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
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 74.0
Current through Register Vol. 46, No. 12, March 20, 2024
(a)
(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.
(b)
(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.
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