reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XIV - Individual And Small Group Health Insurance › Part 363 - Unprofessional Conduct › Section 363.10 - Authority of the Superintendent

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In
				addition to the audit authority under sections 363.5(h) and 363.8(b)  of this
				Part, the superintendent shall utilize all additional statutory and regulatory
				authority to ensure compliance with this Part and all other provisions of Part
				SS of Chapter 54 of the Laws of 2016.
(b) In accordance with Workers' Compensation
				Law section 226(9) and section 363.6(a)  of this Part, every policy shall
				include coverage for both disability and family leave benefits coverage. Every
				issuer shall separately maintain its experience for family leave benefits and
				for disability benefits provided pursuant to Workers' Compensation Law Article
				9. Where an issuer's experience for its disability benefits results in a loss
				ratio below that required by section
				52.45(f) 
				of this Title (Insurance Regulation 62), the superintendent may take into
				account the special and unique value to the public of the combined policy for
				disability and family leave benefits in considering whether the standards of
				section
				52.45(f) 
				may be modified pursuant to section
				52.45(g) 
				of this Title.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XIV - Individual And Small Group Health Insurance › Part 364 - Paid Family Leave Risk Adjustment Fund › Section 364.1 - Preamble

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Pursuant to the
				authority granted in, among other things, Insurance Law section
				4235(n), the
				superintendent previously determined that family leave benefits provided by
				issuers shall be subject to a risk adjustment mechanism for calendar year 2018.
				Additionally, pursuant to section
				363.5(b) 
				of this Title, the superintendent in consultation with the chair of the
				workers' compensation board may determine whether the family leave benefits
				coverage provided by issuers in subsequent years will be subject to a risk
				adjustment mechanism.
(b) It is
				necessary for the implementation of the risk adjustment mechanism established
				by section
				363.5 
				of this Title that a fund be established to hold the risk adjustment pools
				required to receive the payments and make the disbursements called for by that
				section.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XIV - Individual And Small Group Health Insurance › Part 364 - Paid Family Leave Risk Adjustment Fund › Section 364.2 - Risk adjustment fund

Current through Register Vol. 46, No. 28, July 10, 2024
There is hereby established within the sole custody of the
				  superintendent, a fund to be called the Paid Family Leave Risk Adjustment Fund,
				  to receive transfers of funds from issuers for those years in which it is
				  determined by the superintendent in consultation with the chair of the workers'
				  compensation board that the family leave benefits coverage provided by issuers
				  will be subject to the risk adjustment mechanism established by section
				  363.5 
				  of this Title. The moneys so received and deposited in the Paid Family Leave
				  Risk Adjustment Fund shall not be deemed State funds. The superintendent is
				  authorized, in his or her sole discretion, to make disbursements without an
				  appropriation from the Paid Family Leave Risk Adjustment Fund for the purpose
				  of remitting to issuers any moneys due them as a result of the risk adjustment
				  mechanism established by section
				  363.5 
				  of this Title, and such disbursements shall be made pursuant to that
				  section.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XIV - Individual And Small Group Health Insurance › Part 365 - Paid Family Leave Covid- 19 Risk Adjustment Mechanism › Section 365.1 - COVID-19 Risk Adjustment Mechanism

Current through Register Vol. 46, No. 28, July 10, 2024
(a) There is hereby established a risk
				adjustment mechanism related to COVID-19 claims for disability benefits and
				family leave benefits paid pursuant to Chapter 25 of the Laws of 2020. Such
				mechanism shall be subject to the requirements of this Part.
(b) All insurers, including the State
				Insurance Fund, that issued policies covering disability benefits or family
				leave benefits for any portion of the calendar year 2020 are members of the
				mechanism.
(c) The mechanism shall
				be comprised of two components. First, it shall offer immediate relief payments
				from the COVID-19 risk adjustment pool necessary to ensure payment of COVID-19
				claims for insurers experiencing disproportionate adverse risk due to a high
				volume of claims relative to the insurer's surplus. Second, it shall provide
				for the recoupment of 100 percent of COVID-19 claims paid through an adjustment
				to family leave benefits premiums in plan years 2021 and beyond.
(d) The superintendent may modify any of the
				requirements of this Part upon prior notice to any affected insurer within at
				least 24 hours, if the superintendent determines, in the superintendent's sole
				discretion, that such modification is necessary to prevent insurers from
				experiencing disproportionate losses due to high utilization due to claims for
				disability and family leave benefits paid pursuant to Chapter 25 of the Laws of
				2020 or as necessary to prevent market disruption.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XIV - Individual And Small Group Health Insurance › Part 365 - Paid Family Leave Covid- 19 Risk Adjustment Mechanism › Section 365.2 - Immediate relief payments from the COVID-19 Risk Adjustment Pool

