reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 186 - Insurance Covering Debtors Or Personal Property Purchased On Installment Or Deferred Payment Plans › Section 186.3 - Disclosure to insured

Current through Register Vol. 46, No. 28, July 10, 2024
All policies, certificates, or other evidences of insurance
				  issued in this State insuring debtors, personal property pledged as security
				  for creditors, or personal property purchased under an installment sales
				  agreement, any deferred payment plan, or its equivalent, the premium or cost of
				  which is paid as an identifiable charge in whole or in part by the debtor
				  (hereinafter referred to as "debtor's policy or policies"), must be written for
				  the full term for which the premium is charged and must contain full and
				  complete information respecting:
(a)
				the kind or kinds of coverage;
(b)
				the amount of insurance covering the property purchased or offered as
				security;
(c) the amount of
				premiums charged, the rate for each of the coverages and the aggregate premium
				charged for all coverages, except that only the rate for each of the coverages
				shall be required in connection with those credit plans where the premium
				cannot be reasonably ascertained on issuance of coverage;
(d) the effective and expiration date or
				dates of insurance to be provided; and
(e) the classification and rating information
				for motor vehicle collision and liability insurance coverages.
All changes in policy terms and conditions shall be evidenced
				  by an endorsement forwarded directly by the insurer to the debtor and the
				  creditor.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 186 - Insurance Covering Debtors Or Personal Property Purchased On Installment Or Deferred Payment Plans › Section 186.4 - Notice when debtor's interest not insured

Current through Register Vol. 46, No. 28, July 10, 2024
Where a policy provides insurance solely for the interest of
				  the creditor and a licensee of this department has either actual or
				  constructive notice that an identifiable charge for the policy has been made to
				  the debtor:
(a) the insurer issuing
				such policy shall provide notice to the debtor that the debtor's interest is
				not protected; and
(b) any agent or
				broker who arranges for or obtains such insurance shall provide that the debtor
				be clearly advised in writing that such insurance is for the sole protection of
				the creditor. Such policies also shall provide, except for wilful acts or
				omissions, an express waiver of subrogation against the debtor, or any assignee
				of the debtor.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 186 - Insurance Covering Debtors Or Personal Property Purchased On Installment Or Deferred Payment Plans › Section 186.5 - Existing insurance; choice of insurer

Current through Register Vol. 46, No. 28, July 10, 2024
When credit property insurance is required by a creditor to
				  protect his security interest in personal property, the debtor shall have the
				  option of furnishing existing valid collectible policies of insurance with a
				  loss payable clause in favor of the creditor, issued by any insurer authorized
				  to do an insurance business in this State, for an amount not less than the
				  indebtedness and for the term and kinds of insurance coverage required by the
				  creditor. Insurers shall be responsible for notifying purchasers, on the
				  application for insurance, of the kinds of coverage that may be used in the
				  exercise of said option.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 186 - Insurance Covering Debtors Or Personal Property Purchased On Installment Or Deferred Payment Plans › Section 186.6 - Limitations on amount and duration of policy

Current through Register Vol. 46, No. 28, July 10, 2024
In the case of installment or deferred payment sales or their
				  equivalent, no policy shall provide coverage in an amount which exceeds the
				  value of the property insured. In the case of a loan, no policy shall provide
				  coverage in an amount which exceeds the value of the collateral or security for
				  the loan. No debtor's policy shall be extended beyond the period of the loan or
				  finance arrangement, or the next annual expiration date following the
				  termination of the loan or finance arrangement, except that, at the request of
				  the insured, such policy may be written for a longer period.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 186 - Insurance Covering Debtors Or Personal Property Purchased On Installment Or Deferred Payment Plans › Section 186.7 - Cancellation of policy by a creditor

