New York Insurance Law, Article 4, ss. 401, 403, 404, 405, 407, 409, 411: Insurance Frauds Prevention

What this document is

New York Insurance Law, Article 4 - Insurance Frauds Prevention (ss. 401, 403, 404, 405, 407, 409, 411) is a state statute published by New York State Senate, OpenLegislation (nysenate.gov). It is one of the New York documents that insurance license exam questions are written from, including 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. 403(e) (Prohibitions; notice on automobile insurance applications and claim forms)

  “Any person who knowingly makes or knowingly assists, abets, solicits or conspires with another to make a false report of the theft, destruction, damage or conversion of any motor vehicle to a law enforcement agency, the department of motor vehicles or an insurance company, commits a fraudulent insurance act”

• N.Y. Ins. Law Sec. 403(c)(ii) (Prohibitions; civil penalty; premium reduction application containing materially false information)

  “knowingly and with intent to defraud files, makes, or assists, solicits or conspires with another to file or make an application for a premium reduction, pursuant to subsection (a) of section two thousand three hundred thirty-six of this chapter, containing any materially false information”

• N.Y. Ins. Law Sec. 405(a) (Reports; duty of licensees to report suspected fraudulent insurance transactions)

  “Any person licensed or registered pursuant to the provisions of this chapter, and any person engaged in the business of insurance or life settlement in this state who is exempted from compliance with the licensing requirements of this chapter, including the state insurance fund of this state, who...”

• N.Y. Ins. Law Sec. 409(b)(1) (Fraud prevention plans and special investigations units; full-time unit separate from underwriting or claims)

  “including provisions for a full-time special investigations unit and staffing levels within such unit. Such unit shall be separate from the underwriting or claims functions of an insurer, and shall be responsible for investigating information on or cases of suspected fraudulent activity”

Practice this material

Questions about this source

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