New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter XII - Group Property/casualty Insurance
Part 310 - Product Or System Group Insurance Policies
Section 310.2 - General requirements

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 310.2

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

(a) A product or system group policy issued to a group policyholder or a certificate issued to a group member thereunder may be issued or delivered in this State only in compliance with the provisions of Insurance Law, section 3446 and this Part.

(b) A product or system group policy may provide coverage only for a kind or kinds of insurance authorized by Insurance Law, section 1113(a)(4) through (12), (19), or (20).

(c) No product or system group policy or certificate may be issued or delivered in this State except by an authorized insurer. No such policy or certificate shall be eligible for placement by an excess line broker licensed pursuant to Insurance Law, article 21.

(d) The group shall consist of at least 25 members. This requirement shall be satisfied if the insurer reasonably relies on the group policyholder's good faith expectation at the time that the policy is issued that the group will maintain a membership of at least 25 during the policy period.

(e) The premium for a product or system group policy, including certificates thereunder, shall be paid by the group policyholder from funds contributed wholly by the group policyholder.

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