N.Y. ISC Law § 3416
This is the official text of N.Y. ISC Law § 3416, part of New York’s ISC Law — part of the compiled statutory law of New York, published by the state as "ISC Law." Browse the sections below, each linked to its official government source.
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Parametric insurance
Official statutory text
§ 3416. Parametric insurance. (a) Except as provided in subsection (b)\nof this section, an insurer that issues a parametric insurance policy\nshall disclose the following information in the application for the\ninsurance policy and in a prominent writing upon policy issuance and\nrenewal:\n (1) the policy is not a substitute for property insurance or flood\ninsurance, as relevant, which generally provide more comprehensive\ncoverage in the event of a loss; and\n (2) a mortgagee or loss payee may not accept a parametric insurance\npolicy.\n (b) An excess line broker who procures a parametric insurance policy\npursuant to section two thousand one hundred five of this chapter shall\nprovide the disclosures required by subsection (a) of this section on\nbehalf of the insurer.\n
Status: in_force · Read it on the official government site
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