen dramatically, placing significant finan- cial strain on building owners that may ultimately be passed along to tenants. Policymakers lack consistent, statewide data to evaluate trends in premiums, claims activity, underwriting practices, and market concen- tration within this sector. This legislation establishes a clear reporting framework. By requiring insurers to provide standardized data to DFS and making this information available to the public, this bill will equip stakeholders with the tools necessary to assess market trends and consider targeted reforms as necessary. This bill balances transparency with business concerns by safeguarding tradeò secrets and confidential commercial information through aggregation, de-identification, and statutory confidentiality protections.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.