New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter XVI - Service Contracts
Part 390 - Service Contracts
Section 390.0 - Purpose
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 390.0
Current through Register Vol. 46, No. 39, September 25, 2024
This Part implements, interprets, and clarifies chapter 614 of the Laws of 1997, which amended several sections of the Insurance Law and added a new article 79 to the Insurance Law entitled "service contracts". New article 79 exempts the business of service contracts from all other provisions of the Insurance Law and establishes a framework by which service contract providers must be registered with, and subject to the jurisdiction of, the superintendent. Chapter 614 also establishes a new kind of insurance, entitled "service contract reimbursement insurance," which may be used by the service contract provider to demonstrate financial responsibility.
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