{"id":3115,"date":"2026-04-29T09:55:31","date_gmt":"2026-04-29T13:55:31","guid":{"rendered":"https:\/\/council.nyc.gov\/press\/?p=3115"},"modified":"2026-04-29T09:55:57","modified_gmt":"2026-04-29T13:55:57","slug":"speaker-menin-council-members-housing-advocates-and-business-leaders-rally-in-support-of-insurance-accountability-to-lower-costs-for-new-yorkers","status":"publish","type":"post","link":"https:\/\/council.nyc.gov\/press\/2026\/04\/29\/3115\/","title":{"rendered":"Speaker Menin, Council Members, Housing Advocates, and Business Leaders Rally in Support of Insurance Accountability to Lower Costs for New Yorkers"},"content":{"rendered":"<p><em>Proposed&nbsp;legislation to create a&nbsp;first-in-the-nation&nbsp;Office of Insurance Accountability would increase&nbsp;support for consumers, enhance transparency,&nbsp;and make recommendations to&nbsp;stabilize growing costs<\/em>&nbsp;<\/p>\n<p><strong>NEW YORK, NY&nbsp;\u2013&nbsp;<\/strong>Today,&nbsp;Speaker Julie Menin, Council Members, housing&nbsp;advocates, and business leaders&nbsp;rallied in support of&nbsp;proposed&nbsp;legislation&nbsp;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.&nbsp;<a href=\"https:\/\/legistar.council.nyc.gov\/LegislationDetail.aspx?ID=7927487&amp;GUID=64AE3D51-0A35-4679-9EBF-3CBF3184CD48&amp;Options=&amp;Search=\" target=\"_blank\" rel=\"noreferrer noopener\">Introduction 685<\/a>, sponsored by Speaker Menin,&nbsp;would&nbsp;establish a new, first-in-the-nation&nbsp;Office of Insurance Accountability to&nbsp;equip&nbsp;both consumers&nbsp;and businesses&nbsp;with clear, accessible information&nbsp;to make informed decisions about their insurance coverage.&nbsp;&nbsp;<\/p>\n<p>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&nbsp;<a href=\"https:\/\/gothamist.com\/arts-entertainment\/nyc-bars-are-getting-crushed-by-the-rising-cost-of-liability-insurance\" target=\"_blank\" rel=\"noreferrer noopener\">change how they operate or even shut down<\/a>. Additionally, rapid increases in insurance costs are adding pressure to landlords to increase rents and putting the financial viability of affordable&nbsp;<a href=\"https:\/\/thenyhc.org\/wp-content\/uploads\/2024\/03\/Affordable-Housing-Insurance-Policy-Brief-3.16.24-Final.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">multifamily rental housing at risk<\/a>.&nbsp;&nbsp;&nbsp;&nbsp;<\/p>\n<p>Photos and videos from the rally can be found <a href=\"https:\/\/www.flickr.com\/photos\/nyccouncil\/albums\">here<\/a>.\u00a0<\/p>\n<p>\u201cNew Yorkers are overpaying for insurance of all kinds, and those rising costs hurt our wages, wallets, economic development,&nbsp;and a hidden&nbsp;contributor to&nbsp;the affordability crisis,\u201d&nbsp;said&nbsp;<strong>Speaker Julie Menin.<\/strong>&nbsp;\u201cThis bill gives the&nbsp;City&nbsp;the tools to understand what&nbsp;is driving these&nbsp;out-of-control&nbsp;costs so that we can spend smarter and get better value for taxpayers.&nbsp;Our goal is to make the system more&nbsp;equitable,&nbsp;transparent, and affordable for&nbsp;all New Yorkers.\u201d&nbsp;<\/p>\n<p><a href=\"https:\/\/legistar.council.nyc.gov\/LegislationDetail.aspx?ID=7927487&amp;GUID=64AE3D51-0A35-4679-9EBF-3CBF3184CD48&amp;Options=&amp;Search=\" target=\"_blank\" rel=\"noreferrer noopener\">Introduction 685<\/a>, sponsored by Speaker Menin, which would&nbsp;establish&nbsp;an Office of Insurance Accountability.&nbsp;The office would:&nbsp;<\/p>\n<ul class=\"wp-block-list\">\n<li>Provide information and guidance to consumers on selecting insurance plans\u00a0\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Track and publicly report on legal actions involving deceptive or unfair insurance practices\u00a0\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Conduct annual studies on the cost of insurance and the factors driving those costs\u00a0\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Issue recommendations to help stabilize or lower insurance costs\u00a0\u00a0<\/li>\n<\/ul>\n<ul class=\"wp-block-list\">\n<li>Create a consumer\u00a0assistance\u00a0unit, led by an Insurance Accountability Advocate, to help resolve insurance-related issues\u00a0<\/li>\n<\/ul>\n<p>The&nbsp;legislation&nbsp;builds on&nbsp;Speaker Menin\u2019s&nbsp;previous&nbsp;efforts to increase&nbsp;accountability&nbsp;and transparency&nbsp;on growing&nbsp;costs&nbsp;New Yorkers face. In 2023, the Council&nbsp;approved&nbsp;<a href=\"https:\/\/legistar.council.nyc.gov\/LegislationDetail.aspx?ID=5958278&amp;GUID=91F10F2F-285C-4152-A9B8-C8B743F64C70\" target=\"_blank\" rel=\"noreferrer noopener\">Local Law 78<\/a>, sponsored by&nbsp;then&nbsp;Council Member Menin, which&nbsp;established&nbsp;the Office of Healthcare Accountability.