New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter B - Property and Casualty Insurance
Part 70 - Medical Malpractice Insurance Rate Modifications, Provisional Rates, Required Policy Provisions And Availability Of Additional Coverages
Section 70.6 - Provisional rates for the period commencing july 1, 1985 and ending on november 30, 1985: required endorsement
Current through Register Vol. 46, No. 39, September 25, 2024
(a) Section 70.5(c)(1) of this Part directs all insurers writing physicians medical malpractice insurance to apply a 15-percent downward modification to reduce previously approved rates for all policies issued from July 1, 1984 through June 30, 1985. Pursuant to new section 2343 (b) of the Insurance Law:
"Any such modified rate shall remain in effect as a provisional rate for the period commencing July 1, 1985 and ending on November 30, 1985. The superintendent, subsequent to December 1, 1985, shall approve final rates for the period commencing July 1, 1985 and ending June 30, 1986. No insurer shall have the duty to file for final rates for the period commencing July 1, 1985 prior to December 1, 1985."
The provisional rate for July 1, 1985 through November 30, 1985 required by section 2343 (b) of the Insurance Law is the modified rate that has been directed in section 70.5(c)(1) of this Part.
(b) All insurers that issue policies of physicians medical malpractice liability insurance, as defined in section 70.1(a) of this Part, and all insurers with permits under section 6302 of the Insurance Law that issue policies, including such coverage of physicians, shall furnish their insureds with the followng endorsement in connection with all such policies in effect on and after July 1, 1985:
"THE PREMIUMS ON THIS POLICY FOR THE PERIOD OF COVERAGE COMMENCING ON OR AFTER JULY 1, 1985 THROUGH NOVEMBER 30, 1985 ARE PROVISIONAL AND ARE SUBJECT TO UPWARD OR DOWNWARD ADJUSTMENT. INSUREDS MAY BE REQUIRED TO PAY AN AMENDED PREMIUM RETROACTIVE TO JULY 1, 1985, OR THE ANNIVERSARY DATE OF THE POLICY, WHICHEVER IS LATER OR BE ENTITLED TO A CREDIT IF IT IS DETERMINED THAT A DOWNWARD ADJUSTMENT IS NECESSARY IN ORDER TO MEET STATUTORY RATING STANDARDS."
(c) Compliance. A copy of this endorsement shall be mailed or furnished to all insureds and additional named insureds forthwith, but in no event later than August 1, 1985 or concurrently with all policies issued or renewed.
