Statement that the proposed action amending 11 NYCRR Part 16 (Insurance Regulation 86) is a consensus rulemaking and that no person is likely to object to its adoption.
This rulemaking conforms section 16.4 to recent amendments made by Chapter 75 of the Laws of 2013 to Insurance Law section 6303(a)(3), to extend the expiration date of the statute to June 30, 2015, and repeal the requirement that insurers file a certificate of insurance with the Department of Financial Services within one business day of writing such a policy.
This rulemaking also corrects: (1) the reference in section 16.8(e) to section 16.1(f) to read 16.1(j) and (2) inadvertent revisions that were made to section 16.9(a)(2) when that section was updated as part of the consolidated action to amend multiple Parts of 11 NYCRR to revise references that were outdated as a result of the consolidation of the New York State Insurance and Banking Departments into a new Department of Financial Services.
Because the amendment merely conforms section 16.4 with the revisions made to Insurance Law section 6303(a)(3) by Chapter 75 of the Laws of 2013, corrects a minor error in section 16.8, and corrects recent inadvertent revisions to section 16.9, no person or entity is likely to object to this rulemaking. Accordingly, this rulemaking is determined to be a consensus rulemaking, as defined in State Administrative Procedure Act ("SAPA") § 102(11), and is proposed pursuant to SAPA § 202(1)(b)(i). Therefore, this rulemaking is exempt from the requirement to file a Regulatory Impact Statement, Regulatory Flexibility Analysis for Small Businesses and Local Governments, or a Rural Area Flexibility Analysis.