N.Y. Comp. Codes R. & Regs. tit. 11 § 227.2

Current through Register Vol. 46, No. 45, November 2, 2024
Section 227.2 - Requirements Before Issuing Force-Placed Insurance
(a) If an insurer, insurance producer, or affiliate mails or delivers to a borrower on behalf of a servicer notices relating to force-placed insurance, then the insurer, insurance producer, or affiliate shall:
(1) deliver to a borrower or place in the mail a written notice in accordance with 12 C.F.R. section 1024.37(c)(1)(i), 12 C.F.R. section 1024.37(c)(2), and 12 C.F.R. section 1024.37(c)(3);***
(2) deliver to the borrower or place in the mail a written notice in accordance with 12 C.F.R. section 1024.37(c)(1)(ii), 12 C.F.R. section 1024.37(d)(1), 12 C.F.R. section 1024.37(d)(2), 12 C.F.R. section 1024.37(d)(3), and 12 C.F.R. section 1024.37(d)(5);*** and
(3) on a separate piece of paper in the same transmittal as the written notices required by paragraphs (1) and (2) of this subdivision, clearly and conspicuously disclose that an insurer, insurance producer, affiliate, or any other third party is staffing the mortgage servicer's telephones, if that is the case.
(b) Renewing or replacing force-placed insurance.
(1) If an insurer, insurance producer, or affiliate mails or delivers to a borrower on behalf of a servicer notices relating to renewing or replacing force-placed insurance, then the insurer, insurance producer, or affiliate shall:
(i) deliver to a borrower or place in the mail a written notice in accordance with 12 C.F.R. section 1024.37(e)(1)(i), 12 C.F.R. section 1024.37(e)(2), 12 C.F.R. section 1024.37(e)(3), and 12 C.F.R. section 1024.37(e)(5) ***** and
(ii) on a separate piece of paper in the same transmittal as the written notice required by subparagraph (i) of this paragraph, clearly and conspicuously disclose that an insurer, insurance producer, affiliate, or any other third party is staffing the mortgage servicer's telephones, if that is the case.
(c) Mailing of notices. The notices required by this section shall clearly and conspicuously disclose on the front of the envelope that the delivery or mailing contains important homeowners insurance information. Such disclosure shall be printed in a readily noticeable contrasting color with a font size of at least 12 point.

*** 12 Code of Federal Regulations sections 1024.37(c)(1)(i), 1024.37(c)(2), and 1024.37(c)(3) (revised February14, 2013), published in Federal Register Vol. 78, No. 31, February 14, 2013. Copies of such documents are available for inspection at the offices of the Department of Financial Services at One State Street, New York, NY 10004.

**** 12 Code of Federal Regulations sections 1024.37(c)(1)(ii), 1024.37(d)(1), 1024.37(d)(2), 1024.37(d)(3), and 1024.37(d)(5) (revised February14, 2013), published in Federal Register Vol. 78, No. 31, February 14, 2013. Copies of such documents are available for inspection at the offices of the Department of Financial Services at One State Street, New York, NY 10004.

***** 12 Code of Federal Regulations sections 1024.37(e)(1)(i), 1024.37(e)(2), and 1024.37(e)(3), and 1024.37(e)(4) (revised February 14, 2013), published in Federal Register Vol. 78, No. 31, February 14, 2013. Copies of such documents are available for inspection at the offices of the Department of Financial Services at One State Street, New York, NY 10004.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 227.2