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 186.8 - Repossession
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 186.8
Current through Register Vol. 46, No. 39, September 25, 2024
In the event of cancellation of a debtor's policy on repossession, the insurer shall submit a notice directly to the debtor which accurately states the amount of premium returned to the creditor. In situations where a repossession is preceded by a total or constructive total loss, the insurer shall compute its loss liability in accordance with the policy provisions and shall forward a notice directly to the debtor, or to his estate, which accurately states the amount of its liability under the loss, the computation basis thereof and the amount of loss payment to the lender or lienholder.
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