reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 224 - Suitability and Best Interests in Life Insurance and Annuity Transactions › Section 224.5 - Duties of insurers and producers with respect to in-force transactions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In recommending
				an in-force transaction to a consumer, the producer, or the insurer where no
				producer is involved, shall act in the best interest of the consumer.
(b) The producer, or insurer where no
				producer is involved, acts in the best interest of the consumer when:
(1) the producer's or insurer's
				recommendation to the consumer reflects the care, skill, prudence, and
				diligence that a prudent person acting in a like capacity and familiar with
				such matters would use under the circumstances then prevailing. Only the
				interests of the consumer shall be considered in making the recommendation. The
				producer's receipt of compensation or other incentives permitted by the
				Insurance Law and the Insurance Regulations is permitted by this requirement
				provided that the amount of the compensation or the receipt of an incentive
				does not influence the recommendation; and
(2) there is a reasonable basis to believe
				the consumer has been reasonably informed of the relevant features of the
				policy and potential consequences of the in-force transaction, both favorable
				and unfavorable.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 224 - Suitability and Best Interests in Life Insurance and Annuity Transactions › Section 224.6 - Insurer responsibility and supervision

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In addition to the requirements of
				subdivisions (a) and (b) of section
				224.4 
				of this Part and except as provided in subdivision (e) of section
				224.4 
				of this Part, an insurer shall not effectuate a sales transaction with respect
				to its policies unless there is a reasonable basis to believe that the sales
				transaction is suitable based on the suitability information provided by the
				consumer and without regard to the availability of products, services, and
				transactions of companies other than the insurer. This subdivision (a) shall
				not apply to a sales transaction that results from the exercise of a
				contractual right in a policy.
(b)
(1) An insurer shall establish, maintain, and
				audit a system of supervision that is reasonably designed to achieve the
				insurer's and producers' compliance with subdivisions (a) through (k) of
				section
				224.4 
				of this Part, including standards and procedures for:
(i) the collection of a consumer's
				suitability information with respect to sales transactions involving the
				insurer's policies;
(ii) the
				documentation and disclosure of the basis for any recommendation with respect
				to sales transactions involving the insurer's policies;
(iii) the review of complaints received by
				the insurer regarding recommendations inconsistent with the best interest of
				the consumer;
(iv) the auditing
				and/or contemporaneous review of recommendations to monitor producers'
				compliance with subdivisions (a) and (b) of section
				224.4 
				of this Part with respect to the insurer's policies. An insurer may use a
				reasonable risk-based approach to audit and/or contemporaneously review
				producers' recommendations to identify recommendations of the greatest risk of
				violation of subdivisions (a) and (b) of section
				224.4 
				of this Part so long as the approach does not focus solely on recommendations
				posing the greatest risk with no auditing or review of other
				recommendations.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 224 - Suitability and Best Interests in Life Insurance and Annuity Transactions › Section 224.7 - Recordkeeping

Current through Register Vol. 46, No. 28, July 10, 2024
All records required or maintained under this Part, whether
				  by a producer, an insurer, or other person shall be maintained in accordance
				  with Part 243 of this Title (Insurance Regulation 152).
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 224 - Suitability and Best Interests in Life Insurance and Annuity Transactions › Section 224.8 - Violations

Current through Register Vol. 46, No. 28, July 10, 2024
A contravention of this Part shall be deemed to be an unfair
				  method of competition or an unfair or deceptive act and practice in the conduct
				  of the business of insurance in this state and shall be deemed to be a trade
				  practice constituting a determined violation, as defined in Insurance Law
				  section
				  2402(c), except where such
				  act or practice shall be a defined violation, as defined in Insurance Law
				  section
				  2402(b), and in either
				  such case shall be a violation of Insurance Law section
				  2403.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 224 - Suitability and Best Interests in Life Insurance and Annuity Transactions › Section 224.9 - Effective date