&nbsp;<\/p>\n<p>\u201cI am proud to stand with Speaker Menin in strong support of her legislation, Intro 685, to establish an Office of Insurance Accountability,\u201d said&nbsp;<strong>Deputy Leader Chris Banks<\/strong>. \u201cFor 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&nbsp;long\u2011overdue&nbsp;accountability to an industry that directly affects the financial security of families, homeowners, and small businesses across our city. Creating a dedicated office to&nbsp;assist&nbsp;consumers and advocate on their behalf is wise policy and essential, especially as New Yorkers continue to face an unprecedented affordability crisis.\u201d&nbsp;<\/p>\n<p>\u201cAmid this affordability crisis, residents of New York have watched insurance expenses surge &#8212; with home insurance rates throughout the state rising by 26 percent each year, healthcare costs rising, and car insurance costs standing 52 percent above the national average,\u201d said<strong>&nbsp;Council Member Linda Lee, Chair, Committee on Finance<\/strong>. \u201cIt is long overdue for us to take a peek behind the curtain, which is why I am proud to support Speaker Menin in creating an Office of Insurance Accountability to shed light on the practices of insurance companies that harm consumers, and demand transparency on where dollars are going. \u201c&nbsp;<\/p>\n<p>\u201cI\u2019m proud to stand with Speaker Menin in supporting the creation of the Office of Insurance Accountability: an important step toward bringing down costs for consumers across New York City,\u201d said&nbsp;<strong>Council Member Harvey Epstein, Chair, Committee on Consumer and Worker Protection<\/strong>. \u201cBy identifying the root causes of rising premiums and helping New Yorkers better navigate their coverage options, this office will provide the guidance and support people need to protect both their wallets and their rights.\u201d&nbsp;<\/p>\n<p>\u201cSmall businesses are being squeezed by insurance costs that are rising without warning and without explanation,\u201d said&nbsp;<strong>Council Member Shanel Thomas-Henry, Chair, Committee on Small Business<\/strong>. \u201cThat\u2019s&nbsp;not just frustrating,&nbsp;it\u2019s&nbsp;destabilizing. Intro 685 brings long-overdue transparency and accountability to a system that has&nbsp;operated&nbsp;in the dark for too long. By creating an Office of Insurance Accountability, we are exposing unfair practices, delivering real data and recommendations to stabilize costs, and giving entrepreneurs the tools to push back.\u201d&nbsp;<\/p>\n<p>\u201cRising insurance costs are putting real pressure on affordable housing across New York City,\u201d said&nbsp;<strong>Council Member Gale A. Brewer<\/strong>. \u201cWhen premiums increase this quickly and coverage becomes harder to secure, it affects building operations, repairs, and long-term stability for residents. Establishing an Office of Insurance Accountability would help bring greater transparency to the property insurance market, track unfair practices that affect consumers, and provide regular reporting on the factors driving costs. Along with efforts at the State level to better understand and stabilize insurance pricing, this kind of transparency is essential to responding effectively and protecting the city\u2019s affordable housing stock.\u201d&nbsp;<\/p>\n<p>\u201cNew Yorkers are tired of seeing their insurance rates go up every year without any clear answers as to why,\u201d said<strong>&nbsp;Council Member Joann Ariola<\/strong>. \u201cThis new office would help safeguard the people of this city against predatory companies, build a&nbsp;much needed&nbsp;layer of accountability over insurance providers, and give consumers a real advocate to turn to if they feel they&#8217;re being taken advantage of.