N.Y. Insurance Law § 2307: Rating classifications or territories; policy forms

§ 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

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

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 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.