New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IX - Unfair Trade Practices
Part 227 - Regulation of Force-placed Insurance
Section 227.3 - Amount of Coverage
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 227.3
Current through Register Vol. 46, No. 39, September 25, 2024
An insurer shall not issue force-placed insurance in excess of the borrower's last known amount of hazard insurance; provided, however, that if the amount of the borrower's last known hazard insurance did not comply with the mortgage loan requirements, then the insurer shall not issue force-placed insurance in excess of the replacement cost of the improvements on the mortgaged property.
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