New York Insurance Law Articles 41 (Property/Casualty Insurance Companies), 25 (Prohibitions Against Controlled Business) and 28 (Use of Credit Information), each complete

What this document is

New York Insurance Law Articles 41 (Property/Casualty Insurance Companies), 25 (Prohibitions Against Controlled Business) and 28 (Use of Credit Information), each complete (art. 41 ss. 4101-4121, art. 25 ss. 2502-2505, art. 28 ss. 2801-2809) 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. 4106 (Stock companies; participating policies)

  “A stock property/casualty insurance company authorized to do business in this state may include in its charter a provision authorizing the board of directors to permit its policyholders from time to time to participate in the profits of its operations through the payment of dividends to...”

• N.Y. Ins. Law Sec. 4113(a), (b) (Mutual companies; non-assessable policies)

  “(a) Every mutual property/casualty insurance company licensed to do business in this state, if its charter or by-laws permit or are amended to permit the issuance of policies without contingent mutual liability of the policyholder for assessment, may with the permission of the superintendent issue...”

• N.Y. Ins. Law Sec. 2802(a), (b) (Use of credit information)

  “An insurer doing business in this state that uses credit information to underwrite or rate risks for personal lines insurance, shall not: (a) use an insurance score that is calculated using income, gender, address, zip code, ethnic group, religion, marital status, or nationality of the consumer as...”

• N.Y. Ins. Law Sec. 4119 (Foreign and alien companies; license qualification)

  “No foreign or alien property/casualty insurance company shall be licensed to do business in this state unless it shall have continuously transacted an insurance business in the state or country of its incorporation for at least three years immediately prior to the issuance of such license. The...”

• N.Y. Ins. Law Sec. 2802(c) (Use of credit information; no cancellation, nonrenewal or renewal premium increase)

  “use credit information to cancel or nonrenew a policy or increase an insured's premium for personal lines insurance on renewal provided that nothing in this section shall be construed to prohibit an insurer from considering an insured's tier placement pursuant to section two thousand three hundred...”

• N.Y. Ins. Law Sec. 2805(b) (Use of credit information; adverse action notification; explanation of reasons)

  “The reasons must be provided in sufficiently clear and specific language so that a person can identify the basis for the insurer's decision to take an adverse action. Such notification shall include a description of up to four factors that were the primary influences of the adverse action. The use...”

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