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 161.2 - Tort reform refiling requirements

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 161.2

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

(a) To alleviate affordability and availability problems affecting commercial risk, professional liability and public entity insurance, the omnibus and companion laws contain a number of significant measures in the nature of tort reform:

(1) modification of the joint and several liability doctrine;

(2) new appellate standard for review of verdicts;

(3) credit for collateral sources;

(4) itemized verdicts required in tort actions;

(5) periodic payment of substantial future damages;

(6) penalties for frivolous litigation;

(7) immunity for uncompensated nonprofit directors and officers; and

(8) modification of toxic tort statute of limitations.

(b) With the exception of paragraphs (a)(7) and (8) of this section, these reforms are across-the-board measures, affecting tort actions regardless of the identity of plaintiffs or defendants. Collectively, these meaningful measures can reasonably be expected to reduce commercial risk, professional liability and public entity insurance costs. These overall cost savings must be reflected in appropriate reduced rates for these coverages.

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