New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter V - Rates And Rating Organizations
Subchapter D - Rate Regulation And Promotion Of Competition
Part 163 - Flexible Rating For Nonbusiness Automobile Insurance Policies
Section 163.0 - Preamble

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 163.0
Current through Register Vol. 46, No. 39, September 25, 2024

On June 30, 2008, the Governor signed chapter 136 of the Laws of 2008 into law to enhance competition in the nonbusiness motor vehicle market, by adding a new Insurance Law section 2350. Chapter 136 replaces the prior approval system, in effect since 2001 for nonbusiness motor vehicle insurance rates, with a flexible rating (flex-rating) system. The new system, which takes effect on January 1, 2009, is a blend of prior approval and competitive rating. The system allows periodic overall average rate changes up to five percent on a file and use basis, and requires the superintendent's prior approval of overall average rate increases above five percent in any twelve-month period. The new section 2350 requires the superintendent to promulgate rules and regulations implementing the new flex-rating system.

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