NY Ins L § 2350 (2021)
2021 New York Laws ISC - Insurance Article 23 - Property/casualty Insurance Rates 2350 - Flexible Rating for Nonbusiness Automobile Insurance Policies.

§ 2350. Flexible rating for nonbusiness automobile insurance policies. (a)  Except  as  provided  in  subsection  (b)  of this section, overall average (for all coverages combined) rate level increases  or  decreases of  five  percent  above or below the insurer's rates in effect may take effect without  prior  approval  with  respect  to  rates  for  policies covering  losses  or liabilities arising out of the ownership of a motor vehicle  predominantly  used   for   nonbusiness   purposes,   including classification  plans  predominantly  consisting  of  vehicles  used for nonbusiness purposes, when a natural person is the named insured under a policy of automobile insurance.  (b) Notwithstanding any other provisions  of  this  article,  for  any policies  governed  by  this  section,  filings  that produce rate level changes within the  limitation  specified  in  subsection  (a)  of  this section  shall  become  effective  without  prior  approval  pursuant to subsection (a) of section  two  thousand  three  hundred  five  of  this article,  provided  however (1) that no more than two rate increases the total of which shall not exceed the limitation specified  in  subsection (a)  of  this section may be implemented during any twelve month period; and (2) no rate increase within the limitation specified  in  subsection (a) of this section may be implemented until the onset of the new policy period  and  unless the insurer, at least thirty but not more than sixty days in advance of the end of the policy period, mails  or  delivers  to the  named insured, at the address shown in the policy, a written notice of its intention to change the rate. The specific reason or reasons  for the rate change shall be stated in or shall accompany the notice.  (c)   The   superintendent  shall  promulgate  rules  and  regulations implementing the provisions of this section.  (d)  The  superintendent  shall  monitor  the  degree  and   continued existence  of  competition  and  the effectiveness of flexible rating in this state on an on-going basis. In doing so, the  superintendent  shall utilize the following standards or factors:  (1)  the  standards  contained  in  section two thousand three hundred eight of this article;  (2)  existing  relevant  information,  analytical  systems  and  other sources, or rely on some combination thereof;  (3)  the  number  of insurers or group of affiliated insurers actively engaged in providing coverage, taking into  account  the  specialization traditionally required for insurance in the particular rating territory;  (4)   measures   of   market   concentration  and  changes  of  market concentration   over   time,   which   may   include    the    use    of Herfindahl-Hirschman  Index  (HHI)  and  the United States Department of Justice merge guidelines for an unconcentrated market ease of entry, and the existence of financial or economical barriers that could prevent new firms from entering the market;  (5) the extent to which any insurer or group  of  affiliated  insurers controls  all or a dominant portion of the market has actively sought to prevent competition;  (6) whether  the  total  number  of  companies  writing  the  line  of insurance in this state is sufficient to provide multiple options;  (7) the availability of insurance coverage to consumers;  (8)  the opportunities available to consumers in the market to acquire pricing and other consumer information; and  (9) any other factions relevant to inquiry.   Such activities may be conducted internally within the department,  in cooperation  with  other  state  insurance  departments, through outside contractors and/or in any other appropriate manner.