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Unless the premium financing transaction
				is subject to article XII-B of the Banking Law, the provisions of paragraph (b)
				shall govern the cancellation of a policy by a creditor.
(b) A power of attorney or other authority,
				duly executed by a debtor, may authorize a creditor or his assigns to cancel a
				policy. However, such policy shall not he cancelled pursuant to such authority
				unless the request for cancellation is effectuated in accordance with the
				following provisions:
(1) the debtor shall be
				given not less than 10 days written notice that his insurance contract will be
				cancelled. The exact time and date of cancellation must be set forth in such
				notice. Such notice shall be given by the creditor by delivery to the debtor in
				person, or by mail, to the address shown in the policy. Proof of mailing such
				notice to such address shall be sufficient proof of service of the notice of
				cancellation;
(2) if such notice is
				given by mail, three days shall be added to the notice period;
(3) every such notice shall include in type
				or print, of which its face shall not be smaller than twelve point, at least
				two points leaded, a statement that if the insurance contract provides motor
				vehicle liability insurance, proof of financial security is required to be
				maintained continuously throughout the registration period and that failure to
				maintain proof of such financial security requires revocation of the
				registration of the motor vehicle, unless the registration certificate and
				number plate of such vehicle have been surrendered to the Commissioner of Motor
				Vehicles prior to the time at which cancellation becomes effective;
(4) upon receipt of such notice and
				statement, the insurer shall cancel the insurance contract as of the exact time
				and date set forth in such notice, with the same force and effect as if the
				aforesaid notice of cancellation had been submitted by the debtor himself,
				without requiring the return of the insurance contract. Where, by statutory or
				regulatory requirement, more than 10 days notice must be given, the prescribed
				time for such notice shall control as to the effective date of cancellation.
				The insurer is authorized to make the necessary changes to comply with such
				requirements, calculating the effective date of cancellation from the day it
				receives the copy of the notice of cancellation from the creditor;
				and
(5) the insurer, within a
				reasonable time after the effective date of cancellation, shall return whatever
				gross unearned premiums are due under the insurance policy on a short rate
				basis to the creditor for the benefit of the debtor.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 186 - Insurance Covering Debtors Or Personal Property Purchased On Installment Or Deferred Payment Plans › Section 186.8 - Repossession

Current through Register Vol. 46, No. 28, July 10, 2024
In the event of cancellation of a debtor's policy on
				  repossession, the insurer shall submit a notice directly to the debtor which
				  accurately states the amount of premium returned to the creditor. In situations
				  where a repossession is preceded by a total or constructive total loss, the
				  insurer shall compute its loss liability in accordance with the policy
				  provisions and shall forward a notice directly to the debtor, or to his estate,
				  which accurately states the amount of its liability under the loss, the
				  computation basis thereof and the amount of loss payment to the lender or
				  lienholder.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 186 - Insurance Covering Debtors Or Personal Property Purchased On Installment Or Deferred Payment Plans › Section 186.9 - Filing and approval of forms and premium rates

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No policy of credit property insurance,
				certificate, application, or other form pertaining to credit property insurance
				subject to section 2340 of the New York Insurance Law and to this Part shall be
				issued or delivered in this State unless such form has been filed with the
				Superintendent of Insurance and approved by him.
(b) Each insurer filing rates for credit
				property insurance shall include in its rate filing with the superintendent the
				appropriate rate formula upon which its rates are based, including provisions
				for expenses, losses and profit. The provision for losses included in such rate
				formula shall be not less than 55 percent of the premium.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 186 - Insurance Covering Debtors Or Personal Property Purchased On Installment Or Deferred Payment Plans › Section 186.10 - Experience statistics

Current through Register Vol. 46, No. 28, July 10, 2024
Each insurer writing credit property insurance subject to
				  section 2340 of the New York Insurance Law shall maintain statistics by
				  respective forms of coverage (single and dual interest), type of property and
				  territory in the following form:
(a)
				written premiums;
(b) earned
				premiums;
(c) losses
				paid;
(d) outstanding loss
				reserves;
(e) losses
				incurred;
(f) commissions
				(including retrospective or contingent);
(g) fees and other allowances;
(h) dividends;
(i) number of certificates issued;
				and
(j) number of losses.
Such information shall be subject to call by the
				  superintendent and furnished within the time specified by him.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 186 - Insurance Covering Debtors Or Personal Property Purchased On Installment Or Deferred Payment Plans › Section 186.11 - Unearned premiums; dividends

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The insurer, after due notice of
				satisfaction of lien, shall return any unearned premium on a debtor's policy to
				the debtor and, if a policy covering such personal property is issued by a
				mutual insurer, or a participating stock insurer, the debtor shall be entitled
				to the benefit of any dividend paid under an individual policy.
(b) Under any master policy, the insurer,
				after due notice of satisfaction of lien, shall return any unearned premium to
				the debtor. If such policy is issued by a mutual insurer or a participating
				stock insurer, the debtor shall be entitled to the benefit of his pro rata
				share of any dividend paid under the master policy. It shall be the duty of the
				insurer to take appropriate steps to assure that the debtor shall promptly
				receive such payments when the amount thereof is one dollar or more. When the
				amount of any debtor's share is less than one dollar, the amount representing
				the total of all such shares shall be retained by the insurer as an offset to
				the experience on such business for the purpose of adjusting premium
				charges.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 186 - Insurance Covering Debtors Or Personal Property Purchased On Installment Or Deferred Payment Plans › Section 186.12 - Retention of records

