N.Y. Insurance Law § 2305: Rates or rating plans; no prior approval; prior approval

§ 2305. Rates or rating plans; no prior approval; prior approval.

* (a) Except as otherwise provided in subsection (b) hereof or section

two thousand three hundred eight of this article, prior approval of

rates, rating plans, rating rules and rate manuals by the superintendent

shall not be required.

* NB Expires July 1, 2026

(b) rate filings for:

(1) workers' compensation insurance;

(2) motor vehicle insurance, or surety bonds, required by section

three hundred seventy of the vehicle and traffic law, except as provided

in section two thousand three hundred twenty-eight of this article,

article forty-four-B of the vehicle and traffic law, or article forty of

the general business law;

(3) joint underwriting;

(4) motor vehicle assigned risk insurance;

(5) insurance issued by the New York Property Insurance Underwriting

Association;

(6) risk sharing plans authorized by section two thousand three

hundred eighteen of this article;

(7) title insurance;

(8) medical malpractice liability insurance;

(9) insurance issued by the Medical Malpractice Insurance Association;

(10) mortgage guaranty insurance;

(11) credit property insurance, as defined in section two thousand

three hundred forty of this article;

(12) gap insurance; and

(13) private passenger automobile insurance, except as provided in

section two thousand three hundred fifty of this article,

shall be filed with the superintendent and shall not become effective

unless either the filing has been approved or thirty days, which the

superintendent may with cause extend an additional thirty days and with

further cause extend an additional fifteen days, have elapsed and the

filing has not been disapproved as failing to meet the requirements of

this article, including the standard that rates be not otherwise

unreasonable. After a rate filing becomes effective, the filing and

supporting information shall be open to public inspection. If a filing

is disapproved, then notice of such disapproval order shall be given,

specifying in what respects such filing fails to meet the requirements

of this article. Upon his or her request, the superintendent shall be

provided with support and assistance from the workers' compensation

board and other state agencies and departments with appropriate

jurisdiction. The loss cost multiplier for each insurer providing

coverage for workers' compensation, as defined by regulation promulgated

by the superintendent, shall be promptly displayed on the department's

website and updated in the event of any change.

(c) Rates filed with the superintendent shall be accompanied by the

information upon which the insurer supports the rate as set forth in

subsection (b) of section two thousand three hundred four of this

article.

(d) When a filing subject to subsection (b) hereof or to section two

thousand three hundred forty-four of this article is not accompanied by

the information upon which the insurer supports the filing and the

superintendent does not have sufficient information to determine whether

the filing meets the requirements of this article, the insurer shall be

required to furnish such information and in such event the thirty,

thirty or fifteen day period of subsection (b) hereof or subsection (d)

of section two thousand three hundred forty-four shall commence as of

the date such information is furnished.

(e) The superintendent: (1) by regulation may, in lieu of the waiting

period set forth in subsection (b) of this section, require workers'

compensation insurance rate filings to be specifically approved before

they become effective; and (2) shall hold a public hearing if a rate

service organization makes a loss cost filing for workers' compensation

that is an increase of five percent or more over the approved loss costs

from the prior year. Until June second, two thousand twenty-eight, a

rate service organization for workers' compensation shall make a loss

cost filing every year on or before June first, or such earlier date as

is set by the superintendent.

(f) Subsection (a) of this section shall be of no force or effect

during the period August third, two thousand one through the day before

the effective date of the property/casualty insurance availability act,

and after June thirtieth, two thousand twenty-nine. During the period

August third, two thousand one through the day before the effective date

of the property/casualty insurance availability act, and again

commencing on July first, two thousand twenty-nine, all rates previously

subject to subsection (a) of this section, other than rates that are not

required to be filed pursuant to subsection (b) of section two thousand

three hundred ten of this article or that have been suspended from the

filing requirement pursuant to section two thousand three hundred eleven

of this article, shall become subject to subsections (b), (c) and (d) of

this section. All other provisions of this article applicable to kinds

of insurance or insurance activities the rates for which are subject to

prior approval under subsection (b) of this section shall apply to kinds

of insurance the rates for which were previously subject to subsection

(a) of this section or the rates for which are not required to be filed

pursuant to subsection (b) of section two thousand three hundred ten of

this article or the rates for which have been suspended from the filing

requirement pursuant to section two thousand three hundred eleven of

this article.

(g) (1) If all rates should become subject to the prior approval

provisions of subsections (b), (c) and (d) hereof as set forth in

subsection (f) hereof, rates for inland marine risks which by general

custom of the business are not written according to manual rates or

rating plans are not required to be filed unless the superintendent

directs they be filed.

(2) Specific inland marine rates on risks specially rated by a rate

service organization shall be filed and such rates and any special

filing with respect to a surety or guaranty bond required by law or by

court or executive order or by order, rule or regulation of a public

body, not covered by a previous filing, shall become effective when

filed and shall be deemed to meet the requirements of this article until

such time as the superintendent reviews the filing and disapproves it.