Establishes the New York state catastrophe fund authority to create innovative solutions for property insurance crises and ensure insurance carrier.

The bill creates the New York state catastrophe fund authority to facilitate innovative solutions for property insurance crises and ensure the viability of insurance carriers. The authority will enter into reimbursement contracts with insurers, calculate premiums, and manage a fund to cover insured losses from catastrophic events. The fund will be financed through premiums, assessments, and potential revenue bonds. The authority will also establish an advisory council to develop prevention and mitigation standards for natural disasters. The bill appropriates $10,000,000 to initiate the fund.

Establishes the New York state catastrophe fund authority to create innovative solutions for property insurance crises and ensure insurance carrier.

The bill creates the New York state catastrophe fund authority to facilitate innovative solutions for property insurance crises and ensure the viability of insurance carriers. The authority will enter into reimbursement contracts with insurers, calculate premiums, and manage a fund to cover insured losses from catastrophic events. The fund will be financed through premiums, assessments, and potential revenue bonds. The authority will also establish an advisory council to develop prevention and mitigation standards for natural disasters. The bill appropriates $10,000,000 to initiate the fund.