New York State
New York, May 8, 1998
GOVERNOR PATAKI SIGNS HOMEOWNERS INSURANCE ASSOC. EXTENDER
Governor George E. Pataki today announced that he has signed into law legislation that ensures New Yorkers will have access to home and commercial property insurance. The law signed by the Governor continues the New York Property Insurance Underwriting Association (NYPIUA) for an additional year. NYPIUA provides meaningful property insurance coverage to residents who have difficulty obtaining homeowners insurance or commercial property insurance in the voluntary market.
"New Yorkers must have access to the insurance protection they need, regardless of where they live or operate their business," Governor Pataki said. "The extension of NYPIUA is important to continue its original purpose of providing inner-city areas with property insurance protection for homes and business concerns. It is also critical as the association is now serving to provide coverage in New Yorks coastal communities."
New York State Department of Insurance Superintendent Neil D. Levin said, "The continuation of NYPIUA is one part of our overall strategy to keep stability in the homeowners insurance marketplace in New York. We have seen improvements in the availability of homeowners insurance in coastal communities and we will continue to closely monitor developments in this area."
In addition to continuing the existence of NYPIUA, this legislation:
-- Continues the existence of a special homeowners insurance panel which has issued several reports on the state of the homeowners marketplace in New York State. The panel will issue another report by February 1, 1999 that will focus on the feasibility of establishing a catastrophe insurance fund in New York State.
-- Requires the Superintendent of Insurance to promulgate regulations to establish disclosure requirements for windstorm deductibles in homeowners insurance policies in New York State.
Although authority for NYPIUA had expired on April 30, 1998, there has been no interruption in coverage. Authority for NYPIUA has been extended to April 30, 1999.