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. 12, March 20, 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).
Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.