New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter VII - Credit And Creditor Insurance
Part 186 - Insurance Covering Debtors Or Personal Property Purchased On Installment Or Deferred Payment Plans
Section 186.4 - Notice when debtor's interest not insured

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 186.4

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

Where a policy provides insurance solely for the interest of the creditor and a licensee of this department has either actual or constructive notice that an identifiable charge for the policy has been made to the debtor:

(a) the insurer issuing such policy shall provide notice to the debtor that the debtor's interest is not protected; and

(b) any agent or broker who arranges for or obtains such insurance shall provide that the debtor be clearly advised in writing that such insurance is for the sole protection of the creditor. Such policies also shall provide, except for wilful acts or omissions, an express waiver of subrogation against the debtor, or any assignee of the debtor.

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