New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter I - GENERAL PROVISIONS
Part 19 - Homeowners Insurance; Applications For Withdrawal From Marketplace
Section 19.2 - Standards for applications
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 19.2
Current through Register Vol. 46, No. 12, March 20, 2024
(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.
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