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Bill

A 9016

Requires property/casualty insurance companies to submit certain data to the department of financial services and authorizes premium discounts to policyholders who demonstrate certain mitigation actions

2025 Regular Session Introduced by Phara Souffrant Forrest and 5 co-sponsors

Bill A 9016 mandates annual reports on the housing insurance market for multifamily and nonprofit providers, enhancing transparency and addressing their insurance challenges.

PRINT NUMBER 9016D
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WeVote Research Nonpartisan
Bill Summary · A 9016

Summary of Bill A 9016

Bill Overview

  • Bill Number: A 9016
  • Title: Requires the Department of Financial Services and the Division of Housing and Community Renewal to issue an annual report on the housing insurance market for multifamily and nonprofit housing providers.
  • Status: Referred to Insurance
  • Introduced: August 27, 2025
  • Classification: Bill

Purpose and Intent

The primary purpose of Bill A 9016 is to enhance transparency and understanding of the housing insurance market specifically for multifamily and nonprofit housing providers. By mandating an annual report, the bill aims to provide stakeholders—including policymakers, housing providers, and the public—with critical insights into the state of insurance coverage available to these entities.

Key Provisions

  • Annual Reporting Requirement:

    • The Department of Financial Services (DFS) and the Division of Housing and Community Renewal (DHCR) are required to collaborate and produce an annual report.
    • The report will focus on the housing insurance market, detailing trends, challenges, and opportunities for multifamily and nonprofit housing providers.

  • Content of the Report:

    • Analysis of insurance availability and affordability for multifamily and nonprofit housing.
    • Identification of any barriers faced by these housing providers in obtaining adequate insurance coverage.
    • Recommendations for improving the insurance market to better serve multifamily and nonprofit housing needs.

Impact

  • Affected Parties:

    • Multifamily Housing Providers: These include apartment complexes and other residential buildings with multiple units that may struggle with insurance costs and availability.
    • Nonprofit Housing Providers: Organizations that provide affordable housing options and may face unique challenges in securing insurance.
    • Policymakers and Regulators: The report will serve as a resource for lawmakers and regulatory bodies to understand the insurance landscape and make informed decisions.

  • Potential Benefits:

    • Increased awareness of the insurance challenges faced by multifamily and nonprofit housing providers.
    • Data-driven insights that could lead to policy changes aimed at improving insurance accessibility and affordability.
    • Enhanced support for housing stability and affordability initiatives through informed legislative action.

Procedural Aspects

  • The bill was introduced on August 27, 2025, and has been referred to the Insurance Committee for further consideration. The timeline for subsequent actions, including hearings or votes, will depend on the committee's schedule and priorities.

Conclusion

Bill A 9016 represents a significant step towards addressing the insurance needs of multifamily and nonprofit housing providers. By requiring an annual report, the bill seeks to foster a better understanding of the housing insurance market, ultimately aiming to improve conditions for these essential housing providers.

Compiled from official sources — confirm details with the bill’s official record.

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