Current through Register Vol. 46, No. 28, July 10, 2024
The amendments to this Part made on July 17, 2018 shall be
				  effective August 1, 2019. As of the effective date, insurers and producers
				  shall comply with the requirements of this Part for any transaction with
				  respect to an annuity contract. Six months from the effective date, insurers
				  and producers shall comply with the requirements of this Part for any
				  transaction with respect to a life insurance policy.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 225 - Use Of Senior-specific Certifications And Professional Designations In The Sale Of Life Insurance And Annuities › Section 225.0 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this Part is to set forth standards to protect
				  consumers from misleading and fraudulent marketing practices with respect to
				  the use of senior-specific certifications and professional designations in the
				  solicitation, sale or purchase of, or advice made in connection with, a life
				  insurance policy or annuity contract.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 225 - Use Of Senior-specific Certifications And Professional Designations In The Sale Of Life Insurance And Annuities › Section 225.1 - Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
This Part shall apply to any solicitation, sale or purchase
				  of, or advice made in connection with, a life insurance policy or annuity
				  contract by an insurance producer.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 225 - Use Of Senior-specific Certifications And Professional Designations In The Sale Of Life Insurance And Annuities › Section 225.2 - Prohibited uses of senior-specific certifications and professional designations

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1) No insurance producer shall use a
				senior-specific certification or professional designation that indicates or
				implies in such a way as to mislead a purchaser or prospective purchaser that
				the insurance producer has special certification or training in advising or
				providing services to seniors in connection with the solicitation, sale or
				purchase of a life insurance policy or annuity contract or in the provision of
				advice as to the value of or the advisability of purchasing or selling a life
				insurance policy or annuity contract, either directly or indirectly through
				publications or writings, or by issuing or promulgating analyses or reports
				related to a life insurance policy or annuity contract.
(2) The prohibited use of senior-specific
				certifications or professional designations includes use of:
(i) a certification or professional
				designation by an insurance producer who has not actually earned or is
				otherwise ineligible to use such certification or designation;
(ii) a nonexistent or self-conferred
				certification or professional designation;
(iii) a certification or professional
				designation that indicates or implies a level of occupational qualifications
				obtained through education, training or experience that the insurance producer
				using the certification or designation does not have; and
(iv) a certification or professional
				designation that was obtained from a certifying or designating organization
				that:
(a) is primarily engaged in the
				business of instruction in sales or marketing;
(b) does not have reasonable standards or
				procedures for assuring the competency of its certificants or
				designees;
(c) does not have
				reasonable standards or procedures for monitoring and disciplining its
				certificants or designees for improper or unethical conduct; or
(d) does not have reasonable continuing
				education requirements for its certificants or designees in order to maintain
				the certificate or designation.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 225 - Use Of Senior-specific Certifications And Professional Designations In The Sale Of Life Insurance And Annuities › Section 225.3 - Violations

Current through Register Vol. 46, No. 28, July 10, 2024
A contravention of this Part shall be deemed to be an unfair
				  method of competition or an unfair or deceptive act and practice in the conduct
				  of the business of insurance in this State and shall be deemed to be a trade
				  practice constituting a determined violation, as defined in section 2402 (c)  of the Insurance
				  Law and shall be a violation of section 2403  of the Insurance
				  Law.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 226 - Unclaimed Life Insurance Benefits And Policy Identification › Section 226.0 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Beginning in
				2011, the department conducted an investigation into how life insurance
				companies and fraternal benefit societies track life insurance policyholders.
				The department's investigation found that many insurers had been regularly
				using lists of recent deaths from the Social Security Administration to
				promptly cease making annuity payments. However, most insurers had not been
				using the lists to determine whether death benefits were payable to
				beneficiaries.
(b) The public needs
				to know that insurers are taking reasonable steps to ensure that policyowners
				and policy beneficiaries are provided with all of the life insurance benefits
				for which they have paid and to which they are entitled. In particular, there
				may be instances where a death has occurred and no claim has been filed, but
				premiums continue to be deducted from the existing policy values until the
				policy lapses. In other instances, the policies or accounts may simply remain
				dormant after death. In these instances, a valid death benefit is either not
				paid or distributed or is delayed.
(c) To ensure that policyowners and policy
				beneficiaries are provided with all of the benefits for which they have paid
				and to which they are entitled, this Part was promulgated on an emergency
				basis. Subsequently, the Legislature enacted Insurance Law section 3212-a,
				which was renumbered as section 3240, to address the issues that the department
				had observed.
(d) This Part
				requires insurers to implement reasonable procedures to identify unclaimed
				death benefits, locate beneficiaries, and make prompt payments. In addition, to
				further ensure payment of unclaimed benefits, this Part requires insurers to
				respond to requests from the superintendent to search for policies insuring the
				life of, or owned by, decedents and to initiate the claims process for any
				death benefits that are identified as a result of those requests.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 226 - Unclaimed Life Insurance Benefits And Policy Identification › Section 226.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Account means:
(1) any mechanism, whether denoted as a
				retained asset account or otherwise, whereby the settlement of proceeds payable
				to a beneficiary under a policy is accomplished by the insurer or an entity
				acting on behalf of the insurer placing the proceeds into an account where the
				insurer retains those proceeds and the beneficiary has check or draft writing
				privileges; or
(2) any other
				settlement option relating to the manner of distribution of the proceeds
				payable under a policy.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 226 - Unclaimed Life Insurance Benefits And Policy Identification › Section 226.2 - Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1) This Part shall apply to a policy that
				is:
(i) issued by a domestic insurer and any
				account established under or as a result of such policy; or
(ii) delivered or issued for delivery in this
				State by an authorized foreign insurer and any account established under or as
				a result of such policy.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 226 - Unclaimed Life Insurance Benefits And Policy Identification › Section 226.3 - Multiple policy search procedures

