N.Y. Insurance Law § 2351: Homeowners' insurance policies

§ 2351. Homeowners' insurance policies. (a) For the purposes of this

section, "homeowners insurance" means a contract of insurance insuring

against the contingencies described in subparagraphs (A), (B) and (C),

or (B) and (C) of paragraph two of subsection (a) of section three

thousand four hundred twenty-five of this chapter and which is a

"covered policy" of personal lines insurance as defined in such

paragraph; provided, however, that the coverages provided under such

subparagraphs (B) and (C) shall not apply where the natural person does

not have an insurable interest in the real property, or a portion

thereof, or the residential unit in which such person resides.

(b) Multi-tier programs. An insurer may make available a multi-tier

program with more than one rate level in the same company for

homeowners' insurance in the voluntary market provided that:

(1) the program and the insurer's business plan encourage availability

of homeowners' insurance in the voluntary market for insureds in high

risk areas, including coastal areas;

(2) the program is based upon mutually exclusive and objective

eligibility rules per tier, to the extent feasible; and

(3) credits can be applied on a per tier basis pursuant to an approved

rating plan.

(c) Prior to the approval of the provision authorized in subsection

(b) of this section, the superintendent may promulgate rules and

regulations governing the application of such provision.