NY Ins L § 2305 (2021)
2021 New York Laws ISC - Insurance Article 23 - Property/casualty Insurance Rates 2305 - Rates or Rating Plans; No Prior Approval; Prior Approval.

§  2305.  Rates  or  rating  plans; no prior approval; prior approval. * (a) Except as otherwise provided in subsection (b) hereof  or  section two  thousand  three  hundred  eight  of this article, prior approval of rates, rating plans, rating rules and rate manuals by the superintendent shall not be required.   * NB Expires July 1, 2023  (b) rate filings for:  (1) workers' compensation insurance;  (2) motor vehicle insurance, or  surety  bonds,  required  by  section three  hundred  seventy  of  the  vehicle  and  traffic  law  or article forty-four-B of the vehicle and traffic law;  (3) joint underwriting;  (4) motor vehicle assigned risk insurance;  (5) insurance issued by the New York Property  Insurance  Underwriting Association;  (6)  risk  sharing  plans  authorized  by  section  two thousand three hundred eighteen of this article;  (7) title insurance;  (8) medical malpractice liability insurance;  (9) insurance issued by the Medical Malpractice Insurance Association;  (10) mortgage guaranty insurance;  (11) credit property insurance, as defined  in  section  two  thousand three hundred forty of this article;  (12) gap insurance; and  (13)  private  passenger  automobile  insurance, except as provided in section two thousand three hundred fifty of this article, shall be filed with the superintendent and shall  not  become  effective unless  either  the  filing  has been approved or thirty days, which the superintendent may with cause extend an additional thirty days and  with further  cause  extend  an additional fifteen days, have elapsed and the filing has not been disapproved as failing to meet the  requirements  of this  article,  including  the  standard  that  rates  be  not otherwise unreasonable. After a rate filing  becomes  effective,  the  filing  and supporting  information  shall be open to public inspection. If a filing is disapproved, then notice of such disapproval order  shall  be  given, specifying  in  what respects such filing fails to meet the requirements of this article. Upon his or her request, the  superintendent  shall  be provided  with  support  and  assistance  from the workers' compensation board  and  other  state  agencies  and  departments  with   appropriate jurisdiction.  The  loss  cost  multiplier  for  each  insurer providing coverage for workers' compensation, as defined by regulation promulgated by the superintendent, shall be promptly displayed on  the  department's website and updated in the event of any change.  (c)  Rates  filed  with the superintendent shall be accompanied by the information upon which the insurer supports the rate  as  set  forth  in subsection  (b)  of  section  two  thousand  three  hundred four of this article.  (d) When a filing subject to subsection (b) hereof or to  section  two thousand  three hundred forty-four of this article is not accompanied by the information upon which the  insurer  supports  the  filing  and  the superintendent does not have sufficient information to determine whether the  filing meets the requirements of this article, the insurer shall be required to furnish such information  and  in  such  event  the  thirty, thirty  or fifteen day period of subsection (b) hereof or subsection (d) of section two thousand three hundred forty-four shall  commence  as  of the date such information is furnished.  (e)  The superintendent: (1) by regulation may, in lieu of the waiting period set forth in subsection (b) of  this  section,  require  workers'  compensation  insurance  rate filings to be specifically approved before they become effective; and (2) shall hold a public  hearing  if  a  rate service  organization makes a loss cost filing for workers' compensation that is an increase of five percent or more over the approved loss costs from  the  prior  year.  Until June second, two thousand twenty-eight, a rate service organization for workers' compensation shall  make  a  loss cost  filing every year on or before June first, or such earlier date as is set by the superintendent.  (f) Subsection (a) of this section shall be  of  no  force  or  effect during  the period August third, two thousand one through the day before the effective date of the property/casualty insurance availability  act, and  after  June thirtieth, two thousand twenty-three. During the period August third, two thousand one through the day before the effective date of  the  property/casualty  insurance  availability   act,   and   again commencing   on   July  first,  two  thousand  twenty-three,  all  rates previously subject to subsection (a) of this section, other  than  rates that  are not required to be filed pursuant to subsection (b) of section two thousand three hundred  ten  of  this  article  or  that  have  been suspended  from  the filing requirement pursuant to section two thousand three  hundred  eleven  of  this  article,  shall  become   subject   to subsections  (b),  (c)  and (d) of this section. All other provisions of this article applicable to kinds of insurance  or  insurance  activities the  rates  for which are subject to prior approval under subsection (b) of this section shall apply to kinds of insurance the  rates  for  which were  previously  subject to subsection (a) of this section or the rates for which are not required to be filed pursuant  to  subsection  (b)  of section  two thousand three hundred ten of this article or the rates for which have been  suspended  from  the  filing  requirement  pursuant  to section two thousand three hundred eleven of this article.  (g)  (1)  If  all  rates  should  become subject to the prior approval provisions of subsections (b), (c)  and  (d)  hereof  as  set  forth  in subsection  (f)  hereof,  rates for inland marine risks which by general custom of the business are not written  according  to  manual  rates  or rating  plans  are  not  required  to be filed unless the superintendent directs they be filed.  (2) Specific inland marine rates on risks specially rated  by  a  rate service  organization  shall  be  filed  and  such rates and any special filing with respect to a surety or guaranty bond required by law  or  by court  or  executive  order  or by order, rule or regulation of a public body, not covered by a previous  filing,  shall  become  effective  when filed and shall be deemed to meet the requirements of this article until such time as the superintendent reviews the filing and disapproves it.