Current through Register Vol. 46, No. 28, July 10, 2024
The insurer shall maintain complete classification and rating
				  information of the transactions to which this Part applies, for at least the
				  period between statutory examinations by the State of
				  domicile.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 186 - Insurance Covering Debtors Or Personal Property Purchased On Installment Or Deferred Payment Plans › Section 186.13 - Adjustment of claims

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No insurer
				or representative thereof shall agree with, or permit any person, firm, or
				corporation, other than its own employees, licensed attorneys, or adjusters, to
				adjust or pay any claims under debtor's policies. In individual cases, an
				insurer, may, except as provided in subdivision (b) of this section, permit an
				agent to negotiate:
(1) automobile glass
				losses; or
(2) other property
				losses not exceeding $200.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 187 - Credit Unemployment Insurance › Section 187.2 - Filing and approval of forms and premium rates

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No policy of credit unemployment
				insurance and no certificate, application, notice of proposed group insurance,
				or other form pertaining to credit unemployment insurance shall be issued or
				delivered in this State unless such forms and the premium rates, identifiable
				charges, and/or rating procedures therefor have been filed with the
				Superintendent of Insurance and approved by him.
(b) If a group policy of credit unemployment
				insurance has been or is delivered in another state before or after the
				effective date of this Part [December 27, 1988], the insurer shall be required
				to file the certificate of group insurance, notice of proposed group insurance,
				if any, to be delivered or issued for delivery in this State as specified in
				section
				187.4(c)-(d) 
				of this Part (together with its certification that the provisions of said group
				policy are consistent or shall be made consistent with the provisions of said
				certificate or notice of proposed group insurance) and such forms may be
				approved (1) if they conform to the requirements specified in said
				subdivisions, and (2) if the schedules of premium rates applicable to the
				insurance evidenced by such certificate or notice are not in excess of either
				the insurer's schedule of premium rates or rates produced by the rating
				procedures on file with and approved by the Superintendent of
				Insurance.
(c) No individual credit
				unemployment insurance policy, group credit unemployment certificate, nor any
				related form shall be offered or effected, directly or indirectly, as an
				inducement to, or in combination with, the purchase by the public of any goods,
				securities, commodities, services or subscriptions to periodicals, except
				credit unemployment insurance may be offered in combination with all or any of
				the kinds of insurance authorized in paragraphs (3), (7) and (20) of
				subdivision (a) of section 1113  of the Insurance Law, and in
				combination with credit transactions. Use of an individual credit unemployment
				insurance policy or related form shall be limited to insurance, otherwise
				lawful, of an individual borrower or other person obligated under a loan not
				arranged by, or in cooperation with, a seller of goods, securities,
				commodities, services or subscriptions to periodicals.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 187 - Credit Unemployment Insurance › Section 187.3 - Forms of credit unemployment insurance

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Credit unemployment insurance policies
				which provide benefits differing in kind or character from those set forth in
				paragraphs (1) and (2) of this subdivision shall be deemed not to conform with
				section 3201 (a) and (c)(8)  of the
				Insurance Law.
(1) Benefits payable on any
				one of the following plans:
(i) after the 30th
				day of unemployment and retroactive to the first day of such unemployment;
				or
(ii) after the 30th day of
				unemployment.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 187 - Credit Unemployment Insurance › Section 187.5 - Amount and term of credit unemployment insurance