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Upon receiving notification of the death
				of an insured or account holder or in the event of a match made by a death
				index cross-check pursuant to section
				226.4 
				of this Part, an insurer shall search every policy or account subject to this
				Part to determine whether the insurer has any other policies or accounts for
				the insured or account holder.
(b)
				An insurer that receives a notification of death of an insured or account
				holder, or identifies a death index match, shall notify each United States
				affiliate, parent, or subsidiary, and any entity with which the insurer
				contracts that may maintain or control records relating to policies or accounts
				covered by this Part of the notification or verified death index match. An
				insurer shall take all steps necessary to have each affiliate, parent,
				subsidiary, or other entity perform the search required by subdivision (a) of
				this section.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 226 - Unclaimed Life Insurance Benefits And Policy Identification › Section 226.4 - Standards for investigating claims and locating claimants under policies and accounts

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1) Except as set forth in paragraph (2) of
				this subdivision, at no later than policy delivery or the establishment of an
				account and upon any change of insured, owner, account holder, or beneficiary,
				an insurer shall request information sufficient to ensure that all benefits or
				other monies are distributed to the appropriate persons upon the death of the
				insured or account holder, including, at a minimum, the name, address, date of
				birth, social security number, and telephone number of every owner, account
				holder, insured and beneficiary of such policy or account, as
				applicable.
(2) Where an insurer
				issues a policy or provides for an account based on information received
				directly from an insured's employer, the insurer may obtain the beneficiary
				information described in paragraph (1) of this subdivision by communicating
				with the insured after the insurer's receipt of the information from the
				insured's employer.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 226 - Unclaimed Life Insurance Benefits And Policy Identification › Section 226.5 - Lost policy finder application procedures

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An insurer shall:
(1) upon receiving a request forwarded by the
				superintendent through a lost policy finder, search for policies, excluding
				group policies administered by group policyholders where the insurer does not
				maintain or control the records containing the information necessary to comply
				with the requirements of section
				226.4 
				of this Part, and any accounts subject to this Part that insure the life of, or
				are owned by, an individual named as the decedent in the request forwarded by
				the superintendent;
(2) report to
				the superintendent through a lost policy finder:
(i) within 30 days of receiving the request,
				or within 45 days of receiving the request where the insurer contracts with
				another entity to maintain the insurer's records, the findings of the search;
				and
(ii) where the search reveals
				that benefits may be due, within 30 days of the final disposition of the
				request, the benefit paid and any other information requested by the
				superintendent; and
(3)
				within 30 days of receiving the request, or within 45 days of receiving the
				request where the insurer contracts with another entity to maintain the
				insurer's records, for each identified policy and account insuring the life of,
				or owned by, the named decedent, provide to:
(i) a requestor who is also the beneficiary
				of record on the identified policy or account all items, statements and forms
				that the insurer reasonably believes to be necessary in order to file a claim;
				or
(ii) a requestor who is not the
				beneficiary of record on the identified policy or account the requested
				information to the extent permissible to be disclosed in accordance with Part
				420 (Insurance Regulation 169) of this Title and any other applicable privacy
				law, and to take such other steps necessary to facilitate the payment of any
				benefit that may be due under the identified policy or account.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 226 - Unclaimed Life Insurance Benefits And Policy Identification › Section 226.6 - Report to the comptroller

