New York Codes, Rules and Regulations
Title 12 - DEPARTMENT OF LABOR
Chapter V - Workers' Compensation
Subchapter H - Disability Benefits
Article 1 - Regulations Under Disability Benefits Law
Part 360 - The Insurance Contract
Section 360.1 - The insurance contract

Universal Citation: 12 NY Comp Codes Rules and Regs ยง 360.1

Current through Register Vol. 46, No. 12, March 20, 2024

(a) Every contract of insurance, including any amendment, endorsement, or rider thereto, which provides for employee benefits under the Disability Benefits Law, Workers' Compensation Law, art. 9, whether such benefits are statutory benefits or benefits under a plan, shall meet the requirements of the Superintendent of Insurance.

(b) To make effective a contract of insurance to provide benefits pursuant to section 211 of the Workers' Compensation Law and other obligations under the Disability Benefits Law, each insurance carrier shall either:

(1) apply for acceptance by the chairman of one or more forms of insurance contract, on acceptance of each such form the chairman will assign to it an identifying number. The carrier may thereafter, and until acceptance of such contract form has been revoked by the chairman or its approval rescinded by the Superintendent of Insurance, file with the chairman a satisfactory certificate that it has issued an insurance contract in the accepted form, giving the required information with regard thereto; or

(2) apply promptly to the chairman for acceptance of an insurance contract as written and issued.

(c) Subject to acceptance of the underlying plan, if any, acceptance of each insurance contract shall be effective as follows:

(1) A contract for which a certificate is filed pursuant to paragraph (b)(1) of this section shall be effective as of the issue date of the contract, provided the certificate is promptly filed with the chairman.

(2) A contract for which an application is filed pursuant to paragraph (b)(2) of this section shall be effective as of the issue date of the contract, provided the insurance carrier's application for acceptance of the contract and preliminary certificate, both in form prescribed by the chairman, have been promptly filed with the chairman.

(d) If an insurance contract is intended to insure the obligations of an employer who desires to provide benefits by a plan under subdivision 4 or 5 of section 211, the insurance contract will not be acceptable, either under paragraph (b)(1) or (2) of this section, as of a date prior to the effective date of acceptance of the plan, the benefits of which the insurance contract is intended to insure.

(e) The chairman shall, by rule, prescribe the procedure for applications under paragraphs (b) (1)-(2) of this section and the several forms to be used.

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