Increases the fire insurance premium tax on foreign and alien insurers.

Assembly Bill A06977, introduced by Assemblymember Carrie Woerner on March 18, 2025, proposes increasing the fire insurance premium tax rate for foreign and alien insurers operating in New York State. Specifically, the bill seeks to raise the tax from $1.00 to $2.80 per $100 of premiums received for fire insurance policies covering property within the state. This change would apply to all foreign and alien fire insurance corporations, associations, or individuals, excluding foreign mutual fire insurance companies. The bill was referred to the Assembly Insurance Committee on January 7, 2026, and remains pending. ([legiscan.com](https://legiscan.com/NY/text/A06977/2025?utm_source=openai))

While there is no direct media coverage of Assembly Bill A06977, increasing the fire insurance premium tax on foreign and alien insurers could be viewed positively by domestic insurers. By raising the tax on foreign and alien insurers, the bill may level the playing field, potentially leading to increased market share for domestic insurers. This could result in more competitive pricing and improved services for consumers.

On the other hand, foreign and alien insurers might view the proposed tax increase as a financial burden, potentially leading to higher premiums for policyholders. This could make fire insurance less affordable for consumers, particularly in areas where foreign and alien insurers have a significant market presence. Additionally, the bill could discourage new foreign insurers from entering the New York market, potentially reducing competition and choice for consumers.