New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter B - Property and Casualty Insurance
Part 60 - Minimum Provisions For Automobile Liability Insurance Policies And Supplementary Uninsured Motorists Insurance
Subpart 60-2 - Supplementary Uninsured/underinsured Motorists Insurance
Section 60-2.0 - Preamble, definitions, and applicability
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 60-2.0
Current through Register Vol. 46, No. 39, September 25, 2024
(a)
(1) Except as provided in paragraph (2) of
this subdivision, this Subpart implements:
(i)
Insurance Law section 3420(f)(2), which requires a motor vehicle liability
insurer to provide, at the option of the insured, supplementary
uninsured/underinsured motorists (SUM) insurance coverage to all policyholders
in New York State;
(ii) Vehicle and
Traffic Law section 1693(3), which requires minimum SUM coverage on all
policies satisfying the financial responsibility requirements of that
subsection; and
(iii) General
Business Law section 901(2)(c), which requires minimum SUM coverage on a group
policy satisfying the financial requirements of that
subdivision.
(2) This
Subpart also implements Insurance Law section 3420(f)(2-a), which requires an
insurer that issues a motor vehicle liability insurance policy originally
entered into on or after June 16, 2018, other than a commercial risk insurance
policy, to provide SUM insurance for bodily injury, in an amount equal to the
bodily injury liability insurance limits of coverage provided under the motor
vehicle liability insurance policy, unless the first named insured declines the
SUM insurance or selects a lower amount of coverage through a written, signed
waiver; provided, however, the insurer may require that the insured's SUM
coverage limit equal the insured's bodily injury liability insurance limit
under the policy.
(3) This Subpart
further implements section 19 of Part III of Chapter 59 of the Laws of 2019,
which amended Insurance Law section 3420(f) to require that any policy insuring
against loss resulting from liability imposed by law for bodily injury or death
suffered by any natural person arising out of the ownership, maintenance and
use of an altered motor vehicle, commonly referred to as a "stretch limousine",
having a seating capacity of eight or more passengers used in the business of
carrying or transporting passengers for hire, provide SUM coverage for bodily
injury in an amount of a combined single limit of $1,500,000 because of bodily
injury or death of one or more persons in any one accident for any policy
issued, renewed, altered, or modified on or after January 1,
2020.
(b) This Subpart interprets Insurance Law sections 3420(f)(2), (2-a), and (5), and establishes a standard form for SUM coverage, in order to eliminate ambiguity, minimize confusion and maximize its utility.
(c) The prescribed standard form for SUM coverage shall be exempt from compliance with Insurance Law section 3102(c)(1)(D) pursuant to Insurance Law section 3102(c)(2)(F)(ii).
(d) As used in this Subpart:
(1) the terms digital network, transportation
network company driver, TNC driver, transportation network company, TNC
prearranged trip, and TNC shall have the meanings set forth in Vehicle and
Traffic Law section 1691;
(2)
commercial risk insurance means insurance against losses or liabilities arising
out of the ownership, operation, or use of a motor vehicle, other than a motor
vehicle predominantly used for non-business purposes when a natural person is
the named insured under the policy, provided, however, that the use or
operation of the motor vehicle by a transportation network company driver in
accordance with Vehicle and Traffic Law article 44-B or by a shared vehicle
driver in accordance with General Business Law article 40 shall not be included
in determining whether the motor vehicle is being used predominantly for
non-business purposes;
(3) first
named insured means the individual specified first on the declarations page of
a motor vehicle liability insurance policy, or the individual's spouse, if the
spouse is a resident of the same household and specified on the declarations
page; and
(4) the terms group
policy, peer-to-peer car sharing period, peer-to-peer car sharing program,
peer-to-peer car sharing program administrator, and shared vehicle driver shall
have the meanings set forth in General Business Law section 900.
(e) This Subpart applies to every insurance policy:
(i) insuring against loss
resulting from liability imposed by law for bodily injury or death suffered by
any natural person arising out of the ownership, maintenance and use of a motor
vehicle, by the insured; and
(ii)
issued or delivered by any insurer upon any motor vehicle then principally
garaged or principally used in this state.
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