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Amount of credit unemployment insurance.
(1) The amount of insurance on any person
				insured under a policy shall not at any time exceed (i) in all cases except as
				hereinafter provided the lesser of $55,000 and the total of payments scheduled
				to be paid by the person to whom credit has been extended; (ii) in the case of
				a loan commitment pursuant to a program for defraying the cost of attendance of
				a student at a college or university or at such an elementary or secondary
				school providing education for minors, the lesser of $55,000 and the total
				amount of the unpaid balance of the scheduled periodic payments whether due or
				not due and the amount of any outstanding loan commitment pursuant to such a
				program; (iii) in the case of a transaction secured by a real estate mortgage,
				the lesser of $110,000 and the total of payments scheduled to be paid by the
				person to whom credit has been extended; or (iv) in all cases the amounts of
				the payment or payments due during the period of umemployment of the covered
				person, excluding such amounts which may become due by acceleration or
				defaults.
(2) The amount of
				insurance with respect to any person insured under a policy insuring persons
				who are tenants or stockholders of a mutual or other housing corporation
				(organized pursuant to the provisions of the Private Housing Finance Law and
				regulated by such statute as to rent, dividends and profits) issued with
				identifiable charges or fixed amounts of premiums to such corporation or to a
				trustee or trustees or agent designated by one or more such corporations may be
				continued for the term of the tenant's lease with such corporation or 36 months
				or whichever is the greater period, and the amount of insurance with respect to
				any person insured under such policy may be a fixed amount not greater than the
				lesser of $55,000 or an amount equal to 36 times the monthly installments due
				under such lease.
(3) In the event
				the Insurance Law is amended so as to fix dollar amounts other than as stated
				in paragraphs (1) and/or (2) of this subdivision, such amounts shall supersede
				those in paragraphs (1) and/or (2) of this subdivision.
(4) Except upon good cause shown and with the
				approval of the Superintendent of Insurance, an insurer shall not issue
				insurance in case of loans, except those subject to section
				187.12 
				of this Part, repayable in less than 18 monthly installments wherever a debtor
				shall be required to pay a premium or identifiable charge in connection with
				credit unemployment insurance providing indemnities of less then $30 per
				month.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 187 - Credit Unemployment Insurance › Section 187.6 - Premiums and identifiable charges

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Standard rates are given in or derived
				from the information provided in subdivision (b) of this section. The actual
				rates to be charged any account in each experience unit (as defined in
				subdivision [c] of this section) shall be based upon the procedures as outlined
				in said subdivision. If not in excess of the standards as set forth in
				subdivisions (b), (c), (d) and (e) of this section, proposed premium rates or
				identifiable charges to debtors or creditors will be considered adequate and
				not unreasonable in relation to the benefits provided for:
(1) credit unemployment insurance provided by
				a group term policy; or
(2) credit
				unemployment insurance provided by individual policies distributed on a mass
				merchandising basis and administered by group methods.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 187 - Credit Unemployment Insurance › Section 187.7 - Premium refunds

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Each
				individual policy of credit unemployment insurance on which the premium is paid
				by the debtor and each group certificate or statement of group insurance for
				which an identifiable charge is made to the debtor shall provide that, in the
				event of termination of the insurance prior to the scheduled maturity date of
				the indebtedness, any refund of premium or identifiable charge due shall be
				paid or credited promptly to the debtor. If a creditor requires a debtor to pay
				the premium or an identifiable charge for credit unemployment insurance and
				such insurance is declined by the insurer or otherwise does not become
				effective, the insurer or creditor shall immediately give written notice to
				such debtor and shall promptly arrange for refund or credit to the debtor of
				any premium or identifiable charge paid by him for such insurance.
(b) In the case of credit unemployment
				insurance, a refund of premium or identifiable charge shall be made for any
				portion of premium or charge covering a period beyond any one of the following:
(1) the date on which termination of
				insurance becomes effective; or
(2)
				in the case of monthly installment, the installment due date nearest the date
				of termination; or
(3) the date
				based on a procedure allowed by the Banking Law and used for determining any
				unearned interest on the loan; or
(4) the date based on any other procedure
				filed by the insurer and approved by the Superintendent of Insurance.
Termination shall include termination for any reason,
				  including death. In the case of single premiums or advance premiums or single
				  identifiable charges pertaining to insurance reducing in equal monthly amounts,
				  a refund shall be equal to the premium which would be required for the
				  remaining period of coverage assuming all payments were paid as scheduled,
				  commonly known as the "Rule of Anticipation" shall be considered acceptable. An
				  insurer may file for approval any other formula which produces a reasonable
				  result. Each insurer shall file for approval and include in the policy
				  appropriate formulas and/or factors for refund, or reference to such formulas
				  and/or factors as are on file with the Superintendent of Insurance. No refund
				  or credit need be made if the amount is less than $1.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 187 - Credit Unemployment Insurance › Section 187.8 - Commissions and fees or other allowances

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An insurer issuing group credit
				unemployment insurance policies may pay commissions on said business only to
				the insurance agent who solicits the master group policy and/or is designated
				the agent of record. The general agent or agent of record may not be:
(1) the policyholder or any of its employees,
				officers or directors;
(2) a
				trustee, trustees or agent or any of their employees, officers or directors, in
				the event that a group credit insurance policy is issued to a trustee, trustees
				or agent designated by two or more creditors or vendors; or
(3) the creditor or vendor member of a trust
				or agency or any of its employees, officers or directors.
The aforesaid general agent or agent of record may share
				  commissions only with another agent who aids in the solicitation of the master
				  policy but in no event, either directly or indirectly, with any of the
				  above-enumerated parties.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 187 - Credit Unemployment Insurance › Section 187.9 - Dividends, retrospective rate credits, and retrospective premiums

