N.Y. Insurance Law Section 2329
Motor vehicle insurance rates

  • excess profits
In accordance with regulations prescribed by the superintendent, each insurer issuing policies that are subject to article 51 (Comprehensive Motor Vehicle Insurance Reparations)article fifty-one of this chapter, including policies of motor vehicle personal injury liability insurance or policies of motor vehicle property damage liability insurance or insurance for loss or damage to a motor vehicle, shall establish a fair, practicable, and nondiscriminatory plan for refunding or otherwise crediting to those purchasing such policies their share of the insurer’s excess profit, if any, on such policies. An excess profit shall be a profit beyond a percentage rate of return on net worth attributable to such policies, computed in accordance with the regulation required by § 2323 (Profitability and rates of return)section two thousand three hundred twenty-three of this article, and determined by the superintendent to be so far above a reasonable average profit as to amount to an excess profit, taking into consideration the fact that losses or profits below a reasonable average profit will not be recouped from such policyholders. Each plan shall apply to policy periods for the periods January first, nineteen hundred seventy-four through August second, two thousand one, and the effective date of the property/casualty insurance availability act through June thirtieth, two thousand twenty-six. In prescribing such regulations the superintendent may limit the duration of such plans, waive any requirement for refund or credit that the superintendent determines to be de minimis or impracticable, adopt forms of returns that shall be made to the superintendent in order to establish the amount of any refund or credit due, establish periods and times for the determination and distribution of refunds and credits, and shall provide that insurers receive appropriate credit against any refunds or credits required by any such plan for policyholder dividends and for return premiums that may be due under rate credit or retrospective rating plans based on experience.

Source: Section 2329 — Motor vehicle insurance rates; excess profits, https://www.­nysenate.­gov/legislation/laws/ISC/2329 (updated Jul. 7, 2023; accessed Nov. 1, 2025).

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
For hire 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
Green check means up to date. Up to date

Verified:
Nov. 1, 2025

Last modified:
Jul. 7, 2023

§ 2329. Motor vehicle insurance rates's source at nysenate​.gov

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