Current through Register Vol. 46, No. 28, July 10, 2024
An insurer subject to this Part shall include in the report
				  required under Abandoned Property Law section 703 any information on unclaimed
				  benefits due pursuant to this Part and the number of policies and accounts that
				  the insurer has identified pursuant to section
				  226.4 
				  of this Part for the prior calendar year under which any outstanding monies
				  have not been paid or distributed by December 31st of such year, except
				  potential matches still being investigated pursuant to section
				  226.4 
				  of this Part. A copy of the report also shall be filed with the
				  superintendent.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 227 - Regulation of Force-placed Insurance › Section 227.0 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The purpose of
				this Part is to set forth rules for the rates for and placement of force-placed
				insurance and to prohibit certain practices related to force-placed insurance
				in order to protect homeowners and investors from harm caused by excessive
				force-placed insurance rates, questionable business practices and relationships
				in the force-placed insurance industry, and inadequate notice of force-placed
				insurance.
(b) An investigation by
				the department found that the rates for force-placed hazard insurance bore
				little relation to insurers' actual loss experience, resulting in high profits,
				a portion of which insurers commonly passed on to mortgage servicers and their
				affiliates through commissions, other payments, and reinsurance arrangements,
				to the detriment of homeowners and investors. The department also found that
				homeowners often failed to receive adequate notice that insurers and servicers
				were force-placing insurance policies on their homes. Section
				227.2 
				of this Part sets minimum adequate notification requirements to ensure
				homeowners understand their responsibility to maintain homeowners' insurance,
				and that they may purchase voluntary homeowners' insurance coverage at any
				time.
(c) The department's
				investigation found that insurers offered financial incentives to mortgage
				servicers and their affiliates, including commissions to servicer-affiliated
				insurance producers who performed little or no work, and entered into
				arrangements that transferred a significant percentage of force-placed
				insurance profits to affiliates of servicers. In addition, one insurer provided
				force-placed insurance on mortgages serviced by an affiliate of the insurer.
				These practices not only artificially inflated premiums charged to homeowners,
				but created a conflict of interest in that servicers had an incentive to
				purchase more costly force-placed insurance where they earned a portion of the
				premiums or profits from the placement of force-placed insurance. Section
				227.6  of
				this Part prohibits these practices.
(d) Further, actual loss ratios for
				force-placed hazard insurance have been significantly lower than both the
				expected loss ratios insurers filed with the department and the actual loss
				ratios for voluntary homeowners' insurance. Insurers have failed to regularly
				update and adjust their rates despite these significant discrepancies. Section
				227.7 
				of this Part requires insurers to regularly inform the department of loss
				ratios actually experienced and re-file rates when actual loss ratios are below
				40 percent, and sets a minimum permissible loss ratio for rate filings to
				ensure that premiums are set at a rate reasonably related to paid
				claims.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 227 - Regulation of Force-placed Insurance › Section 227.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For the purpose of this Part:
(a)
Actual loss ratio
means
				the sum of paid losses and loss reserves, as a percentage of earned
				premiums.
(b)
Affiliate
means any company that controls, is controlled by, or is under common
				control with an insurer or insurance producer.
(c)
Clearly and conspicuously
means that the statement, representation or term being disclosed is of
				such size, color, and contrast and is so presented as to be readily noticed and
				understood by the person to whom it is being disclosed.
(d)
Force-placed insurance
means hazard insurance obtained by a servicer on behalf of the owner
				or assignee of a mortgage loan that insures the residential real property
				securing such loan. The term
force-placed insurance
shall not
				include hazard insurance:
(1) to protect
				against flood loss obtained by a servicer as required by the Flood Disaster
				Protection Act of 1973,
				42 U.S.C. §
											4001 et. seq.,* except as provided in section
				227.6 of
				this Part;
(2) obtained by a
				borrower but renewed by the borrower's servicer as described in
				12 C.F.R. sections 1024.17(k)(1),
				(2), or (5);**or
(3) obtained by a borrower but renewed by the
				borrower's servicer at its discretion, if the borrower agrees.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 227 - Regulation of Force-placed Insurance › Section 227.2 - Requirements Before Issuing Force-Placed Insurance

Current through Register Vol. 46, No. 28, July 10, 2024
(a) If an insurer, insurance producer, or
				affiliate mails or delivers to a borrower on behalf of a servicer notices
				relating to force-placed insurance, then the insurer, insurance producer, or
				affiliate shall:
(1) deliver to a borrower or
				place in the mail a written notice in accordance with
				12 C.F.R. section
				1024.37(c)(1)(i),
				12 C.F.R. section
				1024.37(c)(2), and
				12 C.F.R. section
				1024.37(c)(3);***
(2) deliver to the borrower or place in the
				mail a written notice in accordance with
				12 C.F.R. section
				1024.37(c)(1)(ii),
				12 C.F.R. section
				1024.37(d)(1),
				12 C.F.R. section
				1024.37(d)(2),
				12 C.F.R. section
				1024.37(d)(3), and
				12 C.F.R. section
				1024.37(d)(5);***
				and
(3) on a separate piece of
				paper in the same transmittal as the written notices required by paragraphs (1)
				and (2) of this subdivision, clearly and conspicuously disclose that an
				insurer, insurance producer, affiliate, or any other third party is staffing
				the mortgage servicer's telephones, if that is the case.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 227 - Regulation of Force-placed Insurance › Section 227.3 - Amount of Coverage