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For the
				purposes of this section, the following definitions apply:
(1) Retrospective rate credit or
				retrospective rate refund is an amount payable under nonparticipating group
				policies. It reflects the difference between the premium charged and the actual
				experience as calculated at the end of the policy year based upon a formula
				approved by the insurer's board of directors. It is analogous to a dividend
				payable to a participating group policyholder.
(2) Deposit premium is the scheduled premium
				paid by the creditor during the policy year before the determination of the
				retrospective premium.
(3)
				Standards premium is the maximum premium calculated in accordance with the
				provisions of section
				187.7 
				of this Part.
(4) Retrospective
				premium is the premium calculated at the end of the policy year based upon a
				formula and factors stated in the policy and the actual incurred
				losses.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 187 - Credit Unemployment Insurance › Section 187.10 - Payment of claims

Current through Register Vol. 46, No. 28, July 10, 2024
(a) All claims
				shall be promptly reported to the insurer or its designated claim
				representative, and the insurer shall maintain adequate claim files. All claims
				shall be settled as soon as possible and in accordance with the terms of the
				insurance contract.
(b) All claims
				shall be paid either by draft drawn upon the insurer by the insurer or its
				representative or by check or wire transfer drawn by the insurer to the order
				of the claimant to whom payment of the claim is due pursuant to the policy
				provisions, or upon direction of such claimant to one specified.
(c) No plan or arrangement shall be used
				whereby any person, firm or corporation other than the insurer or its
				designated claim representative shall be authorized to settle or adjust claims.
				The creditor shall not be designated as claim representative for the insurer in
				adjusting claims; provided, that a group policyholder may, by arrangement with
				the group insurer, draw drafts in payment of claims due to the group
				policyholder subject to audit and review by the insurer. The insurer shall make
				periodic audits of claim payments made on its behalf by claim representatives
				or group policyholders.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 187 - Credit Unemployment Insurance › Section 187.11 - Experience statistics

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Each
				insurer writing credit unemployment insurance shall maintain statistics for
				credit unemployment insurance, subject to call by the Superintendent of
				Insurance from time to time, on a policy-year basis, or calendar-year basis at
				the option of the insurer, for group policies and on a calendar-year basis for
				individual policies, separately for direct business and reinsurance assumed:
(1) gross premiums received;
(2) refunds of premium on terminated
				insurance;
(3) increase in unearned
				premium reserve;
(4) earned
				premiums;
(5) interest required on
				advance premiums and/or any active life reserves;
(6) number and amount of claims
				paid;
(7) increase in claim
				reserve;
(8) claims
				incurred;
(9) reserve increases
				other than paragraphs (3) and (7) of this subdivision;
(10) commissions;
(11) fees and other allowances;
(12) dividends and experience rating
				refunds;
(13) mean amount of
				insurance in force;
(14) mean
				number of individual policies in force during the calendar year; and
(15) number of claims on which first payment
				for any claim was made during the calendar year. Statistics shall be maintained
				in the same categories as indicated in paragraphs (1) through (12) of this
				subdivision for reinsurance ceded.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 187 - Credit Unemployment Insurance › Section 187.13 - Prohibited practices

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No
				insurer, parent or subsidiary, officer, agent, solicitor or representative
				thereof shall engage in any of the following practices:
(1) deposit of premiums to the account of the
				insurer in the financial institution for which the insurer provides the credit
				insurance, when such account is either non-interest-bearing or at a rate of
				interest less than usual or the account is controlled by the
				institution;
(2) allowing the
				remittance of premiums to the insurer after the expiry of the grace period on a
				regular basis so that the arrearage period is constant;
(3) the retention of premiums by an agent or
				broker to whom the creditor remits premiums for a period of time which is not
				reasonably related to the time normally expected to be needed for the agent or
				broker to remit the premiums to the insurer, if such delay is a continuing
				feature of the premium paying process;
(4) any other practice which unduly delays
				receipt of premiums by the insurer on a regular basis; or
(5) any other practices which involve use of
				the resources of the insurer for the benefit of the creditor.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VII - Credit And Creditor Insurance › Part 187 - Credit Unemployment Insurance › Section 187.14 - 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 for any reason held invalid, the remainder of the
				  Part and the application of such provision to other persons or circumstances
				  shall not be affected thereby.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VIII - Employee Welfare Funds › Part 200 - Annual Reports › Section 200.1 - Filing of report

