DEPARTMENT DETAILS REPORTING PROCEDURE
Superintendent Neil D. Levin today ordered all life insurers that write in New York State to provide a comprehensive report documenting their involvement, if any, in raced-based underwriting and related practices. Earlier this month, the Department instructed insurers to begin their internal reviews.
"The Departments directive furthers our commitment to investigating allegations that insurers writing in New York State engaged in the inexcusable practice of race-based underwriting," said Levin. "After receiving these reports, the Department will step-up its investigation through the examination of insurers identified as having violated the law."
The Departments directive, pursuant to Insurance Law 5308 and set forth in Supplement No. 1 to Circular Letter 19 (2000), requires insurers review must include, but is not limited to, all relevant documents including, rate charts, mortality tables, agreements with agents and brokers, compensation schedules, underwriting and agency manuals, applications, policy form filings board of directors (and committee) minutes, and internal memoranda. The reports must include the following:
Insurers are required to file their report with the Department no later than August 15, 2000.