§ 5404 — Rates, rating plans, rules and statistics

§ 5404. Rates, rating plans, rules and statistics. (a) The rates,\nrating plans, rating rules and statistics applicable to the insurance\nwritten by the association shall be subject to the relevant provisions\nof article twenty-three of this chapter except as otherwise provided in\nthis section.\n (b) Rates, rating plans and rating rules applicable to fire insurance,\nextended coverage, additional perils, broad form coverage pursuant to\nsubsection (g) of section five thousand four hundred two of this article\nand homeowners insurance upon a determination of necessity having been\nmade by the superintendent pursuant to section five thousand four\nhundred twelve of this article written by the association shall be no\ngreater than the following percentages of those recommended for the\nvoluntary market by the principal rate service organization in this\nstate:\n (1) one hundred twenty percent with respect to:\n (A) owner-occupied residential dwellings consisting of not more than\nfour dwelling units;\n (B) household furnishings and personal property contained in any\nhousehold unit;\n (C) contents of any retail-type business located in store-type\npremises and operating in a single location, provided such business is\nowned by its operators, who are all related by blood or affinity;\n (D) real property of eleemosynary institutions used exclusively for\nsuch eleemosynary purposes including furnishings and personal property\ncontained therein;\n (2) one hundred thirty percent with respect to:\n (A) non-owner occupied residential dwellings consisting of not more\nthan four dwelling units;\n (B) residential structures consisting of more than four but not\nexceeding eight units with or without business occupancies;\n (C) homeowners insurance upon a determination of necessity having been\nmade by the superintendent pursuant to section five thousand four\nhundred twelve of this article;\n (3) one hundred forty percent with respect to residential dwellings\nconsisting of more than eight dwelling units, with or without business\noccupancies;\n (4) one hundred thirty percent with respect to any risks not otherwise\nprovided for in paragraphs one, two and three of this subsection.\n (c) The rates, rating plans and rating rules recommended by the\nprincipal rate service organization, together with such other\ninformation the superintendent may require, shall be submitted by the\nassociation at least sixty days prior to the date on which they are to\nbecome effective for risks written by it.\n (d) Filed rating rules or plans may provide standards for the\napplication of surcharges for risks containing unsafe or hazardous\nconditions, and shall provide for prompt removal of the surcharges upon\nthe elimination of those conditions.\n