New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter B - Property and Casualty Insurance
Part 74 - Homeowners Insurance Disclosure Information And Other Notices
Section 74.0 - Introduction and purpose

(1) Chapter 44 of the Laws of 1998 enacted a new section 3445 of the Insurance Law, requiring the superintendent to establish by regulation disclosure requirements with respect to the operation of any deductible in a homeowners insurance policy or dwelling fire personal lines policy that applies as the result of a windstorm. Further, section 3445 requires such regulation to prescribe the form of a notice to be provided by an insurer to an insured and provides that the notice shall explain in clear and plain language the amount of the deductible, the circumstances under which the deductible applies and any other matters which the superintendent, in his or her discretion, shall deem necessary or appropriate.

(2) This Part sets standards for the uniform display of windstorm deductibles, which consist of hurricane and non-hurricane deductibles, in the policy declarations; and provides the minimum provisions to be contained in the policyholder disclosure notice, which will explain the purpose and operation of the hurricane deductible, and must accompany new and renewal policies containing such deductibles.

(1) Chapter 162 of the Laws of 2006 amended section 3425 (e) of the Insurance Law to direct the superintendent to establish by regulation standards for notices of cancellation, nonrenewal, and conditional renewal for certain homeowners policies as defined in section 2351 (a) of the Insurance Law where the property is located in an area served by a market assistance program established by the superintendent for the purpose of facilitating placement of homeowners insurance. Chapter 162 also added a new section 5403(d), which directs the New York Property Insurance Underwriting Associates (NYPIUA) to notify policyholders that may be eligible for coverage in the market assistance program of the availability of coverage.

(2) This Part establishes the minimum requirements pertaining to the notices required by chapter 162.