N.Y. Insurance Law Section 2307
Rating classifications or territories

  • policy forms

(a)

No insurer or rate service organization shall use a rating classification or territory unless it has been filed with the superintendent and either he has approved it, or ninety days have elapsed and he has not disapproved it as unfairly discriminatory or violative of public policy.

(b)

Except as otherwise provided herein, no policy form shall be delivered or issued for delivery unless it has been filed with the superintendent and either he has approved it, or thirty days have elapsed and he has not disapproved it as misleading or violative of public policy. After notice and hearing to the insurer or rate service organization which submitted a policy form for approval, the superintendent may withdraw approval of such form on finding that the use of such form is contrary to the legal requirements applicable at the time of withdrawal. The effective date of the withdrawal of approval shall be prescribed by the superintendent but shall be not less than ninety days after notice of withdrawal. With regard to residual value insurance, policy forms and any amendments thereto shall be filed with the superintendent within thirty days of their use by the insurer. For purposes of this subsection, “residual value insurance” shall have the same meaning as set forth in paragraph twenty-two of subsection (a) of § 1113 (Kinds of insurance authorized)section one thousand one hundred thirteen of this chapter, provided however, for the purposes of this subsection such insurance shall only be utilized for commercial purposes, and shall not include personal lines of insurance as defined in paragraph two of subsection (a) of § 3425 (Certain property/casualty insurance policies)section three thousand four hundred twenty-five of this chapter or any commercial auto insurance, and, provided further that applicants for such insurance shall sign a statement that the applicant has an appropriate level of knowledge and understanding of the use of residual value insurance. * (c) With respect to kinds of insurance or insurance activities the rates for which, pursuant to subsection (a) of § 2305 (Rates or rating plans)section two thousand three hundred five of this article, are not subject to prior approval, any requirement in subsections (a) and (b) of this section of filing with or prior approval by the superintendent may be waived by regulation adopted by the superintendent after a public hearing. * NB Expires July 1, 2026 (d) All policy forms and rating classifications and territories filed with the superintendent shall be available for public inspection at the department.

(e)

Policy forms for inland marine risks where the rates for such risks by general custom of the business are not written according to manual rates or rating plans shall not be filed pursuant to subsection (b) of this section, unless the superintendent directs that they be filed.

Source: Section 2307 — Rating classifications or territories; policy forms, https://www.­nysenate.­gov/legislation/laws/ISC/2307 (updated Jul. 7, 2023; accessed Mar. 23, 2024).

2301
Purpose
2302
Applicability
2303
Standards for rates
2304
Rate making and supporting information
2305
Rates or rating plans
2306
Delegation of rate filing obligation
2307
Rating classifications or territories
2308
Imposition of prior approval
2309
Excess rate
2310
Informational filings
2311
Suspension of filing requirement
2312
Immigration bond premium
2313
Rate service organization
2314
Charging of rates
2315
Recording and reporting of experience
2316
Prohibition of anti-competitive behavior
2317
Joint underwriting or joint reinsurance
2318
Risk sharing plans
2319
Information to be furnished insureds
2320
Enforcement and penalties
2321
Enforcement and penalties
2322
Final determination
2323
Profitability and rates of return
2324
Rebating and discrimination
2325
Accounts and statistics
2326
Evaluation of competitive rating provisions
2327
Verification of driving history
2328
Certain motor vehicle insurance rates
2329
Motor vehicle insurance rates
2330
No fault motor vehicle insurance rates
2331
Motor vehicle comprehensive insurance rates
2332
Non-commercial private passenger automobile insurance rates
2333
Non-commercial private passenger automobile insurance rates
2334
Non-commercial private passenger automobile insurance rates
2335
Motor vehicle liability insurance rates
2335–A
Prohibition of rate increases for persons involved in emergency use of vehicles
2336
Motor vehicle liability, comprehensive and collision insurance rates
2336–A
Snowmobile liability insurance rates
2336–B
Boat liability insurance rates
2337
Private passenger automobile physical damage insurance
2338
Appeal from rate service organization action
2339
Charging or receiving of rates
2340
Credit property insurance
2342
Expiration of certain provisions
2343
Medical malpractice insurance rates
2344
Flexible rate limitations in problem markets
2345
Disclosure of premium reductions and surcharges
2346
Reduction in rates of fire insurance, homeowners insurance or property/casualty premiums for residential property
2346–A
Reduction in rates of certain commercial risk insurance premiums for real property
2347
Workers’ compensation rate changes
2348
Anti-theft and fraud savings
2349
Multi-tier program
2350
Flexible rating for nonbusiness automobile insurance policies
2351
Homeowners’ insurance policies
2352
Multiple rating programs
2353
For-hire motor vehicle safety program

Accessed:
Mar. 23, 2024

Last modified:
Jul. 7, 2023

§ 2307’s source at nysenate​.gov

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