DFS: No More Underwriting of Subsidized Housing
Insurers in New York are no longer permitted to take adverse underwriting actions regarding habitational properties that contain subsidized housing units, according to the state Department of Financial Services (DFS.) The department said it was acting in response to a new section of the state's insurance law that took effect this spring.The announcement came in a circular letter dated June 24, 2024 addressed to all New York licensed property-casualty insurers; licensed insurance producers; the New York Property Insurance Underwriting Association (NYPIUA); and the Excess Line Association of New York (ELANY.) Bernard Ganley, deputy superintendent of the department's Property Bureau, explained that the state budget enacted on…