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Threshold to
				access immediate relief from the COVID-19 Risk Adjustment Pool.
(1) Any insurer with actual COVID-19 claims
				experience equal to or greater than 20 percent of the surplus of the insurer
				shall, pursuant to the requirements of this section, be eligible to apply for
				relief from the COVID-19 Risk Adjustment Pool.
(2) Relief from the COVID-19 Risk Adjustment
				Pool shall be granted only to the extent necessary to address losses suffered
				by the insurer as a result of COVID-19 claims. In no event shall relief be
				provided that exceeds the amount of the anticipated cost of COVID-19 claims as
				determined in the discretion of the superintendent.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XIV - Individual And Small Group Health Insurance › Part 365 - Paid Family Leave Covid- 19 Risk Adjustment Mechanism › Section 365.3 - Funding the COVID-19 immediate relief payments

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The superintendent may require any
				insurer subject to the COVID-19 Risk Adjustment Mechanism to make a payment
				into the COVID-19 Risk Adjustment Pool to cover immediate relief payments
				approved under section 365.2  of this Part.
(b) In exercising the power set forth in
				subdivision (a) of this section, the superintendent shall first seek to fund
				the immediate relief payments from the COVID-19 Risk Adjustment Pool through
				funds contributed by the State Insurance Fund.
(c) The superintendent may, if no further
				funds are available from the State Insurance Fund, require from all insurers
				that are members of the COVID-19 Risk Adjustment Mechanism, other than the
				State Insurance Fund, an amount not to exceed the total amount of relief
				approved, with each insurer paying an amount proportionate to the expected
				losses to be suffered by the insurer related to payment of COVID-19 claims, as
				determined by the superintendent.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XIV - Individual And Small Group Health Insurance › Part 365 - Paid Family Leave Covid- 19 Risk Adjustment Mechanism › Section 365.4 - Recoupment of costs of COVID-19 claims

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Notwithstanding any other provision of
				this Title, beginning plan year 2021 the superintendent may adjust premiums for
				family leave benefits in a manner necessary to enable the funding of the
				recoupment element of the COVID-19 Risk Adjustment Mechanism established by
				this Part.
(b) In exercising the
				power described in subsection (a) the superintendent shall:
(1)
(i)
				determine the actual total cost of COVID-19 claims paid by members of the
				COVID-19 Risk Adjustment Mechanism;
(ii) determine, in an exercise of discretion,
				a number of years over which recoupment will occur, provided, however, that
				such period shall not be greater than three years unless the superintendent
				separately determines that a longer period is necessary to avoid market
				disruption for family leave benefits; and
(iii) determine the estimated number of lives
				in the market in the plan year for which an adjustment is to be made;
				and
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XIV - Individual And Small Group Health Insurance › Part 365 - Paid Family Leave Covid- 19 Risk Adjustment Mechanism › Section 365.5 - Collection and redistribution of funds from an adjustment

Current through Register Vol. 46, No. 28, July 10, 2024
(a) On or before May 1 of every year
				following a plan year in which an adjustment was made pursuant to section
				365.4, each insurer participating in the family leave benefits market shall,
				pursuant to instructions issued by the department, deposit into the COVID-19
				Risk Adjustment Pool an amount equal to the total amount of premium it
				collected that is attributable to the adjustment made under section
				365.4.
(b) On or before June 1 of
				every year following a plan year in which an adjustment was made pursuant to
				section 365.4, the superintendent shall disburse the moneys in the COVID-19
				Risk Adjustment Pool collected pursuant to subdivision (a), to those insurers
				who have made payments pursuant to subdivision (a), in proportion to the actual
				claims experience of those insurers related to COVID-19 claims. Provided,
				however, that:
(1) no disbursement shall be
				made to an insurer that would render the total payments made to that insurer
				from this mechanism greater than the amount it paid in COVID-19
				claims;
(2) any disbursement that
				would be made to an insurer who obtained an immediate relief payment under
				section 365.2  shall be reduced proportionately based on the total amount of
				COVID-19 claims compared to the total relief payments received and the funds
				subject to such reduction shall instead:
(i)
				if the relief payment was funded entirely by contributions of the State
				Insurance Fund, be disbursed to the State Insurance Fund; or
(ii) if the relief payment was not funded
				entirely by contributions of the State Insurance Fund, be disbursed
				proportionately to each insurer that made a contribution that funded the relief
				payment.
(3) any
				disbursement that would be made to an insurer who obtained an immediate relief
				payment under section 365.2  that has failed to make interest payments as
				required shall be withheld and the superintendent may disburse the funds to
				cover the interest obligation of the insurer, provided that if the amount
				withheld is greater than the remaining interest obligation of the insurer, then
				excess funds shall be disbursed to all other insurers who have made payments
				pursuant to subdivision (a), in proportion to the actual claims experience of
				those insurers related to COVID-19 claims.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XIV - Individual And Small Group Health Insurance › Part 365 - Paid Family Leave Covid- 19 Risk Adjustment Mechanism › Section 365.6 - COVID-19 Risk Adjustment Pool