Current through Register Vol. 46, No. 28, July 10, 2024
An insurer shall not issue force-placed insurance in excess
				  of the borrower's last known amount of hazard insurance; provided, however,
				  that if the amount of the borrower's last known hazard insurance did not comply
				  with the mortgage loan requirements, then the insurer shall not issue
				  force-placed insurance in excess of the replacement cost of the improvements on
				  the mortgaged property.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 227 - Regulation of Force-placed Insurance › Section 227.4 - Sufficiency of Demonstration

Current through Register Vol. 46, No. 28, July 10, 2024
If an insurer, insurance producer, or affiliate receives
				  correspondence related to force-placed insurance from a borrower on behalf a
				  servicer, then the insurer, insurance producer, or affiliate shall accept any
				  reasonable form of written confirmation, from the borrower or otherwise, of
				  existing hazard insurance that complies with the mortgage loan contract's
				  requirements to maintain hazard insurance, which shall include the existing
				  hazard insurance policy number along with the identity of, and contact
				  information for, the insurer or insurance producer. An insurer, insurance
				  producer, or affiliate that receives correspondence related to force-placed
				  insurance from a borrower on behalf a servicer may require a copy of the
				  borrower's hazard insurance policy declaration page, the borrower's hazard
				  insurance certificate, the borrower's hazard insurance policy, or other similar
				  forms of written confirmation. An insurer, insurance producer, or affiliate
				  that receives correspondence related to force-placed insurance from a borrower
				  on behalf a servicer may reject evidence of hazard insurance submitted by a
				  borrower if neither the borrower's insurer nor the borrower's insurance
				  producer provides confirmation of the hazard insurance information submitted by
				  the borrower, or if the terms and conditions of the borrower's hazard insurance
				  policy do not comply with the borrower's mortgage loan contract
				  requirements.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 227 - Regulation of Force-placed Insurance › Section 227.5 - Refunds of Force-Placed Insurance Premiums

Current through Register Vol. 46, No. 28, July 10, 2024
Within 15 days of receiving, from the borrower or otherwise,
				  evidence demonstrating that the borrower has had in place hazard insurance that
				  complies with the mortgage loan contract's requirements to maintain hazard
				  insurance, an insurer, insurance producer or affiliate shall remove
				  force-placed insurance from the borrower's property and refund to the servicer
				  or borrower, as the case may be, all force-placed insurance premiums paid by
				  the servicer or borrower for any period of overlapping insurance
				  coverage.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 227 - Regulation of Force-placed Insurance › Section 227.6 - Prohibited Practices

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For
				purposes of this section, the term
force-placed insurance
shall include hazard insurance to protect against flood loss obtained
				by a servicer as required by the Flood Disaster Protection Act of 1973,
				42 U.S.C. §
										4001 et. seq.******
(b) No insurer shall issue force-placed
				insurance on mortgaged property serviced by a servicer affiliated with the
				insurer.
(c) No insurer, insurance
				producer, or affiliate shall compensate a servicer or a person or entity
				affiliated with a servicer with respect to force-placed insurance on
				residential real property being serviced by the servicer.
(d) No insurer, directly or indirectly, shall
				compensate an insurance agent that acts in the adjustment of a loss for
				force-placed insurance, or an independent adjuster that acts in the adjustment
				of a loss for force-placed insurance, based on underwriting profitability or
				loss ratio.
(e) No insurer shall
				share force-placed insurance premiums or force-placed insurance risk with the
				servicer that obtained the force-placed insurance or a person or entity
				affiliated with the servicer that obtained the force-placed
				insurance.
(f) No insurer,
				insurance producer, or affiliate shall make any payments, including but not
				limited to the payment of expenses, to a servicer or a person or entity
				affiliated with a servicer in connection with securing force-placed insurance
				business.
(g) No insurer, insurance
				producer, or affiliate shall provide insurance tracking to a servicer or a
				person or entity affiliated with a servicer for a reduced fee or no separately
				identifiable charge.
******
				  42 United States
				  Code sections 4001 -
				  4129
				  (revised January 3, 2012), published by U.S. Government Printing Office,
				  Washington, D.C. 20401. Copies of such documents are available for inspection
				  at the offices of the Department of Financial Services at One State Street, New
				  York, NY 10004.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 227 - Regulation of Force-placed Insurance › Section 227.7 - Minimum Loss Ratio and Rate Filings

