11 CRR-NY 19.2NY-CRR
11 CRR-NY 19.2
11 CRR-NY 19.2
19.2 Standards for applications.
(a) An insurer that intends to materially reduce its volume of homeowners policies written on risks or operations in this State shall submit to the superintendent, at least 60 days in advance of implementing such action, a plan for the orderly reduction of the number of policies written.
(b) The plan shall contain the following information:
(1) a description of the contemplated action, including, but not limited to:
(i) the number of policies to be nonrenewed or canceled in:
(a) each county of the State;
(b) areas within one mile of a saltwater shoreline, canal or bay in the counties of Queens, Kings, Richmond, Bronx or Westchester; and
(c) areas where policies issued by the New York Property Insurance Underwriting Association have increased since January 1, 1992 by an amount deemed significant by the superintendent;
(ii) the number of policies for which renewal will be based upon the acceptance, by the insured, of a policy condition not previously required in:
(a) each county of the State;
(b) areas within one mile of a saltwater shoreline, canal or bay in the counties of Queens, Kings, Richmond, Bronx or Westchester; and
(c) areas where policies issued by the New York Property Insurance Underwriting Association have increased since January 1, 1992 by an amount deemed significant by the superintendent;
(iii) the types and numbers of policies to be canceled or nonrenewed;
(iv) the number of policies to be nonrenewed or canceled, on a quarterly basis, if the company's material reduction of policies will occur over a five-year period; and
(v) the number of policies to be nonrenewed or canceled, on a monthly basis, if the company's material reduction of policies will occur over a one-year period;
(2) the specific reasons for such action;
(3) the measures which will be taken to minimize market disruption, including:
(i) steps which the insurer has taken to locate other authorized insurers to write the policies that are being terminated;
(ii) if one or more insurers have agreed to write the policies being terminated, a statement whether the replacement coverage will be the same or better and whether there would be an average increase or decrease in cost to the insureds;
(iii) whether the new insurer is waiving its right to cancel the policy for any reason during the first 60 days as provided for in section 3425(b) of the Insurance Law; and
(iv) all steps being taken to advise insureds of the reduction in the insurer's volume of homeowners insurance policies, including copies of all notices or statements being sent to insureds advising them of this action;
(4) a notification to the coastal market assistance plan of the number of policies that will be canceled or nonrenewed in areas covered by the coastal market assistance plan;
(5) a description of the insurer's review of alternatives to a material reduction of the volume of homeowners insurance policies; and
(6) such other information as the superintendent may require.
(c) The information required by paragraph (b)(1) of this section shall be provided for each of the geographic areas specified in subparagraph (i) of such paragraph.
11 CRR-NY 19.2
Current through July 31, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: The "Current through" date indicated immediately above is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Administrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of NYS Rules.