2006 New York Code - Motor Vehicle Insurance Rates; Excess Profits.

 
    §  2329.  Motor vehicle insurance rates; excess profits. In accordance
  with regulations prescribed by the superintendent, each insurer  issuing
  policies  which  are  subject  to  article  fifty-one  of  this chapter,
  including policies of motor vehicle personal injury liability  insurance
  or  policies  of  motor  vehicle  property damage liability insurance or
  insurance for loss or damage to a motor vehicle, shall establish a fair,
  practicable, and  nondiscriminatory  plan  for  refunding  or  otherwise
  crediting to those purchasing such policies their share of the insurer's
  excess  profit,  if  any,  on such policies. An excess profit shall be a
  profit beyond a percentage rate of return on net worth  attributable  to
  such  policies,  computed  in accordance with the regulation required by
  section two thousand three hundred twenty-three  of  this  article,  and
  determined by the superintendent to be so far above a reasonable average
  profit  as  to amount to an excess profit, taking into consideration the
  fact that losses or profits below a reasonable average profit  will  not
  be  recouped  from  such  policyholders. Each plan shall apply to policy
  periods for the periods January  first,  nineteen  hundred  seventy-four
  through  August  second, two thousand one, and the effective date of the
  property/casualty insurance availability act through June thirtieth, two
  thousand six. In prescribing such  regulations  the  superintendent  may
  limit  the  duration  of such plans, waive any requirement for refund or
  credit which he or she determines to be  de  minimis  or  impracticable,
  adopt  forms  of  returns  which shall be made to him or her in order to
  establish the amount of any refund or credit due, establish periods  and
  times for the determination and distribution of refunds and credits, and
  shall  provide  that  insurers  receive  appropriate  credit against any
  refunds or credits required by any such plan for policyholder  dividends
  and  for  return  premiums  which  may  be  due  under  rate  credit  or
  retrospective rating plans based on experience.