Current through Register Vol. 46, No. 28, July 10, 2024
The superintendent shall establish, in the superintendent's
				  sole custody, an account to be called the COVID-19 Risk Adjustment Pool, to
				  receive transfers of funds from insurers subject to the risk adjustment
				  mechanism established by this Part. The moneys so received and deposited in the
				  COVID-19 Risk Adjustment Pool shall not be deemed State funds. The
				  superintendent is authorized to make disbursements without an appropriation
				  from the COVID-19 Risk Adjustment Pool for the purpose of remitting to insurer
				  any moneys due them as a result of the risk adjustment mechanism established by
				  this Part, and such disbursements shall be made pursuant to this
				  Part.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XV - Life Settlements › Part 380 - Viatical Settlements › Section 380.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this Part is to establish rules for the
				  implementation of article 78 of the Insurance Law, as enacted by chapter 638 of
				  the Laws of 1993. This Part sets forth requirements pertaining to licensing of
				  viatical settlement companies and viatical settlement brokers, viatical
				  settlement contracts, reporting, examination, marketing, advertising,
				  disclosure and rules applicable to insurers which will facilitate viatical
				  settlement transactions.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XV - Life Settlements › Part 380 - Viatical Settlements › Section 380.2 - Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This Part shall
				apply to any individual, partnership, corporation or other entity, except as
				exempted by article 78 of the Insurance Law, making or proposing to make a
				contract of viatical settlement, including but not limited to discussing,
				negotiating, signing or doing any act in this State in furtherance of making or
				proposing to make a contract of viatical settlement. This Part shall also apply
				to any act of solicitation or advertising by mail, telephone or any other
				method of presenting, distributing, issuing, circulating or permitting to be
				issued or circulated any information or material in this State for the purpose
				of making a contract of viatical settlement.
(b) No such individual or entity may do any
				such act or transaction without first having obtained a license from the
				superintendent in accordance with section 7802  of
				the Insurance Law and this Part.
(c) Each individual or entity who has filed
				an application for a license as a viatical settlement company or a viatical
				settlement broker prior to or within 90 days after the date the Superintendent
				of Insurance has promulgated regulations regarding licensing or by July 30,
				1994, whichever date is earlier, may act as a viatical settlement company or
				viatical settlement broker without a license issued pursuant to this section
				until the superintendent has made a final determination on the application for
				such license filed by such individual or entity.
(d) Each such individual or entity who has
				filed, together with an application for a license filed pursuant to subdivision
				(c) of this section, specimen copies of the viatical settlement agreement
				forms, application forms, information booklet and proposal form which they
				intend to use, in accordance with the requirements of section
				380.6  of this
				Part, may continue to use such unapproved forms until the superintendent has
				made a final determination on the application for such license.
(e) Each viatical settlement company or
				broker which has obtained a license pursuant to subdivision (c) of this section
				and which has filed copies of the viatical settlement agreement forms,
				application forms, information booklet and proposal form in accordance with
				subdivision (d) of this section, may continue to use such unapproved forms for
				60 days from the date of the issuance of such license or until such forms are
				approved by the superintendent in accordance with section
				380.6  of this
				Part, whichever date is earlier.
(f) This Part shall apply to insurers in
				order to facilitate the completion of a viatical settlement of a life insurance
				policy or certificate.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XV - Life Settlements › Part 380 - Viatical Settlements › Section 380.3 - Viatical settlement companies and brokers, licensing requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The original
