NY Ins L § 2346 (2021)
2021 New York Laws ISC - Insurance Article 23 - Property/casualty Insurance Rates 2346 - Reduction in Rates of Fire Insurance, Homeowners Insurance or Property/casualty Premiums for Residential Property.

§  2346. Reduction in rates of fire insurance, homeowners insurance or property/casualty   premiums   for   residential   property.   1.    The superintendent  may  provide  for  a  reduction  in  the  rates  of fire insurance  premiums  or  the  fire  insurance  component  of  homeowners insurance premiums applicable to residential real property equipped with smoke  detecting  alarm  devices,  approved  sprinkler  systems  or fire extinguishers, should a statistically valid study of insurer  experience indicate   an   actuarially   significant  decrease  in  losses  in  the aforementioned circumstances.  The  reductions  provided  for  shall  be proportionally  related to the actuarially calculable decrease in losses in the aforementioned circumstances.   2. The superintendent may provide for a  reduction  in  the  rates  of homeowners  insurance  premiums  applicable to residential real property equipped with dead-bolt locks, should a  statistically  valid  study  of insurer  experience  indicate  an  actuarially  significant  decrease in losses attributable to the use of  such  a  device.  The  superintendent shall  by regulation establish standards for dead-bolt locks for which a reduction  may  be  approved.  The  reductions  provided  for  shall  be proportionally  related to the actuarially calculable decrease in losses attributable to the use of such a device.   3. The superintendent shall provide  for  an  actuarially  appropriate reduction  in  the rates of homeowner's insurance premiums applicable to residential real property fitted  or  retrofitted  with  hurricane/storm shutters. The superintendent shall by regulation establish standards for hurricane/storm  shutters,  including  the  safe and secure installation thereof.   4. The superintendent shall provide  for  an  actuarially  appropriate reduction  in  the rates of homeowner's insurance premiums applicable to residential real property fitted or retrofitted with hurricane resistant laminated glass windows or doors. The superintendent shall by regulation establish standards for hurricane resistant laminated glass windows  and doors, including the safe and secure installation thereof.   5. (a) Definitions. For the purposes of this subsection, the following terms shall have the following meanings:  (1)  "Completion certificate" means a document which cannot be altered and which is provided to a person who successfully completes a homeowner natural disaster preparedness, home safety and loss prevention course.  (2) "Natural disaster" means the  occurrence  or  imminent  threat  of widespread  catastrophic  or  severe  damage, injury, or loss of life or property resulting from any natural cause including, but not limited to, fire, flood, earthquake,  hurricane,  tornado,  high  water,  landslide, mudslide,   wind,   storm,   wave   action,  ice  storm,  epidemic,  air contamination,   blight,   drought,   infestation,   explosion,    water contamination, bridge failure, or bridge collapse.  (3)  "Homeowner  natural  disaster  preparedness, home safety and loss prevention course" means a natural disaster  preparedness,  home  safety and loss prevention course that has been submitted to the superintendent for  their  information  and  review  by  an  applicant. Such course may provide useful information to participants on items including,  but  not limited to: courses of action that can be taken before, during and after the occurrence of a natural disaster, strategies to reduce risk exposure to  insured  residential  property  owners  and renters, and information about  the  installation  of  equipment,  devices   or   other   capital improvements  to  real  property which can help to eliminate or mitigate damage to real or personal property, personal injury or the loss of life caused by a natural disaster or other insurable event or occurrence of a fire, theft, burglary, personal injury or property damage.  (4) "Applicant" means an insurer,  or  any  other  person,  agency  or organization   which  submits  a  proposed  homeowner  natural  disaster preparedness,  home  safety  and   loss   prevention   course   to   the superintendent  for  their  information  and review, and who or which is prepared  and  able  to  offer such course to insureds upon the approval thereof.  (b) The superintendent may  provide  for  an  actuarially  appropriate reduction  for a period of three years in rates of homeowner's insurance and property/casualty insurance premiums applicable to residential  real property  for  each triennial completion of a homeowner natural disaster preparedness, home safety and loss  prevention  course  by  the  insured occupant   of   such   residential   real  property.  In  addition,  the superintendent may also provide for actuarially  appropriate  reductions in  such  rates  for  the  installation  of  equipment, devices or other capital improvements to real property which can  help  to  eliminate  or mitigate  natural  disaster damage, improve home safety or prevent other losses.  (c)  An  insurer,  upon  approval  of  the  superintendent,  may  upon submission  of  a  completion  certificate  by  an  insured,  provide an actuarially appropriate reduction, for a period of three years,  of  the premium  for  such  insured's homeowner's insurance or property/casualty insurance on the residential real property which is the insured's  place of residence.  (d)  The superintendent may establish, by rule or otherwise, standards or guidelines to be  used  by  the  superintendent  when  reviewing  the proposed  homeowner  natural disaster preparedness, home safety and loss prevention courses.