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An
				insurer writing force-placed insurance in this state shall file force-placed
				insurance premium rates with a permissible loss ratio of at least 62
				percent.
(b) An insurer shall have
				separate rate classifications for:
(1)
				force-placed insurance; and
(2)
				hazard insurance obtained by a servicer on real estate owned
				property.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 227 - Regulation of Force-placed Insurance › Section 227.8 - Effective date

Current through Register Vol. 46, No. 28, July 10, 2024
This part shall become effective 30 days after publication in
				  the State Register, except that section
				  227.7(a) 
				  shall become effective 60 days after publication in the State Register and
				  sections
				  227.7(c)(3)
				 and
				  227.7(f) 
				  shall become effective 270 days after publication in the State
				  Register.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 229 - Insurer Practices During The Covid-19 Pandemic › Section 229.1 - Preamble

Current through Register Vol. 46, No. 28, July 10, 2024
(a) On March 29,
				2020, Governor Andrew M. Cuomo issued Executive Order 202.13, which, among
				other things, temporarily suspended or modified Insurance Law sections 1116,
				3203, 3219, 3220, and 4510 and articles 34, 53, 54, and 55 and Workers'
				Compensation Law sections 54 and 226.
(b) The Executive Order modified Insurance
				Law sections 3203 and 4510 to extend the grace period for the payment of
				premiums and fees to 90 days for any life policyholder facing a financial
				hardship as a result of the COVID-19 pandemic.
(c) The Executive Order modified Insurance
				Law sections 3203, 3219, and 3220 to provide a life policyholder with 90 days
				to exercise rights or benefits under the applicable life insurance policy or
				annuity contract for any life policyholder who is unable to exercise rights or
				benefits timely as a result of the COVID-19 pandemic.
(d) The Executive Order modified Insurance
				Law section 1116; Insurance Law articles 34, 53, 54, and 55; and Workers'
				Compensation Law sections 54 and 226 to impose a moratorium on an insurer,
				other than a life insurer, cancelling, non-renewing, or conditionally renewing
				any property/casualty insurance policy issued to a property/casualty
				policyholder for a period of 60 days, for any property/casualty policyholder
				facing financial hardship as a result of the COVID-19 pandemic.
(e) This Part is promulgated pursuant to the
				Executive Order.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 229 - Insurer Practices During The Covid-19 Pandemic › Section 229.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Credit
				reporting agency
means a reporting agency that regularly engages in
				the practice of assembling or evaluating and maintaining, for the purpose of
				furnishing credit reports to third parties bearing on a person's credit
				worthiness, credit standing, or credit capacity, and credit account information
				from persons who furnish that information regularly and in the ordinary course
				of business.
(b)
COVID-19
means the coronavirus disease 2019.
(c)
Debt collection agency
has the meaning set forth in General Business Law section 600.
(d)
Executive Order
means
				Executive Order 202.13, as extended.
(e)
Insurer
means a life
				insurer and an insurer that writes a property/casualty insurance policy,
				including an unauthorized insurer that sells insurance through a licensed
				excess lines broker and is subject to Insurance Law article 34.
(f)
Late fee
means a fee
				associated with an insurance premium payment that is made at a time later than
				the premium due date, but prior to both insurance policy or contract
				cancellation and the time in which an insurer may reject premium
				payment.
(g)
Life
				insurer
means an insurer authorized to write life insurance or
				annuities and an authorized fraternal benefit society.
(h)
Life policyholder
means
				the person to whom a life insurance policy, annuity contract, or fraternal
				benefit society certificate is issued, including a certificate holder under a
				group insurance policy or annuity contract.
(i)
Person
means an
				individual or business entity.
(j)
Policyholder
means a life policyholder or a property
				policyholder.
(k)
Premium
				finance agency
has the meaning set forth in Banking Law section
				576(3)(a).
(l)
Premium
				finance agreement
has the meaning set forth in Banking Law section
				576(3)(b).
(m)
Prior
				regulation
means the Part 229 of this Title that was in effect between
				March 30, 2020 and June 28, 2020.
(n)
Property/casualty insurance
				policy
means an insurance policy that provides a kind of insurance set
				forth in Insurance Law section 1113(a)(16), (17), (20), (21), (24), (26), or
				(30) or that is subject to Insurance Law section 1116 or articles 34, 53, 54,
				or 55 or Workers' Compensation Law section 54 or 226.
(o)
Property policyholder
means the individual or small business to whom a property/casualty insurance
				policy is issued, including a certificate holder under a group insurance
				policy.
(p) Small business means
				any business that is resident in this State, is independently owned and
				operated, and employs 100 or fewer individuals.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 229 - Insurer Practices During The Covid-19 Pandemic › Section 229.3 - Extension of grace periods for group life insurance policies and certificates

