N.Y. Comp. Codes R. & Regs. tit. 11 § 19.3

Current through Register Vol. 46, No. 50, December 11, 2024

Section 19.3 - Approval or disapproval of applications by superintendent

(a) A plan for material reduction of volume of homeowners insurance policies shall be submitted to the superintendent for review. The superintendent shall approve or disapprove the plan within 30 days of receipt of the plan.

(b) The superintendent shall approve the plan if it demonstrates that the material reduction is accomplished in a manner that minimizes market disruption.

(c)

(1) If a plan is disapproved, the superintendent shall state to the insurer the points of objection with such plan.

(2) The superintendent shall state any amendments to the plan which may be required, including amendments designed to accomplish the material reduction in a manner that minimizes market disruption.

(d) After receiving disapproval of a plan from the superintendent, an insurer shall file an amended plan within 15 days from the date of return of the disapproved plan. If the amended plan is not filed within 15 days, the plan shall be deemed withdrawn.

(e) An intended reduction pursuant to the plan is prohibited until the original plan or an amended plan is approved by the superintendent.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 19.3