2010 New York Code
ISC - Insurance
Article 69 - (6901 - 6909) FINANCIAL GUARANTY INSURANCE CORPORATIONS
6905 - Policy forms and rates.

§  6905.  Policy  forms and rates. (a) Policy forms and any amendments
  thereto shall be filed with the superintendent  within  thirty  days  of
  their  use  by the insurer if not otherwise filed prior to the effective
  date of this article. Every such policy shall provide that, in the event
  of a payment default by or insolvency of the obligor, there shall be  no
  acceleration of the payment required to be made under such policy unless
  such  acceleration  is  at  the sole option of the corporation; provided
  that (1) policies may insure amounts payable under a credit default swap
  or interest rate,  currency  or  other  swap  upon  a  credit  event  or
  termination event if the expected amount payable on an accelerated basis
  in  respect  of any individual obligation referenced by a credit default
  swap or in the aggregate under an interest rate, currency or other  swap
  does  not  exceed the single risk limits prescribed in paragraph five of
  subsection (d) of section six thousand nine hundred four of this article
  and (2) policies insuring credit default swaps referencing an obligation
  shall be treated as if the insurer had directly insured  the  referenced
  obligation  for  all  other  purposes  of  this article, except that the
  currency of amounts owed under the credit default swap, rather than  the
  currency of the obligations referenced by the credit default swap, shall
  apply   for   purposes  of  determining  whether  the  obligation  is  a
  permissible guaranty under subsection (b) of section six  thousand  nine
  hundred  four  of this article. The superintendent may prescribe minimum
  policy provisions determined by the superintendent to  be  necessary  or
  appropriate   to   protect   policyholders,   claimants,   obligees   or
  indemnitees.
    (b) Rates shall not be excessive, inadequate, unfairly discriminatory,
  destructive of competition, detrimental to the solvency of the  insurer,
  or  otherwise unreasonable. In determining whether rates comply with the
  foregoing standards, the superintendent shall include all income  earned
  by  such  insurer.  Criteria  and  guidelines  utilized  by  insurers in
  establishing rating categories and ranges of rates to be utilized  shall
  be  filed  with the superintendent for information prior to their use by
  the insurer if not otherwise filed prior to the effective date  of  this
  article.
    (c)  All  such filings shall be available for public inspection at the
  insurance department.