N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 62-4.1

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

Section 62-4.1 - Applicability

(a) This Subpart shall apply to all new and renewal insurance policies and binders, issued on or after July 1, 1982, covering the peril of fire or explosion, insuring property in this State as provided in paragraph (a)(3) of section 3403 of the Insurance Law, except owner-occupied buildings used predominantly for residential purposes which consist of not more than four dwelling units.

(b) An assignment of an existing policy or insurance contract, because of a transfer of a major financial interest in the insured real property, shall require completion of the anti-arson application, if otherwise required by this section. A transfer of a financial interest totaling 25 percent or more shall constitute a transfer of a major financial interest.

(c) This Subpart applies to cities with a population of one million or more persons according to the 1970 census. However, the governing board of any local municipal corporation, as defined in article 1 of the General Municipal Law, may petition the Superintendent of Financial Services to mandate the use of the antiarson application within specific designations in its jurisdiction for any policies issued 30 days after the superintendent's date of approval. Such petitions should be addressed to the:

Superintendent of Financial Services

New York State Department of Financial Services

Property Bureau

One State Street

New York, NY 10004

N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 62-4.1

Amended New York State Register June 9, 2021/Volume XLIII, Issue 23, eff. 6/9/2021