In this issue ...

• State Budget Developments
• Governor Announces Loan for Affordable Housing Insurance Coverage
• WCB Updates Process for Requesting Records
• DFS Approves NYCIRB Revised Rating Values
• NYCIRB Files Request for Loss Cost Decrease
• Property and Casualty Industry’s Legislative Action Day
• Bills on the Move

State Budget Developments

Both houses passed another extender bill last week to keep last year’s budget in place until a new budget is enacted. We understand that negotiations have progressed between the Legislature and Executive, but there is still not an official agreement. Some legislators are reporting that a budget should be agreed upon this upcoming week and others have said those chances are slim. NYIA is continuing to work on the issues related to property and casualty insurance that are being considered. If you have any questions about the ongoing budget process, please contact Cassandra at canderson@nyia.org.

Governor Announces Loan for Affordable Housing Insurance Coverage

Governor Kathy Hochul announced a $2 million loan to Milford Street, a captive insurance collective created by affordable housing providers to help reduce liability insurance costs in New York’s affordable housing sector. The funding is intended to lower the upfront membership costs for housing operators joining the collective, allowing more providers to participate in a shared self-insurance model designed to stabilize premiums. State officials said affordable housing insurance costs in New York City increased by roughly 21 percent annually between 2019 and 2023, putting pressure on rents, maintenance, and the financial viability of housing projects. The announcement is part of a broader housing affordability strategy that also includes a separate $5 million pilot program to help nonprofit housing providers use captive insurance models to lower costs.

WCB Updates Process for Requesting Records

The Workers’ Compensation Board (WCB) has updated the authorization process for unrelated parties-of-interest to request and receive records related to a claim. A new Case Copies Request Form (Form OC-RR) has been created to request specific records, and Claimant's Authorization to Disclose Workers' Compensation Records (Form OC-110A), used for requesting authorization, has been updated. The updated Form OC-RR and Form OC-110A will be available on June 11, 2026. The previous version of Form OC-110A will be accepted through September 9, 2026. Requests received after September 9, 2026, must be made using the updated form. Valid submission of an original, verified signature Form OC-110A on file as of September 9, 2026, will continue to be valid. These forms, once available, can be located on the forms page. If you have any questions please contact OfficeOfGeneralCounsel@wcb.ny.gov.

DFS Approves NYCIRB Revised Rating Values

DFS has approved the New York Compensation Insurance Rating Board’s filing to revise Excess Loss Pure Premium Factors (ELPPFs), Excess Loss and Allocated Expense Pure Premium Factors (ELAEPPFs), State Hazard Group Differentials, and Retrospective Rating Pure Premium Development Factors, for new and renewal business, effective October 1, 2026. These revisions also apply to policies under three-year plans and long-term construction projects as of the first effective date on or after October 1, 2026. The approved ELPPFs, ELAEPPFs, and excess ratios by hazard group and injury category underlying the approved values, are available in PDF and Excel format in the Actuarial section of NYCIRB’s website.

NYCIRB Files Request for Loss Cost Decrease

NYCIRB also filed its annual loss cost indication with DFS, requesting a decrease of 21.9 percent in the overall loss cost level in New York State. This filing is the result of the board’s standard ratemaking methodology, which has previously been approved by DFS. The filing, with the explanatory memorandum and supporting exhibits, is available on the NYCIRB’s website.

Property and Casualty Industry’s Legislative Action Day

This week, NYIA held a Legislative Action Day in coordination with APCIA, NAMIC, NICB, and RAA. Members had the distinct opportunity to hear from a legislative panel featuring the Insurance Committee chairs and ranking members and participate in a day of advocacy by lobbying at the Capitol. The materials from Legislative Action Day can be found through this link. Thank you to everyone who participated and our partners for their collaboration.

Bills on the Move

Several bills progressed through the legislature this last week. We are seeking member feedback on certain bills, which are noted as such in the document. If these bills start to move, we want to ensure we have the necessary information to weigh in. If you have any questions on these pieces of legislation, please contact Staci at ssteinfeld@nyia.org.