New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter B - Property and Casualty Insurance
Part 62 - FIRE INSURANCE
Subpart 62-2 - REPORTS TO CENTRAL ORGANIZATION
Section 62-2.2 - Central organization

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 62-2.2

Current through Register Vol. 46, No. 39, September 25, 2024

(a) In order to comply with this Subpart, every insurer licensed to write fire insurance in this State is hereby required to become a subscriber to the central organization designated by the superintendent and shall be bound by all of the terms and conditions of subscribership thereto.

(b) Reporting and follow-up requirements.

Insurers shall report all fire losses in excess of $1,000 involving applicable property, except losses to vehicles registered for use on public highways, to the central organization within five business days following receipt of notice of loss. If the insurer has not received a response from the central organization within 15 calendar days following its submission of the fire loss report, the insurer shall continue to complete the adjustment of the loss.

(c) Verification procedures required prior to paying a fire claim.

An insurer shall comply with the central organization reporting procedures prior to paying a fire claim, subject to the rules provided for in this Subpart.

(1) The insurer shall not complete adjustment of the loss until expiration of 15 calendar days from the date of the submission of the fire loss report to the central organization.

(2) If the central organization's response indicates insurance coverage by more than one insurer or of a previous fire loss, the insurers shall promptly investigate and resolve such circumstance or confirm information related to prior losses.

(3) Subject to the provisions of section 62-1.2 of this Part, if the central organization report or other information indicates to the insurer that the fire claim may be fraudulent, the insurer shall suspend processing of the claim pursuant to the provisions of Insurance Law section 2601.

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