N.Y. Comp. Codes R. & Regs. tit. 11 § 219.5

Current through Register Vol. 46, No. 51, December 18, 2024

Section 219.5 - Enforcement procedures

(a) Each insurer shall maintain at its home office a complete file containing a specimen copy of every printed, published or prepared advertisement hereafter disseminated in this State, with a notation indicating the manner and extent of distribution and the form number of any policy advertised. In order to be complete, the file must contain all advertisements whether used by the company, its agents or solicitors or other persons. That portion of the advertising file which has been covered by a filed report on examination may be eliminated.

(b) Each insurer which now or hereafter becomes subject to these rules must file with its annual statement a certificate of compliance executed by an authorized officer of the insurer wherein it is stated that to the best of his knowledge, information and belief, the advertisements which were disseminated by or on behalf of the insurer in this State during the preceding statement year complied or were made to comply in all respects with the provisions of this Part and the Insurance Laws of this State as implemented and interpreted by this Part.

(c) If the superintendent finds, after notice and opportunity to be heard, that any advertisement is in violation of the provisions of this Part, and that the violation was such as substantially to deceive or to mislead the public, in addition to any other remedy or monetary penalties he may otherwise impose, the superintendent may order the insurer responsible for the dissemination of such advertisement to publish, at its own expense, a corrective advertisement in a form and manner to be approved by the superintendent. Should any insurer fail to publish a corrective advertisement as required by the superintendent, the superintendent may publish such an advertisement and the insurer shall, in addition to any monetary penalty imposed, reimburse the department for the expenses incurred in connection with the publication of such advertisement.

(d) If the superintendent finds that it may be in the best interests of the public, he may require particular insurers to submit all their advertisements to him for approval prior to use.

(e) The superintendent may, after notice and opportunity to be heard, require an insurer to make an equitable adjustment with its policyholders or contract-holders who were misled or deceived by any advertisement.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 219.5