N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 60-4.2

Current through Register Vol. 46, No. 51, December 18, 2024

Section 60-4.2 - General provisions

(a)

(1) In addition to the mandatory liability provisions specified in this Subpart, every group policy shall provide coverage, as required by General Business Law article 40, in accordance with the provisions of Insurance Law section 3420, Insurance Law article 51, Subpart 60-2 of this Part (Insurance Regulation 35-D), and Part 65 of this Part (Insurance Regulation 68) and such other requirements as may be applicable.

(2) A group policy shall provide all the coverages as specified in paragraph (1) of this subdivision during the peer-to-peer car sharing period.

(3) A group policy may also provide other coverages, provided that a group policy may only provide the coverages specified in Insurance Law section 3458(c)(2) and shall provide coverage as provided in paragraph (2) of this subdivision.

(b) Except as provided in section 60-4.8 of this Subpart:

(1) no insurer may issue a group policy unless the insurer is authorized to do an insurance business in this State;

(2) all policy forms, rating classifications, and territories shall be approved by the superintendent pursuant to Insurance Law section 2307 and shall not qualify for an exemption from filing under Insurance Law section 6301; and

(3) all rates, rating plans, rating rules, or rating manuals shall be submitted to the superintendent and shall be subject to prior approval pursuant to Insurance Law section 2305.

(c) An insurer shall include on the declarations page of a group policy and the certificates issued to the group members a statement that the policy complies with the financial responsibility requirements of General Business Law section 901(2) and regulations promulgated thereunder.

(d) When facilitating the sharing of information under this subdivision, an insurer shall comply with Insurance Law sections 3420(d) and 3461, Part 420 of this Title (Regulation 169), and all other applicable State and Federal laws and regulations governing privacy and the release of consumer financial and health information.

N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 60-4.2

Adopted New York State Register February 8, 2023/Volume XLV, Issue 06, eff. 2/8/2023