New York Laws
Article 23 - Property/casualty Insurance Rates
2305 - Rates or Rating Plans; No Prior Approval; Prior Approval.

(b) rate filings for:
(1) workers' compensation insurance;
(2) motor vehicle insurance, or surety bonds, required by section
three hundred seventy of the vehicle and traffic law or article
forty-four-B of the vehicle and traffic law, or article forty of the
general business law;
(3) joint underwriting;
(4) motor vehicle assigned risk insurance;
(5) insurance issued by the New York Property Insurance Underwriting
Association;
(6) risk sharing plans authorized by section two thousand three
hundred eighteen of this article;
(7) title insurance;
(8) medical malpractice liability insurance;
(9) insurance issued by the Medical Malpractice Insurance Association;
(10) mortgage guaranty insurance;
(11) credit property insurance, as defined in section two thousand
three hundred forty of this article;
(12) gap insurance; and
(13) private passenger automobile insurance, except as provided in
section two thousand three hundred fifty of this article,
shall be filed with the superintendent and shall not become effective
unless either the filing has been approved or thirty days, which the
superintendent may with cause extend an additional thirty days and with
further cause extend an additional fifteen days, have elapsed and the
filing has not been disapproved as failing to meet the requirements of
this article, including the standard that rates be not otherwise
unreasonable. After a rate filing becomes effective, the filing and
supporting information shall be open to public inspection. If a filing
is disapproved, then notice of such disapproval order shall be given,
specifying in what respects such filing fails to meet the requirements
of this article. Upon his or her request, the superintendent shall be
provided with support and assistance from the workers' compensation
board and other state agencies and departments with appropriate
jurisdiction. The loss cost multiplier for each insurer providing
coverage for workers' compensation, as defined by regulation promulgated
by the superintendent, shall be promptly displayed on the department's
website and updated in the event of any change.
(c) Rates filed with the superintendent shall be accompanied by the
information upon which the insurer supports the rate as set forth in
subsection (b) of section two thousand three hundred four of this
article.
(d) When a filing subject to subsection (b) hereof or to section two
thousand three hundred forty-four of this article is not accompanied by
the information upon which the insurer supports the filing and the
superintendent does not have sufficient information to determine whether
the filing meets the requirements of this article, the insurer shall be
required to furnish such information and in such event the thirty,
thirty or fifteen day period of subsection (b) hereof or subsection (d)
of section two thousand three hundred forty-four shall commence as of
the date such information is furnished.
(e) The superintendent: (1) by regulation may, in lieu of the waiting
period set forth in subsection (b) of this section, require workers'
compensation insurance rate filings to be specifically approved before
they become effective; and (2) shall hold a public hearing if a rate
service organization makes a loss cost filing for workers' compensation
that is an increase of five percent or more over the approved loss costs
from the prior year. Until June second, two thousand twenty-eight, a
rate service organization for workers' compensation shall make a loss
cost filing every year on or before June first, or such earlier date as
is set by the superintendent.
(f) Subsection (a) of this section shall be of no force or effect
during the period August third, two thousand one through the day before
the effective date of the property/casualty insurance availability act,
and after June thirtieth, two thousand twenty-six. During the period
August third, two thousand one through the day before the effective date
of the property/casualty insurance availability act, and again
commencing on July first, two thousand twenty-six, all rates previously
subject to subsection (a) of this section, other than rates that are not
required to be filed pursuant to subsection (b) of section two thousand
three hundred ten of this article or that have been suspended from the
filing requirement pursuant to section two thousand three hundred eleven
of this article, shall become subject to subsections (b), (c) and (d) of
this section. All other provisions of this article applicable to kinds
of insurance or insurance activities the rates for which are subject to
prior approval under subsection (b) of this section shall apply to kinds
of insurance the rates for which were previously subject to subsection
(a) of this section or the rates for which are not required to be filed
pursuant to subsection (b) of section two thousand three hundred ten of
this article or the rates for which have been suspended from the filing
requirement pursuant to section two thousand three hundred eleven of
this article.
(g) (1) If all rates should become subject to the prior approval
provisions of subsections (b), (c) and (d) hereof as set forth in
subsection (f) hereof, rates for inland marine risks which by general
custom of the business are not written according to manual rates or
rating plans are not required to be filed unless the superintendent
directs they be filed.
(2) Specific inland marine rates on risks specially rated by a rate
service organization shall be filed and such rates and any special
filing with respect to a surety or guaranty bond required by law or by
court or executive order or by order, rule or regulation of a public
body, not covered by a previous filing, shall become effective when
filed and shall be deemed to meet the requirements of this article until
such time as the superintendent reviews the filing and disapproves it.

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