New York lawmakers are eyeing new annual reporting rules for insurers covering multifamily and nonprofit housing, aiming to boost transparency in property and liability markets.
A bill introduced in the New York State Assembly, A09016, would require an annual report on the property and liability insurance market for multifamily and nonprofit housing providers. The bill, sponsored by Assembly Member Emerita Torres, was referred to the Committee on Insurance on August 27, 2025.
If enacted, the bill would amend the state’s insurance law by adding Section 3463. It would require the superintendent of insurance and the commissioner of homes and community renewal to submit a joint report each year. The report would analyze the availability, pricing, terms, and affordability of property and liability insurance for multifamily residential buildings – defined as properties with five or more dwelling units – and nonprofit housing providers, including affordable housing developments.
The report would include aggregated statistics on premium levels and changes, average and median premiums per unit and square foot, and premiums as a share of operating expenses. It would also cover coverage availability, non-renewal and declination counts, the share of policies placed in the excess-line market, and use of the New York property insurance underwriting association. Other required data would include deductibles by peril, common exclusions and limitations, coverage limits relative to reported replacement cost, and claims frequency and severity for fire, water, wind, and liability, as available.
The report would further examine documented affordability impacts in the division of housing and community renewal portfolios, such as rent-pressure indicators, reserve draws, or capital-plan deferrals linked to insurance expense changes. It would also include information on risk-mitigation credits and building resiliency investments reported by owners and recognized by insurers, as well as regional summaries of market stress.
The bill authorizes the superintendent to require special reports from insurers and to consolidate these requests with existing department data calls. The Department of Financial Services may require grantees, borrowers, and regulated owners to provide insurance expense and coverage data as a condition of assistance. Submissions that constitute trade secrets or sensitive commercial information would be confidential, and only aggregated, de-identified statistics and analysis would be published.
The Division of Housing and Community Renewal would cooperate with the department in producing the joint report, including collecting portfolio-level insurance expense and coverage data from regulated entities. The division would also publish non-confidential aggregated statistics and provide technical assistance to owners on risk-mitigation practices recognized by insurers.
At this stage, the bill has been introduced and referred to committee. If enacted, it would establish a new annual reporting requirement for the insurance market serving multifamily and nonprofit housing in New York State.
