N.Y. Comp. Codes R. & Regs. tit. 11 § 218.7

Current through Register Vol. 46, No. 16, April 17, 2024

Section 218.7 - Reports to superintendent

(a) In order to effectuate this Part insurers shall maintain records by U.S. postal ZIP code of their agents and brokers in this State and maintain records by U.S. Postal ZIP code of all agents and brokers in this State whose contracts or accounts have been terminated.

(b) In order to effectuate this insurers shall also maintain by U.S. postal ZIP code a record of:

(1) all policies subject to this Part issued, renewed, cancelled (other than for nonpayment of premium) or nonrenewed; and

(2) all applications for insurance subject to this Part on which the insurer refuses to issue an insurance policy. For private passenger automobile insurance the ZIP code used may be that of the address to which premium notices are mailed. For policies with a term of other than one year or no fixed expiration date, renewed means the annual anniversary date.

(c) The information required to be maintained by subdivisions (a) and (b) of this section shall be kept current and made available to the Department of Financial Services upon its request.

(d) Reports for each full calendar year containing the information required to be maintained in subdivisions (a) and (b) of this section, shall be filed with the Department of Financial Services annually on May 1st after the close of the preceding calendar year. Such reports shall be made in a format to be prescribed by the superintendent and every such report shall be public record.

(e) Waiver of reporting requirements.

(1) The filing requirement for reports of policies of fire or fire and extended coverage covering properties located in this State is hereby waived if the total direct premiums written for all such policies during the preceding calendar year totalled less than $500,000.

(2) The filing requirement for reports of policies of automobile insurance covering risks in this State is hereby waived if the total direct private passenger automobile liability premiums written for all such policies during the calendar year totalled less than $500,000.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 218.7