NY Ins L § 3449 (2021)
2021 New York Laws ISC - Insurance Article 34 - Insurance Contracts-Property/casualty 3449 - Wireless Communications Equipment Insurance Policies.

§  3449.  Wireless communications equipment insurance policies. (a) In this section, the term  "policy  of  wireless  communications  equipment insurance"  means  an  insurance  policy  covering the kind of insurance described  in  subsection  (1)  of  section  two  thousand  one  hundred thirty-one of this chapter.  (b)  (1)  A  group  policy,  and  certificates  issued  thereunder, of wireless communications equipment insurance shall not be subject to  the provisions  of  section three thousand four hundred twenty-five or three thousand four hundred twenty-six of this article.  (2) An insurer shall not terminate or otherwise change the  terms  and conditions  of  a  group  policy  of  wireless  communications equipment insurance, and certificates issued thereunder, except upon providing the policyholder and certificate holders with at least sixty days notice. If the insurer changes the terms and conditions,  then  the  insurer  shall provide  the  policyholder with a revised policy or endorsement and each certificate holder with a revised certificate or endorsement, an updated brochure or facsimile thereof and an explanation of the changes.  (3) Notwithstanding paragraph two of this subsection, an  insurer  may terminate a certificate upon fifteen days notice for:  (A) nonpayment of premium; or  (B)  discovery of fraud or material misrepresentation in obtaining the certificate or in the presentation of a claim thereunder.  (4) Notwithstanding paragraph two of this subsection, an  insurer  may automatically terminate a certificate if the certificate holder:  (A) ceases to have active telecommunications service with the wireless communications equipment vendor; or  (B)  exhausts  the  aggregate  limit  of  liability, if any, under the certificate  and  the  insurer  sends  notice  of  termination  to   the certificate  holder within fifteen business days after exhaustion of the limit. However, if notice is not timely sent,  coverage  shall  continue notwithstanding the aggregate limit of liability until the insurer sends notice of termination to the certificate holder.  (5)  Notwithstanding  the  provisions of subparagraph (B) of paragraph four of this subsection, upon the request of a certificate  holder,  the certificate  holder's  coverage  shall be eligible for reinstatement not more than twelve months following the date of exhaustion of the coverage limit in accordance with the terms of the  policy  and  subject  to  the enrollment  criteria  then applicable to prospective certificate holders generally.  (6) Where the group policy is  terminated  by  the  policyholder,  the policyholder  shall  mail  or deliver written notice to each certificate holder advising the certificate holder of the termination of  the  group policy  and  the effective date of termination. The written notice shall be mailed or delivered to the certificate holder at  least  thirty  days prior to the termination.  (c)  Whenever notice is required pursuant to this section, it shall be in  writing  and  mailed  or  delivered  to  the  policyholder  at   the policyholder's  mailing  address  and to affected certificate holders at the certificate holders' last known mailing addresses on file  with  the insurer. Every notice of termination shall specify the reason or reasons for termination.  (d)  (1)  Notwithstanding  subsection  (c) of this section, an insurer shall not be required to give notice of termination to  the  certificate holder  if  the  insurer  has been advised by either the policyholder or another insurer that substantially similar coverage  has  been  obtained from the other insurer without lapse of coverage.  (2) A policyholder shall not be required to give notice of termination to  a  certificate  holder  if  substantially  similar coverage has been obtained from another insurer without lapse of coverage.  (e)  The  superintendent may promulgate regulations regarding policies of wireless  communications  equipment  insurance,  including,  but  not limited  to,  regulations governing policy terms and conditions, and may establish other reasonable limitations.