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 60-3 - TRANSPORTATION NETWORK COMPANIES: MINIMUM PROVISIONS FOR POLICIES AND OTHER REQUIREMENTS
Section 60-3.8 - Excess line policies
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 60-3.8
Current through Register Vol. 46, No. 39, September 25, 2024
(a)
(1) In accordance with Vehicle and Traffic
Law section 1693(7)(b), a TNC group policy may be procured by a licensed excess
line broker pursuant to Insurance Law section 2118 and regulations thereunder
if the insurance is unavailable from authorized insurers. The excess line
broker shall obtain declinations from three authorized insurers as provided in
section 27.3 of Part 27 of this Title
(Insurance Regulation 41). The excess line broker may not utilize the procedure
specified in section
27.3(g) or (h) of
this Part.
(2) The declinations
obtained pursuant to section
27.3 of Part 27 of this Title
shall be valid for one year and apply to all of the drivers insured under the
group policy with respect to coverages provided without option by the group
policyholder. The affidavit by a broker or an excess line broker, evidencing
the requisite number of declinations, shall be executed and filed by the
licensee on behalf of the group policyholder. The excess line broker shall not
renew the group policy with the unauthorized insurer unless the excess line
broker obtains three declinations in accordance with the provisions of section
27.3 of Part 27 of this
Title.
(3) The excess line broker
shall provide a written affirmation to the TNC of the unavailability of
coverage from an authorized insurer annually.
(b) Prior to procuring a group policy from an unauthorized insurer, an excess line broker shall obtain a written commitment from the unauthorized insurer that the insurer shall:
(1) cooperate with the superintendent with
regard to any inquiry or request for information pertaining to the group policy
or any claim submitted thereunder;
(2) comply with the requirements of Part 216
of this Title (Insurance Regulation 64);
(3) use licensed adjusters to investigate or
adjust claims submitted under the group policy;
(4) and maintain records in accordance with
Part 243 of this Title (Insurance Regulation 152) and maintain the privacy of
consumers and customers in accordance with Part 420 of this Title (Insurance
Regulation 169).
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