				application for a license as a viatical settlement company (company) or
				viatical settlement broker (broker) shall be made on such forms and supplements
				as prescribed by the superintendent and shall be accompanied by the fee
				required by section 7802 (b)  of the Insurance
				Law.
(b) A viatical settlement
				company shall submit with the application for a license, a detailed plan of
				operation to the Life Insurance and Companies Bureau including full particulars
				on the manner in which the company proposes to operate in New York and the type
				of insurance contracts it intends to viaticate.
(c) The viatical settlement company's plan of
				operation shall be a narrative overview of the applicant's business and shall
				include the following information:
(1) a
				certified copy of the viatical settlement company's charter and by-laws, if a
				corporation, and a copy of the partnership agreement, if a
				partnership;
(2) a statement of the
				types of business that the company transacts and the geographical locations
				where it engages in a particular type of business. A statement whether the
				viatical settlement business is or will be the company's primary or sole
				business;
(3) a list of all
				business licenses held by the company from any government entity;
(4) a chart showing the relationship of the
				company to any parent, affiliated or subsidiary corporation;
(5) a detailed description of the company's
				marketing techniques, including a description of training programs for those
				individuals who will have direct contact with viators;
(6) a list of the company's directors and key
				management personnel, including job title and a brief description of the job
				duties, and completed biographical questionnaires by each director and key
				management personnel for the company, immediate parent and ultimate
				parent;
(7) a list of names of
				individual owners who have a beneficial interest in or ownership of five
				percent or more in the company, indicating the corresponding percentage of
				interest;
(8) the actuarial pricing
				memorandum described in section
				380.6(b) 
				of this Part; and
(9) as part of
				the plan of operation filing, the viatical settlement company shall submit the
				viatical experience as described in section
				380.4(c) 
				of this Part for the three calendar years preceding the year in which the
				application for original license is made.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XV - Life Settlements › Part 380 - Viatical Settlements › Section 380.4 - Annual statements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Each
				licensed viatical settlement company or viatical settlement broker must file
				with the Insurance Department on or before March 1st of each year an annual
				statement (in duplicate) in a form designated as the "Viatical Settlement
				Company Blank" or "Viatical Settlement Broker Blank".
(b) The Insurance Department shall furnish
				each company and broker with one copy of the designated statement blank. The
				contents or the statement blank designated shall be subject to amendment or
				change from year to year.
(c) As
				part of such blank, each viatical settlement company shall file an experience
				exhibit in a form as designated by the superintendent, setting forth the
				company's experience for the past calendar year for each case viaticated during
				the year or where a viator's death has occurred during the year but the policy
				or certificate was viaticated in a prior year.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XV - Life Settlements › Part 380 - Viatical Settlements › Section 380.6 - Filing requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Viatical settlement forms filing requirements.
(1) Two specimen copies of every viatical
				settlement agreement shall be filed with and approved by the superintendent
				prior to use in New York.
(2) Two
				specimen copies of every application for a viatical settlement shall be filed
				with and approved by the superintendent prior to use in New York.
(3) A copy of the information booklet
				required under section 7807 (b)  of the Insurance
				Law shall be placed on file with the superintendent, prior to its use with any
				viatical settlement application or agreement in New York.
(4) A copy of the proposal form required by
				section
				380.8(f) 
				of this Part shall be filed with the superintendent.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XV - Life Settlements › Part 380 - Viatical Settlements › Section 380.7 - Marketing and advertising

