N.Y. Ins. Law § 3449

§ 3449. Wireless communications equipment insurance policies. (a) In\nthis section, the term "policy of wireless communications equipment\ninsurance" means an insurance policy covering the kind of insurance\ndescribed in subsection (1) of section two thousand one hundred\nthirty-one of this chapter.\n (b) (1) A group policy, and certificates issued thereunder, of\nwireless communications equipment insurance shall not be subject to the\nprovisions of section three thousand four hundred twenty-five or three\nthousand four hundred twenty-six of this article.\n (2) An insurer shall not terminate or otherwise change the terms and\nconditions of a group policy of wireless communications equipment\ninsurance, and certificates issued thereunder, except upon providing the\npolicyholder and certificate holders with at least sixty days notice. If\nthe insurer changes the terms and conditions, then the insurer shall\nprovide the policyholder with a revised policy or endorsement and each\ncertificate holder with a revised certificate or endorsement, an updated\nbrochure or facsimile thereof and an explanation of the changes.\n (3) Notwithstanding paragraph two of this subsection, an insurer may\nterminate a certificate upon fifteen days notice for:\n (A) nonpayment of premium; or\n (B) discovery of fraud or material misrepresentation in obtaining the\ncertificate or in the presentation of a claim thereunder.\n (4) Notwithstanding paragraph two of this subsection, an insurer may\nautomatically terminate a certificate if the certificate holder:\n (A) ceases to have active telecommunications service with the wireless\ncommunications equipment vendor; or\n (B) exhausts the aggregate limit of liability, if any, under the\ncertificate and the insurer sends notice of termination to the\ncertificate holder within fifteen business days after exhaustion of the\nlimit. However, if notice is not timely sent, coverage shall continue\nnotwithstanding the aggregate limit of liability until the insurer sends\nnotice of termination to the certificate holder.\n (5) Notwithstanding the provisions of subparagraph (B) of paragraph\nfour of this subsection, upon the request of a certificate holder, the\ncertificate holder's coverage shall be eligible for reinstatement not\nmore than twelve months following the date of exhaustion of the coverage\nlimit in accordance with the terms of the policy and subject to the\nenrollment criteria then applicable to prospective certificate holders\ngenerally.\n (6) Where the group policy is terminated by the policyholder, the\npolicyholder shall mail or deliver written notice to each certificate\nholder advising the certificate holder of the termination of the group\npolicy and the effective date of termination. The written notice shall\nbe mailed or delivered to the certificate holder at least thirty days\nprior to the termination.\n (c) Whenever notice is required pursuant to this section, it shall be\nin writing and mailed or delivered to the policyholder at the\npolicyholder's mailing address and to affected certificate holders at\nthe certificate holders' last known mailing addresses on file with the\ninsurer. Every notice of termination shall specify the reason or reasons\nfor termination.\n (d) (1) Notwithstanding subsection (c) of this section, an insurer\nshall not be required to give notice of termination to the certificate\nholder if the insurer has been advised by either the policyholder or\nanother insurer that substantially similar coverage has been obtained\nfrom the other insurer without lapse of coverage.\n (2) A policyholder shall not be required to give notice of termination\nto a certificate holder if substantially similar coverage has been\nobtained from another insurer without lapse of coverage.\n (e) The superintendent may promulgate regulations regarding policies\nof wireless communications equipment insurance, including, but not\nlimited to, regulations governing policy terms and conditions, and may\nestablish other reasonable limitations.\n