S 186 New York Senate · 2025 Regular Session

Establishes the climate protection insurance act

Summary

Establishes the insure our communities act to implement climate leadership and community protection act targets for insurers; identifies and protects such communities; relates to affordability of insurance rates; assesses covered insurance companies' record of performance at meeting insurance needs; requires covered insurance companies to file statistical reports, including information on insurance coverage in specific assessment areas and disadvantaged communities.

Issues: ✓ Environment

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2025

Committee Review

Floor Vote

Governor

Introduced Jan 8, 2025 Last action Mar 11, 2025

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What changed between versions

S186 → S186A · 6 edits

MODERATE

The bill was renamed from 'Climate Protection Insurance Act' to 'Insure Our Communities Act' and shifted focus from climate regulation to addressing affordable housing and insurance availability. The new version removes fossil fuel underwriting restrictions and instead emphasizes collecting data on insurance affordability disparities by race, income, and location to help solve the affordable housing crisis.

Scope change

The bill's scope changed from regulating climate-related insurance practices to addressing housing affordability and insurance access disparities across different communities.

SCOPE

Bill title changed from 'Climate Protection Insurance Act' to 'Insure Our Communities Act' to reflect focus on housing and insurance access rather than climate regulation.

REQUIREMENT

Removed requirements for insurers to prohibit underwriting new fossil fuel projects and phase out existing fossil fuel underwriting.

Added legislative findings declaring that affordable insurance is critical for housing development and community credit needs.

Added requirement to collect and report data on insurance availability and affordability broken down by race, ethnicity, gender, income, and census tract location.

DEFINITION

Added banking law to the list of laws being amended, expanding the bill's regulatory scope.

TIMELINE

Removed the 12-month timeline for developing insurer reporting criteria.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Mar 11, 2025

Upper · Passed

PRINT NUMBER 186A

upper

Mar 11, 2025

Upper · Passed

AMEND (T) AND RECOMMIT TO INSURANCE

upper

Jan 8, 2025

Committee

REFERRED TO INSURANCE

upper

1 primary · 4 co-sponsors