N.Y. Comp. Codes R. & Regs. tit. 11 § 186.3

Current through Register Vol. 46, No. 25, June 18, 2024

Section 186.3 - Disclosure to insured

All policies, certificates, or other evidences of insurance issued in this State insuring debtors, personal property pledged as security for creditors, or personal property purchased under an installment sales agreement, any deferred payment plan, or its equivalent, the premium or cost of which is paid as an identifiable charge in whole or in part by the debtor (hereinafter referred to as "debtor's policy or policies"), must be written for the full term for which the premium is charged and must contain full and complete information respecting:

(a) the kind or kinds of coverage;

(b) the amount of insurance covering the property purchased or offered as security;

(c) the amount of premiums charged, the rate for each of the coverages and the aggregate premium charged for all coverages, except that only the rate for each of the coverages shall be required in connection with those credit plans where the premium cannot be reasonably ascertained on issuance of coverage;

(d) the effective and expiration date or dates of insurance to be provided; and

(e) the classification and rating information for motor vehicle collision and liability insurance coverages.

All changes in policy terms and conditions shall be evidenced by an endorsement forwarded directly by the insurer to the debtor and the creditor.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 186.3