2006 New York Code - Rates Or Rating Plans; No Prior Approval; Prior Approval.

 
    §  2305.  Rates  or  rating  plans; no prior approval; prior approval.
  * (a) Except as otherwise provided in subsection (b) hereof  or  section
  two  thousand  three  hundred  eight  of this article, prior approval of
  rates, rating plans, rating rules and rate manuals by the superintendent
  shall not be required.
    * NB Expires July 1, 2006
    (b) rate filings for:
    (1) workers' compensation insurance;
    (2) motor vehicle insurance, or  surety  bonds,  required  by  section
  three hundred seventy of the vehicle and traffic law;
    (3) joint underwriting;
    (4) motor vehicle assigned risk insurance;
    (5)  insurance  issued by the New York Property Insurance Underwriting
  Association;
    (6) risk sharing  plans  authorized  by  section  two  thousand  three
  hundred eighteen of this article;
    (7) title insurance;
    (8) medical malpractice liability insurance;
    (9) insurance issued by the Medical Malpractice Insurance Association;
    (10) mortgage guaranty insurance;
    (11)  credit  property  insurance,  as defined in section two thousand
  three hundred forty of this article; and
    (12) gap insurance
    (13) Private passenger automobile insurance.
  shall be filed with the superintendent and shall  not  become  effective
  unless  either  the  filing  has been approved or thirty days, which the
  superintendent may with cause extend an additional thirty days and  with
  further  cause  extend  an additional fifteen days, have elapsed and the
  filing has not been disapproved as failing to meet the  requirements  of
  this  article,  including  the  standard  that  rates  be  not otherwise
  unreasonable. After a rate filing  becomes  effective,  the  filing  and
  supporting  information  shall be open to public inspection. If a filing
  is disapproved,  notice  of  such  disapproval  order  shall  be  given,
  specifying  in  what respects such filing fails to meet the requirements
  of this article. The annual rate filing made pursuant  to  this  article
  with  regard  to  workers'  compensation insurance affecting the general
  rate level shall be subject  to  at  least  one  public  hearing  to  be
  convened  by  the  superintendent  at  least  ninety  days  prior to the
  effective date of new rates.  The  superintendent  may  in  his  or  her
  discretion  determine  not  to  hold  a  public hearing, but only if the
  requested rate change is either a decrease or an increase of  less  than
  two  percent.  The  superintendent  shall be required to issue a written
  opinion on such rate filing at least sixty days prior to  the  effective
  date  of  the new rates. The opinion shall include, among other subjects
  deemed  appropriate  by  the  superintendent,  a   discussion   of   the
  profitability  of  the  workers'  compensation  insurance  line, and the
  profit factor being permitted by the department. Upon its  request,  the
  department  shall  be  provided  with  support  and  assistance from the
  workers' compensation board and other  state  agencies  and  departments
  with appropriate jurisdiction.
    (c)  Rates  filed  with the superintendent shall be accompanied by the
  information upon which the insurer supports the rate  as  set  forth  in
  subsection  (b)  of  section  two  thousand  three  hundred four of this
  article.
    (d) When a filing subject to subsection (b) hereof or to  section  two
  thousand  three hundred forty-four of this article is not accompanied by
  the information upon which the  insurer  supports  the  filing  and  the
  superintendent does not have sufficient information to determine whether
  the  filing meets the requirements of this article, the insurer shall be
  required to furnish such information  and  in  such  event  the  thirty,
  thirty  or fifteen day period of subsection (b) hereof or subsection (d)
  of  section  two  thousand three hundred forty-four shall commence as of
  the date such information is furnished.
    (e) The superintendent: (1) by regulation may, in lieu of the  waiting
  period set forth in subsection (b) hereof, require workers' compensation
  insurance  rate  filings  to be specifically approved before they become
  effective; and (2) may hold a public hearing whenever deemed appropriate
  by the superintendent concerning  any  rate  filing  made  by  the  rate
  service  organization for workers' compensation insurance, provided that
  a public hearing shall be held in  connection  with  the  filing  to  be
  effective,  upon  the  superintendent's  approval,  July first, nineteen
  hundred ninety-one.
    (f) Subsection (a) of this section shall be  of  no  force  or  effect
  during  the period August third, two thousand one through the day before
  the effective date of the property/casualty insurance availability  act,
  and  after  June  thirtieth,  two thousand six. During the period August
  third, two thousand one through the day before the effective date of the
  property/casualty insurance availability act, and  again  commencing  on
  July first, two thousand six, all rates previously subject to subsection
  (a) of this section, other than rates which are not required to be filed
  pursuant  to subsection (b) of section two thousand three hundred ten of
  this article or which have been suspended from  the  filing  requirement
  pursuant  to  section two thousand three hundred eleven of this article,
  shall become subject to subsections (b), (c) and (d)  of  this  section.
  All other provisions of this article applicable to kinds of insurance or
  insurance  activities  the rates for which are subject to prior approval
  under subsection (b) of this section shall apply to kinds  of  insurance
  the  rates  for  which were previously subject to subsection (a) of this
  section or the rates for which are not required to be filed pursuant  to
  subsection (b) of section two thousand three hundred ten of this article
  or  the  rates for which have been suspended from the filing requirement
  pursuant to section two thousand three hundred eleven of this article.
    (g) (1) If all rates should  become  subject  to  the  prior  approval
  provisions  of  subsections  (b),  (c)  and  (d)  hereof as set forth in
  subsection (f) hereof, rates for inland marine risks  which  by  general
  custom  of  the  business  are  not written according to manual rates or
  rating plans are not required to  be  filed  unless  the  superintendent
  directs they be filed.
    (2)  Specific  inland  marine rates on risks specially rated by a rate
  service organization shall be filed  and  such  rates  and  any  special
  filing  with  respect to a surety or guaranty bond required by law or by
  court or executive order or by order, rule or  regulation  of  a  public
  body,  not  covered  by  a  previous filing, shall become effective when
  filed and shall be deemed to meet the requirements of this article until
  such time as the superintendent reviews the filing and disapproves it.
    (h) The New York compensation insurance rating board shall incorporate
  an appropriate rate level decrease  to  reflect  the  reduction  of  the
  thirteen  percent  surcharge on in-patient hospital charges incurred for
  care provided on or after January first, nineteen  hundred  ninety-four,
  for  injury  arising  out  of  and  in  the  course  of  employment,  or
  occupational disease.