November 15, 1982
CIRCULAR Letter No. 31 (1982)
November 15, 1982
TO: ALL INSURANCE COMPANIES AUTHORIZED TO TRANSACT FIRE INSURANCE BUSINESS IN NEW YORK STATE
RE: FIRST AMENDMENT TO REGULATION 96 (11 NYCRR 62-3) STANDARD CLAIM FORMS FOR FIRE LOSSES
The First Amendment to Regulation 96 (11 NYCRR 62-3) promulgated pursuant to the requirements of Section 336-b of the Insurance Law, set forth a standard claim form to be used for fire loss claims made on and after April 1, 1982, and stated:
"All insurers are required to maintain in their files, before a claim may be paid, the information contained in Part 1 of NYFC-1 for every fire claim made on a policy. In addition, for all claims which in the estimate of the insurer shall exceed $ 10,000, Part 2 of NYFC-1 must also be completed and maintained in the insurer's files."
This is to advise you that insurers having computerized files, which have the individual claim information required by Part 1 of the State of New York Standard Fire Claim Form (NYFC-1), need not maintain in their files the actual Part 1 of NYFC-1, as long as the required information can be subsequently produced in hard copy upon request from the Department.
In addition, in lieu of Part 1 of NYFC-1, set forth in the Regulation, insurers may use the industry's Property Loss Notice (Acord 1), with edition dates up to and including 8/82. Other forms may be submitted for approval by the Department but shall not be used until such approval is obtained.
Part 2 of NYFC-1, as promulgated in the First Amendment to Regulation 96 (11 NYCRR 62-3), must continue to be used for all claims which in the estimate of the insurer shall exceed $ 10,000.
Please acknowledge receipt of this letter to:
Property and Casualty Insurance Bureau
State of New York Insurance Department
2 World Trade Center
New York, NY 10047
Very truly yours,
ALBERT B. LEWIS
Superintendent of Insurance