NYC Council meetings, chaptered and linked by time.
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New York City Council
Establishing an office of insurance affordability
Read summaries and jump into the video at the segment start.
Council staff welcomes attendees to the Consumer and Worker Protection Committee vote, reminds everyone that no one may approach the dais, and asks all to silence electronic devices before the chair begins.
Chair Harvey Epstein opens the committee vote and introduces colleagues present, including Carmen De La Rosa, Lynn Schulman, Carl Wilson, Shirley Aldebol, Shekar Krishnan, Gale Brewer, and Eric Dinowitz.
Epstein introduces Introduction 685 by the Speaker, which would establish an Office of Insurance Accountability to address rising insurance costs that impact every New Yorker and every city agency.
Epstein describes Resolution 387 by Council Member Brewer, calling on the state legislature to pass and the governor to sign A07828A/S07939 and A9015/A9016 to mitigate the rising cost of insurance for affordable housing.
Epstein introduces Resolution 389 by Council Member Dinowitz calling for passage of the Automobile Insurance Consumer Information Act (S.1196/A.3893), and Resolution 395 by Council Member Morano calling on the state to prohibit homeowners insurance rate increases exceeding 25% per year.
Brewer explains that insurance for affordable housing is a major challenge to making term sheets work, describes a proposed state relief fund program to provide grants for commercial insurance expenses, and mentions a task force to address the affordable housing insurance crisis and improve availability and pricing.
Epstein thanks Brewer and turns the floor to Council Member Dinowitz, who expresses appreciation for the opportunity to speak and notes his enthusiasm for participating in the committee hearing.
Dinowitz notes that auto insurance is mandatory in New York yet no office exclusively represents consumer interests before the Department of Financial Services. He highlights that New Yorkers face an average annual premium of $4,223, nearly twice the national average, at a time when rates have skyrocketed nationally.
Dinowitz explains that DFS does not publish premium information, disempowering consumers from comparison shopping or assessing the fairness of increases. He describes how Resolution 389 calls on the state to pass S.1196, requiring DFS to publish automobile insurance premium and complaint data on its website to enable consumers to compare plans.
Dinowitz details how the bill would establish an Office of Insurance Consumer Advocate to represent consumers before DFS with the ability to request hearings on rate increases. He adds that municipalities could petition for rate reductions and insurers would be required to justify proposed increases in a standardized format for more effective public oversight.
Dinowitz argues that as the city faces an affordability crisis, car insurance has become far too burdensome for the average working New Yorker and it is the Council's responsibility to act. He thanks his colleagues for their vote on the resolution.
Epstein asks if any other colleagues wish to make statements, confirms there are none, notes that Council Member Hanks has joined the committee, and announces the committee is ready to proceed to a roll call vote.
Committee Clerk William Martin conducts the roll call. Chair Epstein, Brewer, De La Rosa, Hanks, Krishnan, Schulman, and Wilson all vote aye on all items before the committee.
The clerk announces a vote of 9 in the affirmative, 0 in the negative, and no abstentions, approving all items. Chair Epstein adjourns the committee, and members exchange closing remarks.