New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter V - Rates And Rating Organizations
Subchapter D - Rate Regulation And Promotion Of Competition
Part 160 - Responsibilities In Construction And Application Of Rates
Section 160.4 - Rates not in accordance with law
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 160.4
Current through Register Vol. 46, No. 39, September 25, 2024
Penalties. The adoption and charging of a rate will not be deemed to be a violation of law within the meaning of section 2320 (c) of the Insurance Law where it has been constructed and applied in the good faith exercise of reasonable judgment and competence and in fair consideration of the relevant factors and interests and in accordance with the procedures prescribed in the law and these regulations, even though it may subsequently be determined by the superintendent that the rate does not comply with the standards of section 2303 of the Insurance Law.
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