P&CNew Yorkeasy
Under NY Ins. Law § 2305, after a commercial property insurer files a new rate with the Superintendent under file-and-use, what happens if the Superintendent takes no action within 30 days of the filing?
AThe rate is deemed disapproved and must be refiled
BThe 30-day clock automatically extends another 30 days
CThe insurer must request a public hearing before using it
The rate is deemed approved and may be used
Why this is the answer
NY uses file-and-use for most commercial property/casualty rates. Under NY Ins. Law § 2305, the insurer files the rate (with supporting actuarial data) and may begin using it 30 days later unless the Superintendent affirmatively disapproves it. Personal auto and homeowners remain prior-approval lines requiring affirmative DFS sign-off. The 30-day deemer keeps the commercial market responsive while preserving DFS authority to step in on excessive, inadequate, or unfairly discriminatory rates.
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