NOTE: WITHDRAWN EFFECTIVE OCTOBER 11, 2002
|Circular Letter No. 2 (1997)
January 23, 1997
Recently enacted legislation (Chapter 488 of the Laws of 1996) amended the Insurance Law by adding a new Section 340, which requires insurers to report within a reasonable period of time, to a central reporting organization of its choosing, all claims filed for bodily injury, wrongful death and death benefits under any policy which provides liability coverage for injury to persons. Claims for medical malpractice, workers' compensation or similar insurance required by law, and comprehensive motor vehicle reparations benefits (no-fault), are excluded from this requirement. The central reporting organization will report this information to the Department of Social Services.
Section 340(a) defines a central reporting organization as any entity which receives from, assimilates or disseminates information to insurers or the Department of Social Services regarding bodily injury, wrongful death and death benefits.
The law becomes effective on February 4, 1997. Accordingly, kindly acknowledge receipt of this circular, and advise us of the central reporting organization that will be used to facilitate compliance with the provisions of Section 340 of the Insurance Law.
Replies should be sent to:
Senior Insurance Examiner
New York State Insurance Department
Property and Casualty Insurance Bureau
160 West Broadway
New York, New York 10013
|Very truly yours,
Stewart Keir, CPCU, CFE, CIE
Assistant Deputy Superintendent & Chief