Insurance Law 2349 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 2348 Anti-theft and fraud savings up ARTICLE 23 Property/casualty Insurance Rates next SECTION 2350 Flexible rating for nonbusiness automobile insurance policies Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 2349 Multi-tier program Insurance (ISC) CHAPTER 28, ARTICLE 23 § 2349. Multi-tier program. (a) An insurer may make available a multi-tier program, with more than one rate level in the same company, for private passenger motor vehicle insurance in the voluntary market, provided that: (1) the program and the insurer's business plan encourage depopulation of the assigned risk plan established by article fifty-three of this chapter; (2) the program is based upon mutually exclusive underwriting rules per tier, to the extent feasible; (3) credits and surcharges pursuant to an approved rating plan can be applied on a per tier basis; and (4) the program conforms to regulations promulgated by the superintendent. (b) For an insurer with an approved multi-tiering program, the provisions of subsection (f) of section three thousand four hundred twenty-five of this chapter shall apply in all respects, except that the two percent limitation set forth therein shall: (1) not apply to any risk moved from a tier to a lower-rated tier; and (2) be deemed to be three percent for risks moved from a tier to a higher-rated tier.