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No
				individual, partnership, corporation or other entity acting as a viatical
				settlement company or broker shall aid or assist a health care facility or
				practitioner in coercing or requiring or attempting to coerce or require a
				person to enter into a viatical settlement as a condition of admission,
				providing or continuing care.
(b)
				All advertising material by viatical settlement companies or brokers shall be
				subject to the applicable provisions of Part 219 of this Title (Regulation
				34-A).
(c) Advertising material by
				viatical settlement companies or brokers which presents any statement
				identifying or describing any advantage or benefit of making a contract of
				viatical settlement shall:
(1) include a
				statement that receipt of payment pursuant to a viatical settlement may affect
				eligibility for public assistance;
(2) include a statement that receipt of
				payment pursuant to a viatical settlement may be taxable; and
(3) include a statement that the viator has a
				right to rescind a viatical settlement within 15 days of receipt of the
				viatical settlement proceeds.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XV - Life Settlements › Part 380 - Viatical Settlements › Section 380.8 - Disclosure

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The viatical
				settlement company shall deliver an information booklet to every applicant, and
				delivery of the booklet must be acknowledged by the applicant in the
				application form. The information booklet must include the following:
(1) how viatical settlements
				operate;
(2) possible alternatives
				to viatical settlements for persons with catastrophic or life-threatening
				illnesses, including, but not limited to, accelerated death benefits offered by
				the issuer of the life insurance policy or certificate and loans secured by the
				life insurance policy or certificate;
(3) tax consequences that may result from
				entering into a viatical settlement;
(4) consequences of interruption or loss of
				assistance as provided by medical or public assistance programs;
(5) the viator's right to rescind a viatical
				settlement within 15 days of receipt of the viatical settlement
				proceeds;
(6) the identity of any
				person who will receive any fee or compensation from the viatical settlement
				company with respect to the viatical settlement and the amount and terms of
				such compensation; and
(7) the
				viatical settlement company's complete name and main office address.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XV - Life Settlements › Part 380 - Viatical Settlements › Section 380.9 - General rules

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A viator
				may not assign, transfer, sell, devise or bequeath to a viatical settlement
				company:
(1) a death benefit for any insured
				other than the viator; or
(2) any
				accidental death benefit.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XV - Life Settlements › Part 380 - Viatical Settlements › Section 380.10 - Severability provision

Current through Register Vol. 46, No. 28, July 10, 2024
If any provision of this Part or the application thereof to
				  any person or circumstance is adjudged invalid by a court of competent
				  jurisdiction, such judgment shall not affect or impair the validity of the
				  other provisions of this Part or the application thereof to other persons and
				  circumstances.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XV - Life Settlements › Part 381 - Life Settlements › Section 381.1 - License fees and financial accountability requirements for life settlement providers

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				application for a license as a life settlement provider shall be made on such
				forms and supplements as prescribed by the superintendent and shall be
				accompanied by a non-refundable fee of $10,000.
(b) The financial accountability of a life
				settlement provider required in accordance with section 7803 (c)(2)(E)  of the
				Insurance Law, to assure the faithful performance of its obligations to owners
				and insureds on life settlement contracts subject to article 78 of the
				Insurance Law, shall be in an amount at least equivalent to $250,000, shall be
				maintained at all times and may be evidenced in one of the following manners:
(1) assets in excess of liabilities in an
				amount at least equal to $250,000 as reflected in the applicant's financial
				statements;
(2) a surety bond in an
				amount at least equal to $250,000 placed in trust with the superintendent
				issued by an insurer licensed in this State to write fidelity and surety
				insurance under section 1113 (a)(16)  of the
				Insurance Law; or
(3) securities
				placed in trust with the superintendent consisting of securities of the types
				specified in section 1402 (b)(1) and (2)  of the
				Insurance Law, estimated at an amount not exceeding their current market value,
				but with a total par value not less than $250,000; provided that:
(i) if the life settlement provider is
				incorporated in another state, the securities allowed for placement in the
				trust may consist of direct obligations of that state; and
(ii) if the aggregate market value of the
				securities in trust falls below the required amount, the superintendent may
				require the life settlement provider to deposit additional securities of like
				character.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XV - Life Settlements › Part 381 - Life Settlements › Section 381.2 - License fees for life settlement brokers

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The application for a license as a life
				settlement broker shall be made on such forms and supplements as prescribed by
				the superintendent and shall be accompanied by a non-refundable fee for each
				individual applicant and for each proposed sub-licensee of $40 for each year or
				fraction of a year in which a license shall be valid.
(b) The application for the biennial renewal
				of a life settlement broker license shall be made on such forms and supplements
				as prescribed by the superintendent and shall be accompanied by a
				non-refundable fee for each individual applicant and for each proposed
				sub-licensee of $40 for each year or fraction of a year in which a license
				shall be valid.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XV - Life Settlements › Part 381 - Life Settlements › Section 381.3 - Registration fees for life settlement intermediaries

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The application for registration as a
				life settlement intermediary shall be made on such forms and supplements as
				prescribed by the superintendent and shall be accompanied by a non-refundable
				fee of $7,500.
(b) The application
				for the biennial renewal of a life settlement intermediary registration shall
				be made on such forms and supplements as prescribed by the superintendent and
				shall be accompanied by a non-refundable fee of $2,500.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XVI - Service Contracts › Part 390 - Service Contracts › Section 390.0 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
This Part implements, interprets, and clarifies chapter 614
				  of the Laws of 1997, which amended several sections of the Insurance Law and
				  added a new article 79 to the Insurance Law entitled "service contracts". New
				  article 79 exempts the business of service contracts from all other provisions
				  of the Insurance Law and establishes a framework by which service contract
				  providers must be registered with, and subject to the jurisdiction of, the
				  superintendent. Chapter 614 also establishes a new kind of insurance, entitled
				  "service contract reimbursement insurance," which may be used by the service
				  contract provider to demonstrate financial responsibility.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XVI - Service Contracts › Part 390 - Service Contracts › Section 390.1 - Application

