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  1. Surcharges and subrogation | Ask PIA

    Where is the rule that protects policyholders against surcharges if a subrogation action recovers at least one-third of the property damage claim amount?

    It’s found in Regulation 100: An insured may not be surcharged for an incident for which that insured or the insurer has received reimbursement or a judgment, equal to one-third or more of the value of the insured’s property damage claim. For the purposes of this part, the...

  2. Qualifying vehicle vs. the rental vehicle | Ask PIA

    Please review the provisions that relate to the INSURED vehicle(s) and those that relate to the RENTED vehicle.

    Insured vehicles To qualify the policy for the mandatory rental vehicle coverage, at least one (and no more than four) of the INSURED vehicles must be a “private-passenger motor vehicle.” The law contains TWO categories of “private-passenger motor vehicle.” The two categories, both of which qualify as “private-passenger motor...

  3. Company not required to forego earned premium, accept LPR | Ask PIA

    We issued a binder for a client. Ultimately, they decided to go with another carrier instead. This was a year ago. The company is billing for the earned premium and will not accept a Lost Policy Release to cancel flat. We sent them a copy of the other company’s policy,...

    Once a binder is issued, it can be terminated only by cancellation in accord with the terms of New York state law and the policy terms. Policies require advance written notice from the policyholder requesting cancellation; a loss policy release is a form of written request. Coverage continues until the...

  4. Connecticut minimum limits | Ask PIA

    Connecticut’s increased liability limits for personal auto policies went into effect on Jan. 1, 2018. Does that automatically increase the limits on all personal auto policies regardless of whether or not the policyholder has increased the limits on their own policy?

    If there is a liberalization clause in the policy, then the liability limits automatically increase to the new limits on Jan. 1, 2018, regardless of the limits stated in the policy. A liberalization clause is a provision that extends to persons already insured under a particular policy the broadened coverage...

  5. Extent of CLUE information provided | Ask PIA

    Why does an umbrella claim related to an auto accident show up in the CLUE report for the client’s homeowners policy? We are unable to get homeowners replacement coverage due to this open claim.

    Services such as CLUE are not regulated as to the type of claims information they can gather, store and provide to their insurer members. In New York, they are not prohibited from making an underwriting judgment about a personal-lines application based on claims information that relates to the policyholder. As...

  6. Rate filing | Ask PIA

    What is the process in New Hampshire to obtain a carrier’s rate filing?

    In order to request a copy of a rate filing from the New Hampshire Insurance Department, you would go in person to the Insurance Department located at Suite 14, 21 South Fruit St., Concord, N.H., to obtain the records. You can copy the electronic filings onto a CD disk using...

  7. Undisclosed driver—billing for additional premium | Ask PIA

    After an accident, a company learned that one of our personal auto policyholders has had an undisclosed youthful driver in the household for the past couple of years. Now the company is billing the client for the premium it would have collected, had it known of this driver. Can they...

    Yes. In fact, the New York State Department of Financial Services says a company MUST bill to reflect the change in premium that would have become applicable if the insured had reported the new driver when he began driving. According to the NYDFS, an insurer cannot vary from its rate...

  8. Commercial-lines midterm premium increase | Ask PIA

    What are the rules for increasing the premium on a commercial-lines policy during the policy term?

    For commercial-lines policies (other than medical malpractice or those with audit premium provisions) after they have been in effect for the first 60 days. Provided it is a commercial policy subject to Section 3426, this Aug. 22, 2000, New York State Insurance Department opinion would apply: New York Insurance Law Section...

  9. Nonpayment cancellation (audit payment) | Ask PIA

    Can a commercial-lines policy be cancelled for nonpayment of the prior year’s unpaid audit premium?

    No. Insurance Law Section 3426 prohibits cancellation of commercial-lines policies midterm, except for specified reasons. One of these reasons is “nonpayment of premium,” defined as the failure to discharge the payment obligation on a policy of insurance. The NYDFS has opined that the failure to pay audit premium due on...

  10. Failure to complete continuing-education requirements on time | Ask PIA

    What is my deadline for completing continuing-education requirements, and what happens if I cannot complete them by that date?

    The continuing education due date for insurance producers is 60 days prior to your license expiration. If you have not completed your requirement by your CE due date, you will not be eligible to renew your license until you do so. The penalty for completing CE within the 60-day...

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