Current through Register Vol. 46, No. 28, July 10, 2024
Pursuant to section 4410 of the New York Insurance Law, each
				  employee welfare fund subject to the law is required to file with the
				  superintendent an "annual report". This is a condensed report, containing
				  certain pertinent information from the annual statement, designed for
				  distribution to employee-members, contributing employers and participating
				  labor organizations. Section 4410 reads in part as follows:
"Such annual report shall be kept on file with the
				  superintendent and at the principal office of the trustees. The report, or such
				  portion thereof as the superintendent deems appropriate, shall be made
				  available by the superintendent or by the trustees, or both, for inspection by
				  any employer contributing to such fund, by any labor organization which is a
				  party to an agreement establishing such fund, or by any employee covered by
				  such fund. In addition and to such extent that he deems it to be in the public
				  interest, the superintendent may require the trustees to mail such report or
				  such portions of it to any or all of such parties."
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VIII - Employee Welfare Funds › Part 200 - Annual Reports › Section 200.2 - Distribution of report

Current through Register Vol. 46, No. 28, July 10, 2024
It is hereby directed that each employee welfare fund shall
				  distribute the annual report as follows:
(a) A copy of the annual report required to
				be filed with the superintendent shall be sent to each employee-member,
				contributing employer and participating labor organization not later than five
				months after the close of the fund's fiscal period covered by the
				report.
(b) Publication of the
				annual report in a periodical distributed to all employee-members, contributing
				employers and participating labor organizations shall be deemed compliance with
				the foregoing requirements providing attention is directed to such publication
				on the first page or the cover of the periodical, in type not less than 18
				point.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VIII - Employee Welfare Funds › Part 200 - Annual Reports › Section 200.3 - Special distribution methods

Current through Register Vol. 46, No. 28, July 10, 2024
The superintendent reserves the right to prescribe, in
				  specific cases, the method to be followed in distributing and publicizing the
				  annual report.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VIII - Employee Welfare Funds › Part 201 - Notice Of Changes Affecting Employee Welfare Funds › Section 201.1 - When notice is required

Current through Register Vol. 46, No. 28, July 10, 2024
The trustees of every employee welfare fund shall give
				  written notice to the Insurance Department of:
(a) Any of the following changes, within 10
				days after it shall have occurred:
(1) any
				change in the address of the fund;
(2) any amendment to, substitute for, or
				other change in:
(i) the plan;
(ii) the trust indenture;
(iii) any separate trust indenture or other
				instrument appointing a banking organization to act as trustee or agent for the
				fund;
(iv) any insurance contract
				providing benefits to covered employees;
(v) the provision or provisions of any
				collective bargaining agreement relating to the fund; and
(vi) any other agreement, regulation, rule,
				order or bylaw pursuant to which the fund is operated;
(3) any change in the method of funding
				(e.g., from insured to uninsured, etc.); and
(4) any change in the membership of the board
				of trustees or other like group having the overall management of a fund, or in
				its administrator or other person charged with the administration of the fund
				under the direction of such board of trustees or other like group.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VIII - Employee Welfare Funds › Part 201 - Notice Of Changes Affecting Employee Welfare Funds › Section 201.2 - Addressee

Current through Register Vol. 46, No. 28, July 10, 2024
Every notice required to be given by this Part shall be
				  addressed to the New York State Insurance Department, Life Bureau, 25 Beaver
				  Street, New York, NY 10004, and shall include a copy or copies of all pertinent
				  agreements and other writings or documents referred to
				  therein.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VIII - Employee Welfare Funds › Part 202 - Compensation To Agents And Fees Or Other Allowances Payable For Individual Life Insurance Issued On A Mass Merchandising Basis Under Plans Sponsored By › Section 202.0 - Preamble

