N.Y. Insurance Law Section 2323
Profitability and rates of return

  • where prior approval is not required

(a)

The superintendent shall by regulation establish a method for determining profitability, from whatever source profits are derived, and rates of return on net worth, assets and earned premiums, with respect to each kind of insurance subject to this article, based on reasonable and uniform assumptions, including assumptions as to:

(1)

amounts of net worth attributable to such kinds of insurance;

(2)

assets available for investment generated by such kinds of insurance;

(3)

federal income taxes; and

(4)

average earnings on insurers’ investments.

(b)

The regulation shall require insurers annually to report to the superintendent, who will make these reports available to the public, concerning such profitability and rates of return.

(c)

This section shall be applicable to kinds of insurance or insurance activities the rates for which, pursuant to subsection (a) of § 2305 (Rates or rating plans)section two thousand three hundred five of this article, are not subject to prior approval. * NB Expires July 1, 2026

Source: Section 2323 — Profitability and rates of return; where prior approval is not required, https://www.­nysenate.­gov/legislation/laws/ISC/2323 (updated Jul. 7, 2023; accessed Jun. 22, 2024).

2301
Purpose
2302
Applicability
2303
Standards for rates
2304
Rate making and supporting information
2305
Rates or rating plans
2306
Delegation of rate filing obligation
2307
Rating classifications or territories
2308
Imposition of prior approval
2309
Excess rate
2310
Informational filings
2311
Suspension of filing requirement
2312
Immigration bond premium
2313
Rate service organization
2314
Charging of rates
2315
Recording and reporting of experience
2316
Prohibition of anti-competitive behavior
2317
Joint underwriting or joint reinsurance
2318
Risk sharing plans
2319
Information to be furnished insureds
2320
Enforcement and penalties
2321
Enforcement and penalties
2322
Final determination
2323
Profitability and rates of return
2324
Rebating and discrimination
2325
Accounts and statistics
2326
Evaluation of competitive rating provisions
2327
Verification of driving history
2328
Certain motor vehicle insurance rates
2329
Motor vehicle insurance rates
2330
No fault motor vehicle insurance rates
2331
Motor vehicle comprehensive insurance rates
2332
Non-commercial private passenger automobile insurance rates
2333
Non-commercial private passenger automobile insurance rates
2334
Non-commercial private passenger automobile insurance rates
2335
Motor vehicle liability insurance rates
2335‑A
Prohibition of rate increases for persons involved in emergency use of vehicles
2336
Motor vehicle liability, comprehensive and collision insurance rates
2336‑A
Snowmobile liability insurance rates
2336‑B
Boat liability insurance rates
2337
Private passenger automobile physical damage insurance
2338
Appeal from rate service organization action
2339
Charging or receiving of rates
2340
Credit property insurance
2342
Expiration of certain provisions
2343
Medical malpractice insurance rates
2344
Flexible rate limitations in problem markets
2345
Disclosure of premium reductions and surcharges
2346
Reduction in rates of fire insurance, homeowners insurance or property/casualty premiums for residential property
2346‑A
Reduction in rates of certain commercial risk insurance premiums for real property
2347
Workers’ compensation rate changes
2348
Anti-theft and fraud savings
2349
Multi-tier program
2350
Flexible rating for nonbusiness automobile insurance policies
2351
Homeowners’ insurance policies
2352
Multiple rating programs
2353
For-hire motor vehicle safety program

Accessed:
Jun. 22, 2024

Last modified:
Jul. 7, 2023

§ 2323’s source at nysenate​.gov

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