The Office of General Counsel issued the following opinion on February 4, 2003, representing the position of the New York State Insurance Department.
Re: Filing requirements of property/casualty insurance policy forms
Questions Presented
(1) Must an authorized property/casualty insurer file its declaration pages with the Insurance Department?
(2) Must an authorized property/casualty insurer file its cancellation and reinstatement notices with the Insurance Department?
Conclusions
(1) Yes. Declaration pages are part of property/casualty insurance policy forms, which generally must be filed with the Insurance Department pursuant to N.Y. Ins. Law § 2307(b) (McKinney Supp. 2003).
(2) No. Cancellation and reinstatement notices applicable to property/casualty insurance do not have to be filed with the Insurance Department; however, some insurers file them for informational purposes.
Facts
The inquiry is made on behalf of an authorized property/casualty insurer. The Department assumes that the applicable insurance is property/casualty insurance. No facts were provided.
Analysis
Generally, N.Y. Ins. Law § 2307(b) (McKinney Supp. 2003) governs the filing requirements of property/casualty insurance policy forms. That provision states in pertinent part:
Except as otherwise provided herein, no policy form shall be delivered or issued for delivery unless it has been filed with the superintendent and either he has approved it, or thirty days have elapsed and he has not disapproved it as misleading or violative of public policy.
A declaration page is part of a property/casualty insurance policy form. Therefore, a declaration page is subject to the same filing requirements of N.Y. Ins. Law § 2307(b) (McKinney Supp. 2003).
Cancellation and reinstatement notices applicable to property/casualty insurance do not have to be filed with the Insurance Department; however, some insurers file them for informational purposes.
For further information one may contact Senior Attorney Robert Freedman at the New York City Office.