New York A11298 mandates rate filings for prior approval for commercial property, commercial general liability, and personal residential property.

New York A11298 amends the insurance law to require rate filings for prior approval for commercial property insurance, commercial general liability insurance, and personal residential property insurance. Insurers must provide written explanations for premium increases in these policies, detailing primary rating factors and material changes. Additionally, certain insurers of homeowners' insurance must refile their rates and, if their actual loss ratio is below a specified benchmark and their investment return is above another benchmark, they must reduce their rates.

New York A11298 mandates rate filings for prior approval for commercial property, commercial general liability, and personal residential property.

New York A11298 amends the insurance law to require rate filings for prior approval for commercial property insurance, commercial general liability insurance, and personal residential property insurance. Insurers must provide written explanations for premium increases in these policies, detailing primary rating factors and material changes. Additionally, certain insurers of homeowners' insurance must refile their rates and, if their actual loss ratio is below a specified benchmark and their investment return is above another benchmark, they must reduce their rates.