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 161.4 - Flexibility bands
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 161.4
Current through Register Vol. 46, No. 39, September 25, 2024
(a) Flex-bands will be periodically reviewed by the superintendent, in light of factors such as:
(1) the extent and nature of
competition;
(2) size and
significance of the coverage;
(3)
level and range of rates and rate changes among insurers;
(4) investment and underwriting experience of
insurers;
(5) reinsurance
availability;
(6) consumer
complaints;
(7) extent of denials
and restrictions of coverage;
(8)
volume of cancellations and nonrenewals; and
(9) changing conditions in the economic,
judicial and social environment.
(b) Flex-bands define the extent to which, during a one-year period in connection with a particular market, rate level increases or decreases may take effect without prior approval. The following flex-bands shall be in effect, beginning September 26, 1986, in regard to the specified markets:
| (1) | municipal liability | ±15% |
| (2) | public school liability | ±15% |
| (3) | child care liability | ±10% |
| (4) | nonprofit philanthropic and civic activity liability | ±15% |
| (5) | public officials liability | ±15% |
| (6) | nonprofit IRC section 501(c)(3) directors and officers | ±10% |
| (7) | other directors and officers liability | ±20% |
| (8) | professional liability | ±20% |
| (9) | other errors and omissions liability | ±20% |
| (10) | recreational liability | ±15% |
| (11) | other owners, landlords and tenants liability | ±15% |
| (12) | other manufacturers and contractors liability | ±15% |
| (13) | products liability | ±20% |
| (14) | completed operations liability | ±20% |
| (15) | liquor law liability | ±15% |
| (16) | nonlivery commercial motor vehicle | ±15% |
| (17) | CMP combined effect (see section 161.3[b][2][i] exception) | ±15% |
| (18) | business owners policies (BOP) | ±15% |
| (19) | business auto policies (BAP) | ±15% |
| (20) | high limits excess liability renewal policies | ±30% |
| (21) | 'a' rated renewal policies | ±30% |
| (22) | all other liability | ±20% |
(c) Flex-bands for legal services insurance and prepaid legal services plans.
(1) The flex-band for a prepaid
legal services plan, including legal services insurance written as part of such
a plan, is ±20 percent.
(2) The
flex-band for legal services insurance written as part of a policy of liability
insurance shall be:
(i) the same flex-band
that applies to the underlying liability insurance policy, where there is no
separate identifiable premium for the legal services insurance; and
(ii)
±20 percent, where there is a separate
identifiable premium for the legal services insurance.
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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