New York Codes, Rules and Regulations › Title 15 - Department of Motor Vehicles › Chapter I - REGULATIONS OF THE COMMISSIONER › Subchapter C - INSURANCE › Part 32 - Insurance Identification Cards › Section 32.3 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For the purposes of this Part, the following terms shall have
					 the following meanings:
(a)
Agent.
An insurance agent licensed by the New York State Department of
					 Financial Services as defined in section 2101 of the New York State Insurance
					 Law.
(b)
Broker.
An insurance broker licensed by the New York State Department of
					 Financial Services as defined in section 2101 of the New York State Insurance
					 Law.
(c)
Commissioner.
The Commissioner of the New York State Department of Motor
					 Vehicles.
(d)
Dealer
				  registration class.
A class that allows a person or entity registered by the
					 department to operate motor vehicles with dealer plates on the public highways in
					 accordance with provisions of sections 415 and
					 416  of the Vehicle and Traffic Laws and Part 78
					 of this Title. A specific vehicle is not registered.
(e)
Department or DMV.
The New York State Department of Motor Vehicles.
(f)
Effective date.
The actual date that liability insurance coverage is effective.
					 Coverage shall commence at 12:01 a.m. on the effective date. The effective date for
					 a replacement vehicle or a vehicle added to an in force policy shall be the actual
					 date that such coverage was provided or bound for that vehicle. It shall not be some
					 previous or subsequent processing date or the inception or renewal date of the
					 policy. The effective date on an ID card issued based on a policy that was
					 reinstated following a lapse in coverage shall reflect the actual date of such
					 reinstatement.
(g)
Expiration date.
The actual date that liability coverage is no longer effective
					 due to expiration of the policy or binder by its terms. Coverage shall end at 12:01
					 a.m. on the expiration date. The expiration date on an ID card issued for an added
					 vehicle or a replacement vehicle on an in force policy shall not be later than the
					 actual policy expiration date.
(h)
Financial security bond.
A bond for each vehicle executed by the owner and a surety
					 company, duly authorized to transact business in this state, in accordance with
					 section 349  of the Vehicle and Traffic Law.
(i)
Financial security
				  deposit.
A deposit to the commissioner for each vehicle of $25,000 in
					 cash, or securities, such as may legally be purchased by savings banks or trust
					 funds, of a market value of $25,000 and an additional deposit in an amount
					 determined by the commissioner to be sufficient to satisfy the requirements of
					 article 51 of the Insurance Law.
(j)
ID card.
An insurance identification card or insurance certificate
					 prescribed by this Part. Such ID card shall be the sole paper proof of insurance
					 accepted by DMV for purposes provided for in sections
					 32.2,
					 32.5
					 and
					 32.15 
					 of this Part subject to electronic confirmation or verification, as appropriate, by
					 an insurance company as set forth in Part 34 of this Title.
(k)
Insurance certificate.
A type of ID card issued for a For Hire (FH) motor vehicle in
					 accordance with this Part.
(l)
Insurance Company.
(1) A company or
				  risk retention group (RRG) licensed by the New York State Department of Financial
				  Services to write motor vehicle liability insurance in New York State, or
(2) a company or risk retention group (RRG) which
				  is not authorized to write motor vehicle liability insurance in New York State, but
				  which has filed with the commissioner a power of attorney and resolution in
				  accordance with section 311  of the Vehicle and Traffic Law with respect to a vehicle
				  lawfully registered in another state or in both this state and another state;
				  or
(3) a risk retention group
				  statutorily authorized to issue an owner's policy of liability insurance pursuant to
				  any of the following sections of the Vehicle and Traffic Law:
(i) subparagraph ii of paragraph b of subdivision
				  four of section 311;
(ii) subparagraph
				  ii of paragraph c of subdivision four of section 311; or
(iii) paragraph b of subdivision 1 of section
				  370.