New York insurance laws
Insurance regulations, rate filing requirements, department info, and recent bulletins for New York. Updated Mar 31, 2026.
Department of Insurance
New York operates under a Prior Approval rate filing system where insurers must obtain DFS approval before implementing rate changes. The New York State Department of Financial Services (DFS) is one of the most active and comprehensive insurance regulators in the nation, with extensive consumer protection mandates across all insurance lines. New York has strong mental health parity laws, robust no-fault auto insurance requirements, and comprehensive health insurance mandates including over 55 specific benefit requirements.
Auto Insurance
Notable Laws
- NY Ins. Law § 5102(a): No-fault basic economic loss coverage of up to $50,000 per person for medical expenses, lost earnings, and other reasonable expenses
- NY Ins. Law § 5103(a): No-fault threshold requiring serious injury for tort claims - prevents lawsuits for minor injuries
- NY Ins. Law § 5204: Mandatory uninsured motorist coverage at same limits as bodily injury liability ($25,000/$50,000)
- NY Ins. Law § 5221: Supplementary Uninsured/Underinsured Motorists (SUM) coverage must be offered at limits up to $250,000/$500,000 if BI liability is that high
- NY Veh. & Traf. Law § 319: Registration suspension for insurance lapses; $8-$12 per day civil penalty up to 90 days, then suspension
Homeowners Insurance
Notable Laws
- NY Ins. Law § 3425: Three-year mandatory policy period after first 60 days; cancellation allowed only for nonpayment, fraud, or material misrepresentation
- NY Ins. Law § 3426: Nonrenewal notice required 45-60 days before expiration; specific reasons must be stated
- NY Ins. Law § 2802: Credit scoring allowed but prohibited from using income, gender, address, zip code, ethnic group, religion, marital status, or nationality; cannot cancel or increase premium at renewal based on credit
- NY Ins. Law § 2351: Multi-tier homeowners insurance programs allowed with different rate levels in same company
- 11 NYCRR Part 41: New York Property Insurance Underwriting Association (FAIR Plan) provides basic property coverage for high-risk properties unable to obtain coverage in voluntary market
Recent Bulletins
Coverage of Immunizations
Provides guidance to insurers regarding coverage requirements for immunizations under New York health insurance policies.
View bulletinDisaster Planning, Preparedness, and Response by the Life and Health Insurance Industries
Provides guidance to life and health insurers on disaster planning, business continuity, and response protocols to ensure service continuity during emergencies.
View bulletinDisaster Planning, Preparedness, and Response by the Property/Casualty Insurance Industry
Provides guidance to property/casualty insurers on disaster planning, business continuity, emergency response, and customer service during disasters.
View bulletinUse of Artificial Intelligence Systems and External Consumer Data and Information Sources in Insurance Underwriting and Pricing
Establishes DFS expectations regarding insurers' use of AI systems and external consumer data in underwriting and pricing decisions to prevent unfair discrimination and ensure compliance with New York insurance laws.
View bulletinAffordable Housing Underwriting and Rating
Addresses underwriting and rating practices for affordable housing properties to ensure fair access to property insurance coverage and prevent discrimination.
View bulletinRecent Law Changes
Stand-Alone Business Interruption Insurance
Authorizes insurance carriers to provide stand-alone business interruption insurance not tied to physical damage to property, covering events such as pandemics or active shooter threats that result in government shutdown orders.
Businesses can now obtain coverage for operational losses from events that don't cause physical property damage.
Effective: 2024-09-27
Parametric Insurance Authorization
Authorizes parametric insurance policies where coverage is triggered by objective data measuring weather-related events (severity, proximity, magnitude) as reported by government agencies rather than actual damage, with mandatory disclosures required.
Property owners can purchase parametric policies that pay out based on weather event measurements, providing faster claims settlement.
Effective: 2024-12-31
Lung Cancer Screening Coverage
Requires health insurance policies to provide coverage for follow-up screening or diagnostic services for lung cancer without patient cost-sharing, including copays or deductibles.
Patients receive free lung cancer screening and diagnostic services without out-of-pocket costs.
Effective: 2027-01-01
EpiPen Cost Cap
Requires health insurance plans to cap out-of-pocket costs for medically necessary epinephrine auto-injectors (EpiPens) at $100 per year, ensuring affordability for individuals with severe allergies.
Individuals with severe allergies save money as insurers must limit annual out-of-pocket costs for EpiPens to $100.
Effective: 2026-01-01
Long Term Care Disclosure and Rate Adjustment Requirements
Establishes new requirements for long term care insurance disclosure statements including 10-year premium rate history and mandates 90-day notice to insureds before any premium rate increase takes effect.
Long term care policyholders receive better transparency on rate history and advance notice of premium increases.
Effective: 2024-01-01
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