New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter V - Rates And Rating Organizations
Subchapter B - Commercial And Industrial Risks
Part 153 - Property/casualty Insurance Group And Quasi-group Standards
Section 153.5 - Premium collection and payment
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 153.5
Current through Register Vol. 46, No. 39, September 25, 2024
(a) The premium for coverage:
(1) under a group policy shall be paid by
each group member, and shall not be paid by the group or group master
policyholder from the group's general funds or other source; and
(2) under a quasi-group policy shall be paid
by each participant, and shall not be paid by the sponsoring entity from
general funds or other source.
(b) If authorized to act on the insurer's behalf:
(1) the group or master policyholder
may collect premiums from group members and remit such premiums to the insurer;
and
(2) the sponsoring entity may
collect premiums from quasi-group participants and remit such premiums to the
insurer.
(c) Failure to remit premiums when due to the insurer shall not constitute nonpayment of premium:
(1) by the group member, if the
group or master policyholder received such member's premium in a timely manner
and the insurer has authorized the group or group master policyholder to
collect premiums from group members for the insurer's account; and
(2) by the participant, if the sponsoring
entity has received such participant's premium in a timely manner and the
insurer has authorized the sponsoring entity to collect premiums from
participants for the insurer's account.
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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