New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter V - Rates And Rating Organizations
Subchapter B - Commercial And Industrial Risks
Part 152 - Physicians And Surgeons Professional Insurance Merit Rating Plan
Section 152.7 - Implementation

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 152.7

Current through Register Vol. 46, No. 12, March 20, 2024

(a) Insurers may continue to use merit rating plans which have been approved by the superintendent. The offsets that must be applied to the base rates in order to insure that these plans are revenue neutral should be incorporated in all subsequent rate filings. These offsets shall be periodically reviewed by all insurers.

(b) An insurer wishing to modify its approved merit rating plan shall submit the modified plan to the superintendent for approval. An insurer entering the physicians and surgeons professional liability market in New York may utilize the merit rating plan model set forth in this Part or may submit an alternative merit rating plan. A submission shall include a detailed explanation of how the proposed merit rating plan complies with section 152.4 of this Part.

(c) Any insurer that intends to offer the premium credit provided for in section 152.5 of this Part must submit its proposed risk management program to the superintendent and obtain approval prior to the granting of any such credit.

(d) The risk management program must specify:

(1) the amount of the credit;

(2) the length of the basic and follow-up courses;

(3) the specific basic and follow-up courses;

(4) the qualifications required for developers of the internet-based program and instructors in each subject area;

(5) the methodology for monitoring attendance during the lecture course format and for assuring that the eligible insured is the person who has taken and completed the internet-based course;

(6) a description of the required project;

(7) the methodology for verifying satisfactory completion of all components of the program prior to the granting, or continuation, of any premium credit;

(8) the identity of the entity, if any, designated by the insurer to administer the risk management program on its behalf, the qualifications of that entity, and the steps the insurer will take to monitor the program;

(9) the methodology for informing insureds of the availability of the risk management credit and the dates, locations, and, if applicable, the internet address, of each risk management program offered by the insurer;

(10) the amount of tuition and other fees, if any, to be charged insureds participating in the program; and

(11) for internet-based program format, a description of the type of interaction required of the insured, and the basis for the insurer's determination that the component is equivalent to the time and content of the lecture component.

(e) Insurers shall:

(1) review at least annually and update as necessary, their risk management programs;

(2) submit all changes to the superintendent for prior approval; and

(3) notify all insureds of the dates, locations, and if applicable, the internet address, of each risk management course offered by the insurer.

Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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