Current through Register Vol. 46, No. 28, July 10, 2024
Except as otherwise provided, this Part applies to service
				  contracts (as defined in section
				  7902[k] of the Insurance
				  Law) marketed, issued, sold or offered for sale, made or offered to be made, or
				  administered in this State, on and after January 15, 1998. This Part and
				  article 79 do not apply to warranties.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XVI - Service Contracts › Part 390 - Service Contracts › Section 390.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The definitions
				contained in article 79 of the Insurance Law (article 79) shall apply to this
				Part.
(b) The definitions contained
				in section 107  of the Insurance Law shall also apply to
				article 79 and this Part.
(c) As
				used in article 79 of the Insurance Law and this Part, qualified United States
				financial institution shall mean a bank chartered in New York or a bank that is
				a member of the Federal Reserve System.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XVI - Service Contracts › Part 390 - Service Contracts › Section 390.3 - Documents and delivery of service contracts

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The copy of the service contract required
				by section 7903 (b)(1)  of the
				Insurance Law shall be clearly identifiable as a service contract and shall be
				a separate document from any other document given to the service contract
				holder.
(b) The provider, or its
				authorized representative, shall give the service contract holder a receipt, or
				other written evidence of the purchase of a service contract, which clearly
				identifies the amount of the provider fee.
(c) If the service contract is not delivered
				to the service contract holder at the time of the contract's purchase, the
				contract shall be mailed or delivered to the service contract holder within a
				reasonable time.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XVI - Service Contracts › Part 390 - Service Contracts › Section 390.4 - Right of return of service contract

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The statement of the right to return the
				service contract required by sections 7903 (e) and
				7905 (n)  of the Insurance
				Law shall be set forth in a conspicuous manner.
(b) The service contract shall clearly
				indicate the procedure for returning or terminating the contract. If the
				provider requires that the contract must be physically returned, the provider
				shall specify the address where the contract is to be returned.
(c) The service contract shall contain a
				statement that if no claim has been made under the contract, and the holder
				returns or terminates the contract within the time period specified in the
				service contract, the contract shall be void and that the provider shall refund
				to the contract holder the full purchase price of the contract.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XVI - Service Contracts › Part 390 - Service Contracts › Section 390.5 - Provisions of service contracts

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every service contract marketed, issued,
				sold or offered for sale, made or offered to be made, or administered in this
				State shall specify any limitations on the right to terminate the service
				contract by the provider or contract holder and to receive a refund of the
				provider fee.
(b) The notice
				required by section 7905 (f)  of the Insurance
				Law, regarding prior approval of repair work and emergency assistance, if
				applicable, shall be set forth in a conspicuous manner.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XVI - Service Contracts › Part 390 - Service Contracts › Section 390.6 - Receipt of provider fee

Current through Register Vol. 46, No. 28, July 10, 2024
Payment of the provider fee to a person authorized to sell or
				  market the service contract in this State, or an administrator or other person
				  authorized to receive payment, shall be deemed to be payment to the service
				  contract provider.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XVI - Service Contracts › Part 390 - Service Contracts › Section 390.7 - Service contract reimbursement insurance: minimum provisions and requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1) No insurer may issue or deliver in this
				State a policy of service contract reimbursement insurance on and after January
				15, 1998, unless the insurer is licensed pursuant to section 1113 (a)(28)  of the
				Insurance Law and the policy meets the definition contained therein.
(2) Service contract reimbursement insurance
				shall not provide coverage to a warrantor for its warranties.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XVI - Service Contracts › Part 390 - Service Contracts › Section 390.8 - Filing of evidence of service contract reimbursement insurance policy

