2006 New York Code - 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.
    * NB Repealed June 30, 2006