Current through Register Vol. 46, No. 28, July 10, 2024
A life insurer shall extend to 90 days the applicable grace
				  periods for the payment of premiums and fees set forth in group life insurance
				  policies and certificates, for any life policyholder who demonstrates financial
				  hardship as a result of the COVID-19 pandemic.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 229 - Insurer Practices During The Covid-19 Pandemic › Section 229.4 - Prohibited practices

Current through Register Vol. 46, No. 28, July 10, 2024
With regard to a policyholder who does not make a timely
				  premium payment and can demonstrate financial hardship as a result of the
				  COVID-19 pandemic, an insurer shall not:
(a) impose any late fees relating to such
				premium payment; or
(b) report the
				policyholder to a credit reporting agency or refer the policyholder to a debt
				collection agency with respect to such premium payment.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 229 - Insurer Practices During The Covid-19 Pandemic › Section 229.5 - Premium repayment, demonstration of financial hardship, and voluntary cancellation

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An
				insurer shall permit a policyholder who did not make a timely premium payment
				due to financial hardship as a result of the COVID-19 pandemic, including a
				policyholder to whom the insurer issued a non-payment cancellation notice prior
				to the effective date of the Executive Order, and who can still demonstrate
				financial hardship as a result of the COVID-19 pandemic, to pay such premium
				over a 12-month period.
(b) Solely
				for the purposes of this Part, an insurer shall accept a written attestation
				from a policyholder as proof of financial hardship as a result of the COVID-19
				pandemic.
(c) Nothing herein shall
				entitle a policyholder who demonstrated a financial hardship as a result of the
				COVID-19 pandemic and either received a moratorium for a specific policy or
				obtained relief for an amount due under the prior regulation, to obtain under
				the Executive Order and this Part an additional moratorium for a specific
				policy or further relief for an amount that comes due while this Part is in
				effect.
(d) Nothing shall prohibit
				a policyholder from voluntarily cancelling an insurance policy or annuity
				contract.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 229 - Insurer Practices During The Covid-19 Pandemic › Section 229.6 - Premium finance agency cancellation; return of unearned premium

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In the case of
				a property/casualty insurance policy where the property policyholder does not
				make the first installment payment to the premium finance agency after the
				conclusion of the 60-day period described in section
				405.6(b)(1)
				 of Title 3 and the premium finance agency cancels the property/casualty
				insurance policy based on such nonpayment at any time prior to the next
				succeeding installment payment, the insurer, other than a life insurer, shall
				return to the premium finance agency for the benefit of the property
				policyholder, in accordance with the terms of the property/casualty insurance
				policy but no later than 60 days after the effective date of such cancellation,
				the gross unearned premiums that are due under the property/casualty insurance
				policy on a
pro rata
basis, calculated as if the
				property/casualty insurance policy had been canceled 60 days prior to the
				effective date of such cancellation.
(b) Nothing in this section shall constitute
				the provision of free insurance in violation of Insurance Law section 2324 or a
				deviation from filed rates in violation of Insurance Law section
				2314.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 228 - TITLE INSURANCE RATES, EXPENSES AND CHARGES › Section 228.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a)
Affiliated third party
means an entity that controls, is controlled by, or is under common
				control with a title insurance corporation or title insurance agent.
(b)
Ancillary or other discretionary
				fee
means any fee for services related to a real estate transaction
				that is not included in the rate of premium approved by the superintendent, and
				that is not necessary for issuance of a title insurance policy, such as
				Patriot, bankruptcy, and municipal or departmental searches, or recording fees
				or charges. Ancillary or other discretionary fee does not include the actual
				recording fee or other charge imposed by a governmental entity.
(c)
Applicant for insurance
or
applicant
means:
(1) a person for whom the purchase or
				refinancing of the property that is the subject of the title insurance policy
				is financed, to whom a mortgage loan is made, or who owns or is purchasing the
				property or any interest therein,
(2) any other insured or prospective insured;
				or
(3) a person who is an
				attorney-in-fact for a person specified in paragraphs (1) or (2) of this
				subdivision.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 228 - TITLE INSURANCE RATES, EXPENSES AND CHARGES › Section 228.3 - Expense reporting and rate filings

