2012 New York Consolidated Laws
ISC - Insurance
Article 54 - (5401 - 5414) NEW YORK PROPERTY INSURANCE UNDERWRITING ASSOCIATION
5403 - Procedures.

 
    §  5403.  Procedures.  (a)  Any person having an insurable interest in
  insurable property, who  has  made  a  diligent  effort  in  the  normal
  insurance  market  to  procure  fire  insurance,  extended  coverage and
  coverage for additional perils  and  broad  form  coverage  pursuant  to
  subsection (g) of section five thousand four hundred two of this article
  and  homeowners  insurance upon a determination of necessity having been
  made by the  superintendent  pursuant  to  section  five  thousand  four
  hundred  twelve  of this article from an authorized insurer, is entitled
  to apply to the association for such coverage. Such application  may  be
  made on behalf of an applicant by a broker or agent authorized by him.
    (b)  If  the association determines that (i) the property is insurable
  in accordance with the plan and (ii) there  is  no  unpaid,  uncontested
  premium  due  from the applicant for prior insurance on the property (as
  shown by the insured having failed to make written objection to  charges
  within  thirty days after billing), the association, upon receipt of the
  premium or portion prescribed in the plan, shall cause a policy of  fire
  insurance  or  homeowners  insurance  upon  a determination of necessity
  having been made by the superintendent pursuant to section five thousand
  four hundred twelve of this article to be issued for a term of one year.
  The fire insurance policy shall also include, upon application therefor,
  extended coverage, broad form coverage pursuant  to  subsection  (g)  of
  section  five thousand four hundred two of this article and coverage for
  additional perils as may be requested.
    (c) Any member may cede fire insurance, extended coverage, broad  form
  coverage  pursuant  to  subsection  (g)  of  section  five thousand four
  hundred two of this article  and  coverage  for  additional  perils  and
  homeowners  insurance upon a determination of necessity having been made
  by the superintendent pursuant to section  five  thousand  four  hundred
  twelve  of this article written on insurable property to the association
  as provided in the plan.
    (d) The association shall notify  those  policyholders  whose  insured
  properties  are  located  in areas served by a market assistance program
  established by  the  superintendent  for  the  purpose  of  facilitating
  placement of homeowners' insurance of the possibility of eligibility for
  coverage   through   such   program.  Such  notification  shall  include
  information on how to apply and such other information  as  required  by
  the superintendent.