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The "Code of
				Ethical Practices with Respect to the Insuring of the Benefits of Union or
				Union-Management Welfare and Pension Funds" was adopted by the National
				Association of Insurance Commissioners to prevent a recurrence of abuses
				arising from the insuring of such benefits, including the payment of excessive
				commissions and fees or allowances, by serving as a declaration of applicable
				principles in the proper conduct of insuring benefits of employee welfare and
				pension funds.
(b) This department
				determined that the principles enunciated in the code were generally applicable
				in the insuring of such benefits irrespective of the form in which abuses
				become manifest and that adherence to such principles would be in the public
				interest; accordingly, the department adopted the code and subscribed fully to
				its principles by circular letter dated December 19, 1957.
(c) It is now deemed advisable, however, to
				issue a regulation with respect to the applicability of these principles to one
				area of abuse of which this department has become aware. Commissions, fees and
				other allowances have been paid on individual life insurance policies to groups
				of employees on a mass merchandising basis under plans sponsored by
				union-management employee welfare funds at the same rates as business solicited
				on an individual basis. Such excessive compensation tends to reduce the level
				of benefits payable to the beneficiaries of employee welfare and pension funds
				and is prejudicial to the interest of policyholders. Accordingly, in the best
				interests of the public and the beneficiaries of such funds, this Part sets
				forth a commission scale which is deemed reasonable and not excessive. The
				scale provides for decremental rates in recognition of the fact that, with
				respect to policies sold on a mass merchandising basis, sales efforts and
				services, as well as administrative and acquisition costs, decrease as the
				premium volume increases.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VIII - Employee Welfare Funds › Part 202 - Compensation To Agents And Fees Or Other Allowances Payable For Individual Life Insurance Issued On A Mass Merchandising Basis Under Plans Sponsored By › Section 202.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a) The term employee welfare fund shall mean
				the fund as defined in section 4402 (a)  of the Insurance
				Law.
(b) The term union shall mean
				a labor organization as defined in section 4402 (g)  of the Insurance
				Law.
(c) The term insurance
				benefits shall mean life insurance provided by individual policies on the lives
				of eligible individuals, including dependents.
(d) The term mass merchandising shall mean
				that form of distribution of individual life insurance, which is administered
				by group methods and underwritten with or without evidence of
				insurability.
(e) The term
				commissions shall include all compensation of whatever nature, and by whatever
				name, payable by an insurer to an insurance agent compensated primarily on a
				commission basis.
(f) The term fees
				or other allowances shall include administration fees, service fees or any
				other payment of a similar character payable by an insurer to an insurance
				agent or to any other person, firm or corporation.
(g) The term insurer shall include any
				insurer licensed by this State to provide life insurance benefits.
(h) The term general agent shall mean an
				agent who is appointed directly by the insurer (other than a local salaried
				representative of the insurer) who supervises other agents or has the right to
				appoint them.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VIII - Employee Welfare Funds › Part 202 - Compensation To Agents And Fees Or Other Allowances Payable For Individual Life Insurance Issued On A Mass Merchandising Basis Under Plans Sponsored By › Section 202.2 - Commissions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No insurer
				shall pay commissions to an agent and no agent shall receive commissions for
				life insurance policies issued on a mass merchandising basis under plans
				sponsored by union- management employee welfare funds, which shall be in excess
				of the following rates for the applicable premium volume and period shown:
Annual premium
							 volume
Ten-Year level
							 scale
*
$ 10,000
5.2
20,000
4.1
30,000
3.7
50,000
3.2
100,000
2.3
150,000
2.0
250,000
1.8
500,000
1.2
1,000,000
.8
2,500,000
.5
5,000,000
.4
* On an annual premium volume of
				  less than $10,000 the commission rate may be somewhat higher than the rate
				  indicated above, and on an annual premium volume in excess of $5,000,000 the
				  rates shall be less than the lowest rate indicated above.
(b) In lieu of the above 10-year level scale,
				an insurer may use a scale that provides for a higher rate in the first policy
				year than in the next nine policy years, provided such rates are mathematically
				equivalent to the above scale and are approved in advance in writing by the
				Superintendent of Financial Services. Compensation after the tenth policy year,
				if payable, shall be only for the servicing of such insurance. Overriding
				commissions payable to a general agent shall not exceed 25 percent of
				commissions payable to the agent.
(c) Any increase in premiums resulting at any
				time from normal additions to the group of insured persons,
e.g.,
from additions resulting from the insuring of new
				members, shall be treated for commission purposes as an addition to the
				existing premium and not as a new premium.
(d) Any increase in premiums resulting from
				additional insurance benefits in an insurer providing existing benefits, from a
				reduction in the eligibility requirements of the plan, and from the inclusion
				of employees of a new participating employer in the plan, may be treated for
				commission purposes as new premium but shall be added to the existing premium
				before applying the above commission scale.
Footnotes
* On an annual premium volume of
				  less than $10,000 the commission rate may be somewhat higher than the rate
				  indicated above, and on an annual premium volume in excess of $5,000,000 the
				  rates shall be less than the lowest rate indicated above.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VIII - Employee Welfare Funds › Part 202 - Compensation To Agents And Fees Or Other Allowances Payable For Individual Life Insurance Issued On A Mass Merchandising Basis Under Plans Sponsored By › Section 202.3 - Fees or other allowances

