Speaker Menin, Council Members, Housing Advocates, and Business Leaders Rally in Support of Insurance Accountability to Lower Costs for New Yorkers

 

Proposed legislation to create a first-in-the-nation Office of Insurance Accountability would increase support for consumers, enhance transparency, and make recommendations to stabilize growing costs 

Today, Speaker Julie Menin, Council Members, housing advocates, and business leaders rallied in support of proposed legislation that would increase insurance accountability and transparency as rising insurance costs continue to drive up rents, consumer prices, and the cost of living across New York City. Introduction 685, sponsored by Speaker Menin, would establish a new, first-in-the-nation Office of Insurance Accountability to equip both consumers and businesses with clear, accessible information to make informed decisions about their insurance coverage.  

Rising insurance costs are increasingly becoming a major barrier to business and housing development across the city. For example, business liability insurance has increased by 10% annually, forcing many nightlife establishments to change how they operate or even shut down. Additionally, rapid increases in insurance costs are adding pressure to landlords to increase rents and putting the financial viability of affordable multifamily rental housing at risk.     

“New Yorkers are overpaying for insurance of all kinds, and those rising costs hurt our wages, wallets, economic development, and a hidden contributor to the affordability crisis,” said Speaker Julie Menin. “This bill gives the City the tools to understand what is driving these out-of-control costs so that we can spend smarter and get better value for taxpayers. Our goal is to make the system more equitable, transparent, and affordable for all New Yorkers.” 

Introduction 685, sponsored by Speaker Menin, which would establish an Office of Insurance Accountability. The office would: 

• Provide information and guidance to consumers on selecting insurance plans  

• Track and publicly report on legal actions involving deceptive or unfair insurance practices  

• Conduct annual studies on the cost of insurance and the factors driving those costs  

• Issue recommendations to help stabilize or lower insurance costs  

• Create a consumer assistance unit, led by an Insurance Accountability Advocate, to help resolve insurance-related issues 

The legislation builds on Speaker Menin’s previous efforts to increase accountability and transparency on growing costs New Yorkers face. In 2023, the Council approved Local Law 78, sponsored by then Council Member Menin, which established the Office of Healthcare Accountability. 

“I am proud to stand with Speaker Menin in strong support of her legislation, Intro 685, to establish an Office of Insurance Accountability,” said Deputy Leader Chris Banks. “For too long, New Yorkers have been forced to navigate skyrocketing insurance costs and opaque industry practices with little transparency and even less recourse, (I am one of those New Yorkers). This bill delivers real oversight by shining a light on deceptive and unfair practices, increasing transparency, and ensuring consumers have clear, reliable guidance when selecting insurance coverage. By closely examining what is driving rising insurance costs and putting forward concrete recommendations to stabilize premiums, this legislation brings long‑overdue accountability to an industry that directly affects the financial security of families, homeowners, and small businesses across our city. Creating a dedicated office to assist consumers and advocate on their behalf is wise policy and essential, especially as New Yorkers continue to face an unprecedented affordability crisis.”