New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter V - Rates And Rating Organizations
Subchapter D - Rate Regulation And Promotion Of Competition
Part 161 - Flexible-rating System; Rating Plans; Tort Reform Refiling Requirements
Section 161.12 - Individual risks

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 161.12

Current through Register Vol. 46, No. 39, September 25, 2024

(a) Except as set forth in subdivision (b) of this section, individual rate filings for 'a' rated risks, including 'a' rated commercial umbrella policies, shall not be required to be filed with the superintendent. All such information, as described in section 161.11 of this Part, shall be retained in the insurer's individual underwriting file for each policy issued, for a period of five years from the date of first issuance of such policy, and shall be available for inspection by the superintendent at any time.

(b) Premium rates subject to prior approval as set forth in section 2305 (b) of the Insurance Law and section 161.4(b)(21) of this Part shall continue to be submitted in accordance with the requirements of section 161.11 of this Part.

(c) Premium and loss statistics on commercial umbrella policies shall be separately maintained by insurers writing such coverage and shall be segregated from statistics on other commercial liability insurance policies. Such statistics shall be reported to the superintendent upon request.

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