N.Y. Comp. Codes R. & Regs. tit. 11 § 186.9

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

Section 186.9 - Filing and approval of forms and premium rates

(a) No policy of credit property insurance, certificate, application, or other form pertaining to credit property insurance subject to section 2340 of the New York Insurance Law and to this Part shall be issued or delivered in this State unless such form has been filed with the Superintendent of Insurance and approved by him.

(b) Each insurer filing rates for credit property insurance shall include in its rate filing with the superintendent the appropriate rate formula upon which its rates are based, including provisions for expenses, losses and profit. The provision for losses included in such rate formula shall be not less than 55 percent of the premium.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 186.9