New York City Council Header
File #: Int 1997-2020    Version: * Name: Creation of a mortgage and insurance resiliency subgroup.
Type: Introduction Status: Committee
Committee: Committee on Resiliency and Waterfronts
On agenda: 7/28/2020
Enactment date: Law number:
Title: A Local Law to amend the administrative code of the city of New York, in relation to creation of a mortgage and insurance resiliency subgroup
Sponsors: Costa G. Constantinides
Council Member Sponsors: 1
Summary: This local law creates a mortgage and insurance resiliency subgroup that will include representatives of banks, mortgagors, underwriters, insurers, large and small property owners and appropriate city agencies. This subgroup must review the mortgage and insurance impacts of climate related projections and disclosure recommendations received for various property types within the special flood hazard area or areas impacted by extreme precipitation, freak windstorms or other climate hazards. The subgroup shall also consider the climate related mortgage and insurance impacts and when making recommendations intended to reduce risks to mortgages and insurers. Finally the subgroup shall submit a report on the mortgage and insurance impacts of the climate-related projections and disclosures sent to property owners along with recommendations made to the mayor and the council no later than one year from the date of enactment of this subdivision.
Indexes: Report Required
Attachments: 1. Summary of Int. No. 1997, 2. Int. No. 1997, 3. July 28, 2020 - Stated Meeting Agenda with Links to Files, 4. Hearing Transcript - Stated Meeting 7-28-20

Int. No. 1997

 

By Council Member Constantinides

 

A Local Law to amend the administrative code of the city of New York, in relation to creation of a mortgage and insurance resiliency subgroup

 

Be it enacted by the Council as follows:

 

 

Section 1. Section 3-123 of the administrative code of the city of New York, as amended by local law number 72 for the year 2015, is amended by adding a new subdivision d to read as follows:

d. There shall be a mortgage and insurance resiliency subgroup that shall be comprised of representatives of banks, mortgagors, underwriters, insurers, large and small property owners, and relevant city agencies. Such subgroup shall review the impacts on mortgage and insurance rates of climate-related projections and disclosure recommendations received for various property types within the special flood hazard area or areas impacted by extreme precipitation, severe windstorm conditions or other climate hazards. Such subgroup shall also issue recommendations to help reduce climate-related risks to mortgagees and insurers. A report on the mortgage and insurance impacts of the climate-related projections and disclosures sent to property owners along with recommendations to help reduce risks to mortgagees and insurers shall be submitted to the mayor and the council no later than one year from the date of enactment of this subdivision.

§ 2. This local law shall take effect immediately.

 

 

 

 

SS

LS #12920

6/26/20