2015 New York Laws
ISC - Insurance
Article 23 - (Insurance) PROPERTY/CASUALTY INSURANCE RATES
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.