2023 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, 2026
(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, or  article  forty  of  the
general business 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-six.  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-six, 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.