N.Y. Comp. Codes R. & Regs. tit. 11 § 227.3
Current through Register Vol. 46, No. 36, September 4, 2024
An insurer shall not issue force-placed insurance in excess of the borrower's last known amount of hazard insurance; provided, however, that if the amount of the borrower's last known hazard insurance did not comply with the mortgage loan requirements, then the insurer shall not issue force-placed insurance in excess of the replacement cost of the improvements on the mortgaged property.
N.Y. Comp. Codes R. & Regs. Tit. 11 § 227.3