N.Y. Insurance Law § 3462: Affordable housing underwriting and rating

§ 3462. Affordable housing underwriting and rating. (a) An insurer

that issues or delivers in this state a policy of insurance covering

loss of or damage to real property containing units for residential

purposes or legal liability of an owner of such real property, shall not

inquire about on an application, nor shall an insurer cancel, refuse to

issue, refuse to renew or increase the premium of a policy, or exclude,

limit, restrict, or reduce coverage under a policy based on, the

following:

(1) The residential building contains dwelling units that shall be

affordable to residents at a specific income level pursuant to a

statute, regulation, restrictive declaration, or regulatory agreement

with a local, state, or federal government entity;

(2) The real property owner or tenants of such residential building or

the shareholders of a cooperative housing corporation receive rental

assistance provided by a local, state, or federal government entity,

including, but not limited to, the receipt of federal vouchers issued

under section eight of the United States Housing Act of 1937(42 U.S.C. §

1437f);

(3) The level or source of income of the tenants of the residential

building or the shareholders of a cooperative housing corporation; or

(4) Whether such residential building is owned by a limited-equity

cooperative; owned by a public housing authority; or owned by a

cooperative housing corporation subject to the provisions of article

two, article four, article five or article eleven of the private housing

finance law.

(b) Nothing in this section shall prohibit an insurer from canceling,

refusing to issue, refusing to renew, or increasing the premium of, an

insurance policy, or excluding, limiting, restricting, or reducing

coverage under such policy, due to other factors that are permitted or

not prohibited by any other section of this chapter.