Current through Register Vol. 46, No. 28, July 10, 2024
An insurer shall not make any payment of fees or allowances
				  of whatever nature, and by whatever name, to any person, firm or corporation in
				  connection with the sale or administration of policies covered by this Part
				  other than commissions to an insurance agent or general agent, except in
				  reimbursement for the reasonable value of one or both of the following services
				  performed on behalf of the insurer:
(a) maintaining essential employee records;
				and
(b) billing premiums.
In no event shall any payment for the above services exceed
				  the estimated cost to the insurer of performing such services
				  itself.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VIII - Employee Welfare Funds › Part 202 - Compensation To Agents And Fees Or Other Allowances Payable For Individual Life Insurance Issued On A Mass Merchandising Basis Under Plans Sponsored By › Section 202.4 - Disclosure to employee welfare fund

Current through Register Vol. 46, No. 28, July 10, 2024
An insurer shall, upon request, disclose to the employee
				  welfare fund the commissions, fees, or other allowances paid or to be
				  paid.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VIII - Employee Welfare Funds › Part 202 - Compensation To Agents And Fees Or Other Allowances Payable For Individual Life Insurance Issued On A Mass Merchandising Basis Under Plans Sponsored By › Section 202.5 - Filings

Current through Register Vol. 46, No. 28, July 10, 2024
The insurer shall file with the Superintendent of Insurance
				  the scales of commissions and schedules of fees and allowances payable under
				  this Part, including any compensation for servicing such business in the
				  eleventh and subsequent years.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter VIII - Employee Welfare Funds › Part 202 - Compensation To Agents And Fees Or Other Allowances Payable For Individual Life Insurance Issued On A Mass Merchandising Basis Under Plans Sponsored By › Section 202.6 - Separability clause

Current through Register Vol. 46, No. 28, July 10, 2024
If any provision of this Part shall be held to be invalid,
				  the remainder of this Part shall not be affected thereby.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 215 - Advertisements Of Accident And Health Insurance › Section 215.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this Part is to assure truthful and adequate
				  disclosure of all material and relevant information in the advertising of
				  accident and health insurance. This purpose is intended to be accomplished by
				  the establishment of, and adherence to, certain minimum standards of conduct in
				  the advertising of accident and health insurance in a manner which prevents
				  unfair competition among insurers and is conducive to the accurate presentation
				  and description to the insurance buying public of policies of such insurance
				  offered through various advertising media.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 215 - Advertisements Of Accident And Health Insurance › Section 215.2 - Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This Part shall
				apply to any accident and health insurance "advertisement", as that term is
				hereinafter defined, intended for presentation, distribution or dissemination
				in this State when such presentation, distribution or dissemination is made
				either directly or indirectly by or on behalf of an insurer, agent or broker as
				those terms are defined in the New York Insurance Law and this Part.
(b) Every insurer shall establish and at all
				times maintain a system of control over the content, form and method of
				dissemination of all advertisements of its policies. All such advertisements,
				regardless of by whom written, created, designed or presented, shall be the
				responsibility of the insurer whose policies are so advertised.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 215 - Advertisements Of Accident And Health Insurance › Section 215.3 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An
				advertisement for the purpose of this Part shall include:
(1) printed and published material,
				audio-visual material, and descriptive literature of an insurer used in direct
				mail, newspapers, magazines, radio scripts, TV scripts, billboards and similar
				displays;
(2) descriptive
				literature and sales aids of all kinds issued by an insurer, agent or broker
				for presentation to members of the insurance buying public, including but not
				limited to circulars, leaflets, booklets, depictions, illustrations and form
				letters; and
(3) prepared sales
				talks, presentations and material for use by agents, brokers and
				solicitors.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 215 - Advertisements Of Accident And Health Insurance › Section 215.4 - Method of disclosure of required information

Current through Register Vol. 46, No. 28, July 10, 2024
All information required to be disclosed by this Part shall
				  be set out conspicuously and in close conjunction with the statements to which
				  such information relates or under appropriate captions of such prominence that
				  it shall not be minimized, rendered obscure or presented in an ambiguous
				  fashion or intermingled with the context of the advertisement so as to be
				  confusing or misleading.