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Albany Update 01.16.24

Governor Delivers Budget Address

Governor Kathy Hochul delivered her 2024 Budget Address at 10:30 a.m. today in the Red Room of the New York State Capitol (her ceremonial office).

A recording of the speech and summary of the 2024 Governor’s Budget Address are now available.

For those seeking additional information, the State Division of the Budget annually produces a State Budget Book, which contains a general overview of the Governor’s budget agenda for the upcoming year.

Some of the highlights that of possible interest to the insurance industry include:

• A proposal to enact an online verification of insurance system with the Department of Motor Vehicles
• A proposal to provide a market rate of interest on court judgments
• Legislation to prohibit insurance companies from refusing to cover affordable housing and ensure safeguarding against deed theft and other real property fraud
• A new Blue Buffers program to improve waterfront resiliency and allow for voluntary buy outs of at risk coastal properties
• Programs to dramatically expand housing in New York State, for 100,000 new homes, including new construction on state owned lands and $25 billion in bonding for new, affordable housing projects

The Governor’s Article VII Legislation should appear here when it becomes available.

NYIA will provide additional summaries of the proposals contained in the address as more details become available in the days and weeks ahead.