Increases the number of properties eligible for the coastal market assistance program, the official text

S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    425
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced  by  M. of A. OTIS -- read once and referred to the Committee
   on Insurance
 
 AN ACT to amend the insurance law, in relation to increasing the  number
   of properties eligible for the coastal market assistance program

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subsection (c) of section 5414 of  the  insurance  law,  as
 amended  by  a  chapter  of  the laws of 2024 amending the insurance law
 relating to increasing the number of properties eligible for the coastal
 market assistance program, as proposed in legislative bills  numbers  S.
 8320-A and A. 9821, is amended to read as follows:
   (c)  The  association  shall  administer the coastal market assistance
 program. The association may, subject to approval of the superintendent,
 adopt reasonable eligibility standards for participation in the  coastal
 market  assistance  program.  At  a minimum, properties eligible for the
 program shall be located within one mile of the shore. For  purposes  of
 this section, shore shall mean salt-water ocean, sound, bay, inlet, Lake
 Erie,  Lake  Ontario, the Saint Lawrence River, THE HUDSON RIVER, or the
 Niagara River with distance measured from mean high water.  The  associ-
 ation  may  adopt additional or more expansive eligibility standards for
 participation in the coastal market assistance program.
   § 2. This act shall take effect on the  same  date  and  in  the  same
 manner  as  a  chapter  of  the  laws of 2024 amending the insurance law
 relating to increasing the number of properties eligible for the coastal
 market assistance program, as proposed in legislative bills  numbers  S.
 8320-A and A. 9821, takes effect.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02912-01-5