§ 2305 — Rates or rating plans; no prior approval; prior approval

§ 2305. Rates or rating plans; no prior approval; prior approval.\n* (a) Except as otherwise provided in subsection (b) hereof or section\ntwo thousand three hundred eight of this article, prior approval of\nrates, rating plans, rating rules and rate manuals by the superintendent\nshall not be required.\n * NB Expires July 1, 2026\n (b) rate filings for:\n (1) workers' compensation insurance;\n (2) motor vehicle insurance, or surety bonds, required by section\nthree hundred seventy of the vehicle and traffic law, except as provided\nin section two thousand three hundred twenty-eight of this article,\narticle forty-four-B of the vehicle and traffic law, or article forty of\nthe general business law;\n (3) joint underwriting;\n (4) motor vehicle assigned risk insurance;\n (5) insurance issued by the New York Property Insurance Underwriting\nAssociation;\n (6) risk sharing plans authorized by section two thousand three\nhundred eighteen of this article;\n (7) title insurance;\n (8) medical malpractice liability insurance;\n (9) insurance issued by the Medical Malpractice Insurance Association;\n (10) mortgage guaranty insurance;\n (11) credit property insurance, as defined in section two thousand\nthree hundred forty of this article;\n (12) gap insurance; and\n (13) private passenger automobile insurance, except as provided in\nsection two thousand three hundred fifty of this article,\nshall be filed with the superintendent and shall not become effective\nunless either the filing has been approved or thirty days, which the\nsuperintendent may with cause extend an additional thirty days and with\nfurther cause extend an additional fifteen days, have elapsed and the\nfiling has not been disapproved as failing to meet the requirements of\nthis article, including the standard that rates be not otherwise\nunreasonable. After a rate filing becomes effective, the filing and\nsupporting information shall be open to public inspection. If a filing\nis disapproved, then notice of such disapproval order shall be given,\nspecifying in what respects such filing fails to meet the requirements\nof this article. Upon his or her request, the superintendent shall be\nprovided with support and assistance from the workers' compensation\nboard and other state agencies and departments with appropriate\njurisdiction. The loss cost multiplier for each insurer providing\ncoverage for workers' compensation, as defined by regulation promulgated\nby the superintendent, shall be promptly displayed on the department's\nwebsite and updated in the event of any change.\n (c) Rates filed with the superintendent shall be accompanied by the\ninformation upon which the insurer supports the rate as set forth in\nsubsection (b) of section two thousand three hundred four of this\narticle.\n (d) When a filing subject to subsection (b) hereof or to section two\nthousand three hundred forty-four of this article is not accompanied by\nthe information upon which the insurer supports the filing and the\nsuperintendent does not have sufficient information to determine whether\nthe filing meets the requirements of this article, the insurer shall be\nrequired to furnish such information and in such event the thirty,\nthirty or fifteen day period of subsection (b) hereof or subsection (d)\nof section two thousand three hundred forty-four shall commence as of\nthe date such information is furnished.\n (e) The superintendent: (1) by regulation may, in lieu of the waiting\nperiod set forth in subsection (b) of this section, require workers'\ncompensation insurance rate filings to be specifically approved before\nthey become effective; and (2) shall hold a public hearing if a rate\nservice organization makes a loss cost filing for workers' compensation\nthat is an increase of five percent or more over the approved loss costs\nfrom the prior year. Until June second, two thousand twenty-eight, a\nrate service organization for workers' compensation shall make a loss\ncost filing every year on or before June first, or such earlier date as\nis set by the superintendent.\n (f) Subsection (a) of this section shall be of no force or effect\nduring the period August third, two thousand one through the day before\nthe effective date of the property/casualty insurance availability act,\nand after June thirtieth, two thousand twenty-six. During the period\nAugust third, two thousand one through the day before the effective date\nof the property/casualty insurance availability act, and again\ncommencing on July first, two thousand twenty-six, all rates previously\nsubject to subsection (a) of this section, other than rates that are not\nrequired to be filed pursuant to subsection (b) of section two thousand\nthree hundred ten of this article or that have been suspended from the\nfiling requirement pursuant to section two thousand three hundred eleven\nof this article, shall become subject to subsections (b), (c) and (d) of\nthis section. All other provisions of this article applicable to kinds\nof insurance or insurance activities the rates for which are subject to\nprior approval under subsection (b) of this section shall apply to kinds\nof insurance the rates for which were previously subject to subsection\n(a) of this section or the rates for which are not required to be filed\npursuant to subsection (b) of section two thousand three hundred ten of\nthis article or the rates for which have been suspended from the filing\nrequirement pursuant to section two thousand three hundred eleven of\nthis article.\n (g) (1) If all rates should become subject to the prior approval\nprovisions of subsections (b), (c) and (d) hereof as set forth in\nsubsection (f) hereof, rates for inland marine risks which by general\ncustom of the business are not written according to manual rates or\nrating plans are not required to be filed unless the superintendent\ndirects they be filed.\n (2) Specific inland marine rates on risks specially rated by a rate\nservice organization shall be filed and such rates and any special\nfiling with respect to a surety or guaranty bond required by law or by\ncourt or executive order or by order, rule or regulation of a public\nbody, not covered by a previous filing, shall become effective when\nfiled and shall be deemed to meet the requirements of this article until\nsuch time as the superintendent reviews the filing and disapproves it.\n