\u201d&nbsp;<\/p>\n<p>Restaurants, bars, and nightlife venues across New York City are facing rapidly rising insurance costs that threaten their ability to&nbsp;operate,\u201d said&nbsp;<strong>Andrew&nbsp;Rigie, Executive Director, New York City Hospitality Alliance<\/strong>. \u201cIntroduction 685 is a smart, practical step to bring transparency to a complex market and better understand&nbsp;what\u2019s&nbsp;driving these increases. By creating an Office of Insurance Accountability, the City can help&nbsp;lay&nbsp;the groundwork for the broader solutions needed to stabilize costs for small businesses. We thank Speaker Menin for her leadership and support on this critical issue.\u201d&nbsp;<\/p>\n<p>\u201cSpeaker Menin\u2019s proposal to create an Office of Insurance Accountability is a strong step to increasing transparency for businesses navigating rising insurance costs across New York City,\u201d said&nbsp;<strong>Jessica Walker, President, Manhattan Chamber of Commerce<\/strong>. \u201cHaving a centralized resource can help shine a light on cost pressures that have become a real barrier to growth and hiring for small businesses. As this bill advances, I look forward to working alongside the Council to&nbsp;determine&nbsp;how we can also best support our job creators by addressing coordinated insurance fraud and frivolous litigation that raise costs.\u201d&nbsp;<\/p>\n<p>\u201cRising insurance costs are driving up operating expenses, straining already tight budgets, and making it harder to build and preserve the affordable homes New Yorkers rely on,\u201d said&nbsp;<strong>Rachel Fee, Executive Director, New York Housing Conference<\/strong>. \u201cThe creation of an Office of Insurance Accountability is a critical step toward bringing transparency and oversight to a system that has lacked both for too long. By tracking costs,&nbsp;identifying&nbsp;unfair practices, and providing clear guidance and support to consumers, this legislation can help stabilize insurance markets and reduce one of the fastest-growing cost pressures in housing. We commend Speaker Menin for advancing this important proposal and look forward to working with City leaders and partners to ensure insurance costs no longer stand in the way of delivering safe, affordable homes for New Yorkers.\u201d&nbsp;<\/p>\n<p class=\"has-text-align-center\">###&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p><em>Proposed&nbsp;legislation to create a&nbsp;first-in-the-nation&nbsp;Office of Insurance Accountability would increase&nbsp;support for consumers, enhance transparency,&nbsp;and make recommendations to&nbsp;stabilize growing costs<\/em>&nbsp;<\/p>\n<p><strong>NEW YORK, NY&nbsp;\u2013&nbsp;<\/strong>Today,&nbsp;Speaker Julie Menin, Council Members, housing&nbsp;advocates, and business leaders&nbsp;rallied in support of&nbsp;proposed&nbsp;legislation&nbsp;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.&nbsp;<\/p>\n<p>&#8230;<\/p>\n<p><strong><small><a href=\"https:\/\/council.nyc.gov\/press\/2026\/04\/29\/3115\/\">READ MORE<\/a><\/small><\/strong><\/p>\n","protected":false},"author":278,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3115","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/council.nyc.gov\/press\/wp-json\/wp\/v2\/posts\/3115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/council.nyc.gov\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/council.nyc.gov\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/council.nyc.gov\/press\/wp-json\/wp\/v2\/users\/278"}],"replies":[{"embeddable":true,"href":"https:\/\/council.nyc.gov\/press\/wp-json\/wp\/v2\/comments?post=3115"}],"version-history":[{"count":0,"href":"https:\/\/council.nyc.gov\/press\/wp-json\/wp\/v2\/posts\/3115\/revisions"}],"wp:attachment":[{"href":"https:\/\/council.nyc.gov\/press\/wp-json\/wp\/v2\/media?parent=3115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/council.nyc.gov\/press\/wp-json\/wp\/v2\/categories?post=3115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/council.nyc.gov\/press\/wp-json\/wp\/v2\/tags?post=3115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}