Current through Register Vol. 46, No. 28, July 10, 2024
A service contract provider that elects to meet the
				  requirements of section 7903 (c)(1)  of the
				  Insurance Law as the means to assure the faithful performance of its
				  obligations under service contracts outstanding in this State shall provide the
				  superintendent with evidence that appropriate coverage is in effect, in the
				  form of a certificate from an insurer authorized to write service contract
				  reimbursement insurance in New York. The certificate shall be provided at the
				  time of initial application for registration as a service provider, at the time
				  of renewal, and at the time of any changes to the policy of the items specified
				  in this section, other than the dates of the policy. The certificate shall
				  specify:
(a) the name of the
				insurer;
(b) the name of the
				insured;
(c) the service contracts
				that are covered by the policy;
(d)
				the effective dates of the policy;
(e) the applicable policy limits, if
				any;
(f) the applicable
				deductibles, if any;
(g) that the
				insurance policy provides for direct coverage to the covered contract holders
				if the provider fails to pay or provide service on a claim within 60 days after
				proof of loss has been filed with the provider;
(h) that the termination of the insurance
				policy shall not affect or reduce the insurer's obligations to, or
				responsibility for, direct coverage to contract holders whose service contracts
				were made during the term of the policy and were covered under the
				policy;
(i) that the insurance
				policy provides that the revocation, or other termination of the provider's
				registration, for any reason, shall be construed to be a default by the
				provider and that the insurer will provide for direct coverage to the covered
				contract holders without having to wait 60 days;
(j) that the insurance policy provides that
				the suspension of the provider's registration for more than 60 days shall be
				construed to be a default by the provider and that the insurer will provide for
				direct coverage to the covered contract holders without having to wait 60 days,
				until such time as the provider is permitted to resume business; and
(k) that the coverage provided under the
				policy conforms with all of the requirements of article 79 of the Insurance Law
				and this Part.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XVI - Service Contracts › Part 390 - Service Contracts › Section 390.9 - Termination of service contract reimbursement insurance policy; notice to the superintendent

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				The notice to the superintendent of termination of the service contract
				reimbursement insurance policy required by section 7909  of the Insurance Law shall be in
				writing and shall be mailed or delivered to the superintendent at the following
				address:
New York State Insurance Department
Licensing Bureau--Registration Unit
One Commerce Plaza
Albany, NY 12257
(b) With respect to a termination initiated
				by the insurer, the notice shall be mailed or delivered to the superintendent
				at least 15 days prior to the effective date of the termination. A copy of the
				notice issued to the insured pursuant to section 3426  of the Insurance Law shall accompany
				the notice to the superintendent.
(c) With respect to a termination initiated
				by the service contract provider, the notice shall be mailed or delivered by
				the insurer to the superintendent no later than five days after the notice of
				termination was received by the insurer.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XVI - Service Contracts › Part 390 - Service Contracts › Section 390.10 - Funded reserve account and financial security deposit

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A service contract provider that elects
				to meet the requirements of section 7903 (c)(2)  of the
				Insurance Law as the means to assure the faithful performance of its
				obligations under service contracts outstanding in this State shall, in
				accordance with the provisions of this section:
(1) establish and maintain a funded reserve
				account;
(2) place in trust a
				financial security deposit with the superintendent; and
(3) file audited financial statements with
				the superintendent.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XVI - Service Contracts › Part 390 - Service Contracts › Section 390.11 - Net worth option

Current through Register Vol. 46, No. 28, July 10, 2024
A service contract provider that elects to meet the
				  requirements of section 7903 (c)(3)  of the
				  Insurance Law as the means to assure the faithful performance of its
				  obligations under service contracts outstanding in this State shall comply with
				  the provisions of this section.
(a)
				Audited financial statements.
(1) On or
				before June 30th of each year or 180 days after the end of the service contract
				provider's fiscal year, whichever is later, the service contract provider shall
				file its audited financial statements for the prior calendar year with the
				superintendent. If the audited financial statements of the provider's parent or
				indirect parent are used to meet the provider's financial responsibility
				requirement, then the parent or indirect parent shall file the statements and
				the 180 days shall be counted from the parent's or indirect parent's fiscal
				year. The statements shall include an opinion of an independent certified
				public accountant. The statement and opinion shall be mailed or delivered to
				the superintendent at the following address:
New York State Insurance Department
Property Bureau--Service Contract Providers
25 Beaver Street
New York, NY 10004-2359
(2) If, at any time, the certified public
				accountant or the service contract provider determines that the provider, or
				the provider's parent or indirect parent, has materially misstated its
				financial condition as reported to the superintendent, the provider shall
				submit the determination to the superintendent, in writing within 15 days
				following the determination.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XVI - Service Contracts › Part 390 - Service Contracts › Section 390.12 - Default contingency plan agreements

