N.Y. Ins. Law § 2329

§ 2329. Motor vehicle insurance rates; excess profits. In accordance\nwith regulations prescribed by the superintendent, each insurer issuing\npolicies that are subject to article fifty-one of this chapter,\nincluding policies of motor vehicle personal injury liability insurance\nor policies of motor vehicle property damage liability insurance or\ninsurance for loss or damage to a motor vehicle, shall establish a fair,\npracticable, and nondiscriminatory plan for refunding or otherwise\ncrediting to those purchasing such policies their share of the insurer's\nexcess profit, if any, on such policies. An excess profit shall be a\nprofit beyond a percentage rate of return on net worth attributable to\nsuch policies, computed in accordance with the regulation required by\nsection two thousand three hundred twenty-three of this article, and\ndetermined by the superintendent to be so far above a reasonable average\nprofit as to amount to an excess profit, taking into consideration the\nfact that losses or profits below a reasonable average profit will not\nbe recouped from such policyholders. Each plan shall apply to policy\nperiods for the periods January first, nineteen hundred seventy-four\nthrough August second, two thousand one, and the effective date of the\nproperty/casualty insurance availability act through June thirtieth, two\nthousand twenty. In prescribing such regulations the superintendent may\nlimit the duration of such plans, waive any requirement for refund or\ncredit that he or she determines to be de minimis or impracticable,\nadopt forms of returns that shall be made to him or her in order to\nestablish the amount of any refund or credit due, establish periods and\ntimes for the determination and distribution of refunds and credits, and\nshall provide that insurers receive appropriate credit against any\nrefunds or credits required by any such plan for policyholder dividends\nand for return premiums that may be due under rate credit or\nretrospective rating plans based on experience.\n