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. 12, March 20, 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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