N.Y. Insurance Law § 5505: Rates

§ 5505. Rates. (a) The rates, rating plans, rating rules, rating

classifications, territories and statistics applicable to the insurance

written by the association shall be subject to article twenty-three of

this chapter, giving due consideration to the past and prospective loss

and expense experience for medical malpractice insurance written and to

be written in this state, trends in the frequency and severity of

losses, the investment income of the association, and such other

information as the superintendent may require.

(b) All rates shall be on an actuarially sound basis, be calculated to

be self-supporting, be based upon reasonable standards, and may give

consideration to such factors as the experience of the insured,

geographical area and specialties of practice. The superintendent shall

take all appropriate steps to make available to the association the loss

and expense experience of insurers previously writing medical

malpractice insurance in this state. The premiums shall be fixed at the

lowest possible rates consistent with the maintenance of solvency of the

association and of reasonable reserves and surplus therefor.

(c) The association's rates, rating plans, rating rules and rating

classifications may provide for premium discounts for physicians,

dentists, certified nurse-midwives, certified registered nurse

anesthetists or podiatrists commencing practice or conducting a limited

practice as set forth in the plan of operation.

(d) In filing rates, the association may include in its experience the

annuity payments received, the then present value of annuity payments to

which it is entitled, and lump sum payments made by the association in

accordance with subdivision (b) of section five thousand thirty-six of

the civil practice law and rules.