New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter V - Rates And Rating Organizations
Subchapter E - Methodologies For Measuring The Profitability Of Property And Liability Insurance Lines
Part 165 - Methodologies For Measuring The Profitability Of Property And Liability Insurance Lines Written In New York State
Section 165.1 - Preamble
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 165.1
Current through Register Vol. 46, No. 39, September 25, 2024
(a) Section 2323 of the Insurance Law directs the Superintendent of Financial Services, by regulation, to establish a method for determining and reporting profitability for each kind of property and liability insurance. Specifically, subsections (a) and (b) of section 2323 provide as follows:
"(a) The
superintendent shall by regulation establish a method for determining
profitability, from whatever source such profits are derived, and rates of
return on net worth, assets and earned premiums, with respect to each kind of
insurance subject to this article, based on reasonable and uniform assumptions,
including assumptions as to (1) amounts of net worth attributable to such kinds
of insurance, (2) assets available for investment generated by such kinds of
insurance, (3) federal income taxes, and (4) average earnings on insurers'
investments.
(b) The regulation
shall require insurers annually to report to the superintendent, who will make
these reports available to the public, concerning such profitability and rates
of return."
(b) This Part implements the mandate of the legislature contained in the foregoing.
(c) A discussion of its essential principles and a comparison with the National Association of Insurance Commissioners' approach to measuring profitability is set forth in Appendix 15, infra.
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