STATE OF NEW YORK
25 BEAVER STREET
NEW YORK, NEW YORK 10004
|George E. Pataki
|Circular Letter No. 18 (2006)
September 20, 2006
|TO:||All Authorized Property/Casualty Insurers, Rate Service Organizations and Insurance Producer Organizations|
|RE:||Cancellation and Other Notices Loss Information Requests|
|STATUTORY REFERENCE: Sections 3426(e)(1)(C) and 3426(g)(2) of the Insurance Law|
The purpose of this Circular Letter is to advise insurers and rate service organizations regarding the enactment of Chapter 169 of the Laws of 2006, effective August 25, 2006, which amends Sections 3426(e)(1)(C) and 3426(g)(2) of the New York Insurance Law. The legislation reduced the time period within which insurers are required to provide loss information upon written request by the first-named insured or such insureds authorized agent or broker from twenty days to ten days.
The amended Section 3426(g)(2) provides, in part, that upon written request by the first-named insured or such insured's authorized agent or broker, the insurer shall mail or deliver the loss information specified in the statute on closed claims, open claims, as well as information on notices of occurrences covering the period of time coverage had been provided by the insurer, within ten days of such request.
All insurers and rate service organizations should review their procedures, and cancellation, nonrenewal and conditional renewal notices and make the necessary revisions to comply with the above requirement. Any revisions of policy forms necessitated by the revision of the statute should be filed for approval in accordance with Section 2307(b) of the New York Insurance Law.
Very truly yours,