New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter B - Property and Casualty Insurance
Part 67 - Mandatory Underwriting Inspection Requirements for Private Passenger Automobiles
Section 67.10 - Permissible premium adjustments
Current through Register Vol. 46, No. 12, March 20, 2024
(a) An insurer may grant premium reductions when an inspection made pursuant to this Part discloses that previous damage or the prior condition of an insured automobile would result in a reduction in the amount payable for settlement of a private passenger automobile physical damage claim in the event of a total loss. An insurer may file revised premium rates, which would be effective under such circumstances, to reduce their fire and theft or comprehensive premium rates as follows:
|
Diminution of Value |
Reduction Permitted |
|
Under $ 500.00 |
None |
|
$ 500.01 to $ 750.00 |
5% |
|
$ 750.01 to $ 1,000.00 |
7.5% |
|
more than $1000.00 |
10% |
(b) An insurer may deviate from the premium reductions specified in subdivision (a) of this section, upon filing the proposed deviation as a rating rule subject to the superintendent's approval in accordance with Article 23 of the Insurance Law.