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1) A
				title insurance corporation or title insurance agent shall not include any
				expenditure that is prohibited or exceeds any expenditure permitted under the
				Insurance Law or this Part in its expense schedules reporting title expenses
				for underwriter direct operations; title expenses for underwriter subsidiary
				agents; underwriter title expenses for underwriting, claims, and agent
				remittance operations; or title revenue and expense for title insurance agents
				when responding to a statistical agent's data call. Every title insurance
				corporation and, except as provided in subdivision (d) of this section, every
				title insurance agent, in response to the annual data call shall affirm in
				writing that its expense schedules do not include any expenditure that is
				prohibited or exceeds any expenditure permitted under the Insurance Law or this
				Part.
(2) Every title insurance
				corporation and every title insurance agent, except as provided in subdivision
				(d) of this section, shall report all expenditures made for meals and
				beverages, entertainment, gifts, outings, parties, sponsorships, seminars and
				continuing education, charitable contributions, and political contributions as
				separate line items in supplemental expense schedules to the expense schedules
				submitted annually to the department's statistical agent. The statistical agent
				shall include the supplemental expense schedule data in the annual statistical
				report submitted to the superintendent.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 228 - TITLE INSURANCE RATES, EXPENSES AND CHARGES › Section 228.4 - Allocation of expenses

Current through Register Vol. 46, No. 28, July 10, 2024
A title insurance corporation that reports, on expense
				  schedules submitted pursuant to the annual data call, allocated expenses for
				  expenses incurred outside this state in connection with title insurance
				  business in this state, shall submit to the superintendent, within 30 days of
				  the effective date of this Part, the method of the title insurance
				  corporation's allocation. The title insurance corporation shall not allocate an
				  amount for expenses incurred outside this state that exceeds the percentage of
				  premium written in this state compared to nationwide, for that year. A title
				  insurance corporation shall not allocate to this state any expenditure that is
				  not in accordance with Insurance Law article 23, this Part, or prohibited under
				  Insurance Law section
				  6409(d).
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 228 - TITLE INSURANCE RATES, EXPENSES AND CHARGES › Section 228.6 - Filings to demonstrate continued compliance with Insurance Law article 23

Current through Register Vol. 46, No. 28, July 10, 2024
At least once every four years, a rate service organization
				  or a title insurance corporation that has submitted a rate filing that is in
				  use shall submit a filing to the superintendent, supported by data and
				  actuarial analysis, which demonstrates that the current rates continue to meet
				  the standards set forth in Insurance Law section
				  2303.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 230 - Mental Health and Substance Use Disorder Parity Compliance Program › Section 230.0 - Preamble

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this Part is to establish mental health and
				  substance use disorder parity compliance program requirements to ensure that
				  insurers are providing comparable coverage for benefits to treat mental health
				  and substance use disorder as required under both state and federal law. This
				  Part requires that such compliance programs establish corporate governance for
				  parity compliance, identify discrepancies in coverage of services for the
				  treatment of mental health conditions and substance use disorder, and ensure
				  appropriate identification and remediation of improper
				  practices.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 230 - Mental Health and Substance Use Disorder Parity Compliance Program › Section 230.1 - Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
This Part shall apply to all insurers offering coverage that
				  is subject to the mental health and substance use disorder requirements under
				  Insurance Law sections 3216, 3221, and 4303.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 230 - Mental Health and Substance Use Disorder Parity Compliance Program › Section 230.3 - Mental health and substance use disorder parity compliance program

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every insurer
				shall adopt and implement a compliance program that shall include, at a
				minimum:
(1) designation of an appropriately
				experienced individual who shall:
(i) be
				responsible for assessing, monitoring, and managing parity
				compliance;
(ii) report directly to
				the insurer's chief executive officer or other senior manager; and
(iii) report no less than annually to the
				insurer's board of directors or other governing body, or the appropriate
				committee thereof, on the activities of the compliance program;