N.Y. Comp. Codes R. & Regs. tit. 11 § 185.3

Current through Register Vol. 46, No. 50, December 11, 2024

Section 185.3 - Filing and approval of forms and premium rates

(a) Policies of credit life insurance or credit accident and health insurance, and certificates of group insurance, applications for the policy, applications for the certificate, notices of proposed group insurance, or other forms pertaining to credit life insurance or credit accident and health insurance and those portions of loan applications or credit card applications form pertaining to credit life insurance or credit accident and health insurance shall not be issued or delivered in this State unless such forms and the premium rates and identifiable charges therefor have been filed with the superintendent. The submission of language related to the request for insurance and any questions regarding eligibility for coverage in an application may be made in variable language format.

(b) If a group policy of credit life insurance or credit accident and health insurance has been or is delivered in another state before or after the effective date of this Part, the insurer shall be required to file the certificate of group insurance, notice of proposed group insurance, if any, to be delivered or issued for delivery in this State as specified in section 185.5(c) and (d) of this Part (together with its certification that the provisions of said group policy are consistent or shall be made consistent with the provisions of said certificate or notice of proposed group insurance) and such forms shall be approved if:

(1) they conform to the requirements specified in section 185.5(c) and (d) of this Part; and

(2) the schedules of premium rates applicable to the insurance evidenced by such certificate or notice are not in excess of the insurer's schedules of premium rates on file with and approved by the superintendent.

(c) No individual credit insurance policy nor any related form shall be offered or effected, directly or indirectly, as an inducement to, or in combination with, the purchase by the public of any goods, securities, commodities, services or subscriptions to periodicals. Use of an individual credit insurance policy or related form shall be limited to insurance, otherwise lawful, of an individual borrower or other person obligated under a loan not arranged by, or in cooperation with, a seller of goods, securities, commodities, services or subscriptions to periodicals. Where not prohibited and where otherwise lawful, use of an individual policy may be in lieu of or in addition to coverage under a group credit insurance policy.

(d) Notwithstanding any other provisions of this Part, an individual policy of life insurance written in conjunction with a real estate mortgage loan of more than five years duration on a form regularly issued by an insurer at its regular premium rates shall be exempt from the provisions of section 185.2 of this Part, and shall be deemed prima facie in compliance with the requirements of this Part.

(e) Along with the required filing of the credit insurance form, the superintendent may require or request at any time the filing for informational purposes of a copy of any loan agreement form.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 185.3