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 186.9 - Filing and approval of forms and premium rates

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 186.9

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

(a) No policy of credit property insurance, certificate, application, or other form pertaining to credit property insurance subject to section 2340 of the New York Insurance Law and to this Part shall be issued or delivered in this State unless such form has been filed with the Superintendent of Insurance and approved by him.

(b) Each insurer filing rates for credit property insurance shall include in its rate filing with the superintendent the appropriate rate formula upon which its rates are based, including provisions for expenses, losses and profit. The provision for losses included in such rate formula shall be not less than 55 percent of the premium.

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