N.Y. Comp. Codes R. & Regs. Tit. 11 § 229.6 - Premium finance agency cancellation; return of unearned premium
(a) In the case of
a property/casualty insurance policy where the property policyholder does not
make the first installment payment to the premium finance agency after the
conclusion of the 60-day period described in section
405.6(b)(1)
of Title 3 and the premium finance agency cancels the property/casualty
insurance policy based on such nonpayment at any time prior to the next
succeeding installment payment, the insurer , other than a life insurer , shall
return to the premium finance agency for the benefit of the property
policyholder, in accordance with the terms of the property/casualty insurance
policy but no later than 60 days after the effective date of such cancellation,
the gross unearned premiums that are due under the property/casualty insurance
policy on a pro rata basis, calculated as if the
property/casualty insurance policy had been canceled 60 days prior to the
effective date of such cancellation.
(b) Nothing in this section shall constitute
the provision of free insurance in violation of Insurance Law section 2324 or a
deviation from filed rates in violation of Insurance Law section
2314.
Notes
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