12 CRR-NY 360.1NY-CRR
12 CRR-NY 360.1
12 CRR-NY 360.1
360.1 The insurance contract.
(a) Every contract of insurance, including any amendment, endorsement, or rider thereto, which provides for employee benefits under Workers' Compensation Law, article 9, whether such benefits are statutory benefits or benefits under a plan, shall meet the requirements of the Superintendent of Financial Services.
(b) To make effective a contract of insurance to provide benefits pursuant to section 211 of the Workers' Compensation Law, each insurance carrier shall either:
(1) apply for acceptance by the chair of one or more forms of insurance contract, on acceptance of each such form the chair will assign to it an identifying number. The carrier may thereafter, and until acceptance of such contract form has been revoked by the chair or its approval rescinded by the Superintendent of Financial Services, file with the chair a satisfactory certificate that it has issued an insurance contract in the accepted form, giving the required information with regard thereto; or
(2) apply promptly to the chair for acceptance of an insurance contract as written and issued.
(c) Subject to acceptance of the underlying plan, if any, acceptance of each insurance contract shall be effective as follows:
(1) A contract for which a certificate is filed pursuant to paragraph (b)(1) of this section shall be effective as of the issue date of the contract, provided the certificate is promptly filed with the chair.
(2) A contract for which an application is filed pursuant to paragraph (b)(2) of this section shall be effective as of the issue date of the contract, provided the insurance carrier's application for acceptance of the contract and preliminary certificate, both in form prescribed by the chair, have been promptly filed with the chair.
(d) If an insurance contract is intended to insure the obligations of an employer who desires to provide benefits by a plan under subdivision 4 or 5 of section 211, the insurance contract will not be acceptable, either under paragraph (b)(1) or (2) of this section, as of a date prior to the effective date of acceptance of the plan, the benefits of which the insurance contract is intended to insure.
(e) The chair shall, by rule, prescribe the procedure for applications under paragraphs (b)(1)-(2) of this section and the forms or format to be used.
12 CRR-NY 360.1
Current through August 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.