Current through Register Vol. 46, No. 28, July 10, 2024
Every application for approval of registration as a provider
				  under section 7907  of the Insurance Law, wherein the
				  provider has elected to assure its obligations to contract holders by a funded
				  reserve account and financial security or by net worth qualification shall
				  include a form of default contingency plan agreement that provides:
(a) for the appointment of a claims trustee
				that is acceptable to the superintendent and who is registered as a provider,
				in the event of a provider's default in performance as specified in sections
				390.10(e)
				 and
				390.11(c) 
				of this Part;
(b) that the
				appointment shall be made within 15 days of the provider's default;
(c) that the superintendent may make the
				appointment in the event the provider fails to make an appointment within the
				time specified by subdivision (b) of this section or if the appointed trustee
				fails to serve or resigns;
(d) for
				the trustee to administer all claims outstanding and which may arise after the
				provider's default;
(e) for the
				trustee to receive from the superintendent the funded reserve account, any
				securities deposited with the superintendent as financial security, and, in the
				case of a provider that met the net worth qualification, all funds that said
				provider shall have allocated upon its books of account to obligations to
				contract holders arising from service contracts marketed, issued, sold or
				offered for sale, made or offered to be made, or administered in this State on
				and after January 15, 1998;
(f) for
				the trustee to apply all funds received pursuant to subdivision (e) of this
				section exclusively to the payment of claims arising from service contracts
				issued by the provider;
(g) for the
				trustee to have the power to bring actions or proceedings against the provider
				to obtain the funds provided for by subdivision (e) of this section and any
				additional funds that may be necessary for the payment of claims and expenses
				arising from service contracts issued by the provider; and
(h) that all funds received by the trustee
				pursuant to the default contingency plan shall be treated as trust funds and
				shall not be used for any purpose except as specified in subdivision (f) of
				this section.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XVI - Service Contracts › Part 390 - Service Contracts › Section 390.13 - Mechanical breakdown insurance

Current through Register Vol. 46, No. 28, July 10, 2024
A motor vehicle or aircraft mechanical breakdown insurance
				  policy, issued by an insurer licensed pursuant to section 1113 (a)(19)  of the
				  Insurance Law, shall not be considered to be a service contract and shall not
				  be subject to article 79 of the Insurance Law.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XVII - Certified Capital Companies Under Section 11 Of The Tax Law › Part 400 - Certified Capital Companies Under Section 11 Of The Tax Law › Section 400.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This Part
				implements section 11  of the Tax Law, as added by section 144 of
				chapter 389 of the Laws of 1997, which provides for the establishment of
				certified capital companies and confers authority on the Insurance Department
				(the department) to certify and regulate such companies. Section 11  of the Tax Law creates a tax credit
				incentive mechanism to increase investment of financial resources of insurers
				into the State's venture capital markets. Section 1511 (k)  of the Tax Law, as
				added by section 143 of chapter 389, describes the operation of the tax credit.
				In section 142 of chapter 389, the Legislature made a finding that, in order to
				promote the growth of the State economy, a need exists to further encourage the
				investment of private financial resources into the State's venture capital
				markets, emphasizing viable smaller business enterprises which traditionally
				have had difficulty in attracting institutional venture capital. In addition,
				the legislation and this Part implement the legislative goal of promoting the
				formation and expansion of new and existing businesses, thereby creating jobs
				and resulting in growth in the State's economy.
(b) This Part does not reflect legislative
				amendments to section 11  of the Tax Law enacted subsequent to
				October 28, 1998, with respect to the dates for acceptance of certified capital
				company certification and tax credit applications and to the maximum tax
				credits allocated and allowed under any subsequent certified capital program(s)
				established by such legislation.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XVII - Certified Capital Companies Under Section 11 Of The Tax Law › Part 400 - Certified Capital Companies Under Section 11 Of The Tax Law › Section 400.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Primary
				business activity, as used in section 11 (a)(3)  of the Tax Law,
				means that the investment of cash in qualified businesses constitutes at least
				75 percent of the business activity of the certified capital company.
(b) As used in section 11 (a)(6)(c)  of the Tax Law,
				a business shall be deemed predominantly engaged in professional services
				provided by accountants, lawyers or physicians if:
(1) over 40 percent of the revenues of such
				business for the preceding fiscal year; or
(2) if a new enterprise, over 40 percent of
				its projected revenues for its first fiscal year, taken as a whole are derived
				from such professional services.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter XVII - Certified Capital Companies Under Section 11 Of The Tax Law › Part 400 - Certified Capital Companies Under Section 11 Of The Tax Law › Section 400.3 - Procedures for making an application for a certified capital company

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A partnership,
				corporation, trust or limited liability company organized on a for-profit basis
				that is located, headquartered and licensed or registered to conduct business
				in New York and has as its primary business activity the investment of cash in
				qualified businesses may make application to the Superintendent of Insurance to
				be designated as a certified capital company. The application form, including
				filing instructions, may be obtained upon request by contacting:
New York State Insurance Department
Taxes and Accounts Bureau
One Commerce Plaza
Albany, NY 12257
(518) 474-8567