New York Insurance Law and Regulations
The regulatory frame
New York regulates insurance through the Insurance Law, the Financial Services Law, and the Department of Financial Services (DFS), headed by the Superintendent of Financial Services. Regulations are numbered 11 NYCRR rules - expect references to Regulation 64 (claims), Regulation 68 (no-fault), and Regulation 60 (life and annuity replacement, not property-casualty).
Producers are licensed under Insurance Law Article 21 and hold premiums in a fiduciary capacity. Rebating and twisting are prohibited. New York treats applicant statements as representations: an innocent misstatement will not void coverage unless it is material to the insurer's acceptance of the risk.
Claims handling
Regulation 64 requires acknowledgement of a claim within 15 business days and payment or denial within 30 calendar days after receipt of proof of loss; if more time is needed the insurer must explain in writing at 30-day intervals.
Cancellation and nonrenewal
Under Insurance Law section 3425, a personal-lines policy in force more than 60 days may be cancelled only for listed reasons - nonpayment (10 days' notice) or permitted grounds such as fraud or license revocation (20 days' notice). Nonrenewal, or a premium increase over 10%, requires 45 to 60 days' advance notice.
Traps
Confusing the 10-day nonpayment notice with the 20-day general notice; mixing Regulation 68 (no-fault) with Regulation 64 (claims); assuming insurance is federally regulated; treating rebating as ordinary sales practice.
Rule of thumb
'15 to acknowledge, 30 to decide' - Regulation 64 in one line.