New York Insurance Law Article 23 -- Property/Casualty Insurance Rates, complete

What this document is

New York Insurance Law Article 23 -- Property/Casualty Insurance Rates, complete (art. 23 ss. 2301-2356) is a state statute published by New York State Legislative Bill Drafting Commission (public.leginfo.state.ny.us). It is one of the New York documents that insurance license exam questions are written from, including new york property & casualty, new york personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• N.Y. Ins. Law Sec. 2324(a) (Rebating and discrimination; proviso on a producer's own risks)

  “No authorized insurer, no licensed insurance agent, no licensed insurance broker, and no employee or other representative of any such insurer, agent or broker shall make, procure or negotiate any contract of insurance other than as plainly expressed in the policy or other written contract issued or...”

• N.Y. Ins. Law Sec. 2351(a) (Homeowners' insurance policies; definition)

  “For the purposes of this section, "homeowners insurance" means a contract of insurance insuring against the contingencies described in subparagraphs (A), (B) and (C), or (B) and (C) of paragraph two of subsection (a) of section three thousand four hundred twenty-five of this chapter and which is a...”

• N.Y. Ins. Law Sec. 2324(c) (Rebating and discrimination; commission sharing between licensed brokers)

  “nor prohibit any licensed insurance broker from sharing or dividing a commission earned or received by him with any other licensed insurance broker or brokers who shall have aided him in respect to the insurance for the negotiation of which the commission has been earned or paid.”

Practice this material

Questions about this source

More New York sources

• 11 NYCRR Chapter IX (Unfair Trade Practices), Parts 216 and 218 - New York unfair claims settlement practices and claim cost control measures, and the prohibition against geographical redlining (Part 216 = Regulation 64; Part 218 = Regulation 90)Regulation
• 11 NYCRR Parts 27 and 30 - New York excess line placements governing standards and producer compensation transparency (Part 27 = Regulation 41; Part 30 = Regulation 194)Regulation
• 11 NYCRR Chapter III Subchapter B (Property and Casualty Insurance), Subpart 60-2 and Parts 67 and 73 - New York supplementary uninsured/underinsured motorists insurance, mandatory underwriting inspection of private passenger automobiles, and claims-made policy standards (Subpart 60-2 = Regulation 35-A; Part 67 = Regulation 79; Part 73 = Regulation 121)Regulation
• 11 NYCRR Chapter II (Agents, Brokers and Adjusters), Parts 20, 21, 22, 23 and 34 - New York producer licensing, examination, fiduciary, recordkeeping and place-of-business rules (Part 20 = Regulations 9, 18 and 29; Part 21 = Regulation 5; Part 22 = Regulation 6; Part 23 = Regulation 7; Part 34 = Regulation 125)Regulation
• 11 NYCRR Part 243 (Chapter X, Records) and Part 420 (Chapter XIX) - New York standards of records retention by insurance companies, and privacy of consumer financial and health information (Part 243 = Regulation 152; Part 420 = Regulation 169)Regulation
• 23 NYCRR Part 500 - Cybersecurity Requirements for Financial Services Companies (New York Department of Financial Services; the Part the New York P&C exam outline cites as "Reg 23")Regulation
• Seventh Amendment to 11 NYCRR Part 67 (Insurance Regulation 79) -- Mandatory Underwriting Inspection Requirement for Private Passenger Automobiles, sections 67.2 and 67.3 as adoptedRegulation
• N.Y. Ins. Law s. 3203: Individual life insurance policies; standard provisionsState statute