11 CRR-NY 67.10NY-CRR
11 CRR-NY 67.10
11 CRR-NY 67.10
67.10 Permissible premium adjustments.
(a) An insurer may grant premium reductions when an inspection made pursuant to this Part discloses that previous damage or the prior condition of an insured automobile would result in a reduction in the amount payable for settlement of a private passenger automobile physical damage claim in the event of a total loss. An insurer may file revised premium rates, which would be effective under such circumstances, to reduce their fire and theft or comprehensive premium rates as follows:
| Diminution of value | Reduction permitted | |
| Under $500 | None | |
| $500.01 to $750 | 5% | |
| $750.01 to $1,000 | 7.5% | |
| More than $1,000 | 10% |
(b) An insurer may deviate from the premium reductions specified in subdivision (a) of this section, upon filing the proposed deviation as a rating rule subject to the superintendent’s approval in accordance with article 23 of the Insurance Law.
11 CRR-NY 67.10
Current through May 31, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, 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 Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.