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New York Consolidated Laws

N.Y. Insurance Law § 2329 (2026)

Motor vehicle insurance rates; excess profits

✓ current as of May 2026
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§ 2329. Motor vehicle insurance rates; excess profits. In accordance
with regulations prescribed by the superintendent, each insurer issuing
policies that are subject to article fifty-one of this chapter,
including policies of motor vehicle personal injury liability insurance
or policies of motor vehicle property damage liability insurance or
insurance for loss or damage to a motor vehicle, shall establish a fair,
practicable, and nondiscriminatory plan for refunding or otherwise
crediting to those purchasing such policies their share of the insurer's
excess profit, if any, on such policies. An excess profit shall be a
profit beyond a percentage rate of return on net worth attributable to
such policies, computed in accordance with the regulation required by
section two thousand three hundred twenty-three of this article, and
determined by the superintendent to be so far above a reasonable average
profit as to amount to an excess profit, taking into consideration the
fact that losses or profits below a reasonable average profit will not
be recouped from such policyholders. Each plan shall apply to policy
periods for the periods January first, nineteen hundred seventy-four
through August second, two thousand one, and the effective date of the
property/casualty insurance availability act through June thirtieth, two
thousand twenty-six. In prescribing such regulations the superintendent
may limit the duration of such plans, waive any requirement for refund
or credit that the superintendent determines to be de minimis or
impracticable, adopt forms of returns that shall be made to the
superintendent in order to establish the amount of any refund or credit
due, establish periods and times for the determination and distribution
of refunds and credits, and shall provide that insurers receive
appropriate credit against any refunds or credits required by any such
plan for policyholder dividends and for return premiums that may be due
under rate credit or retrospective rating plans based on experience.
Notes of Decisions
Cited in 2 cases, 1985–1998 · leading case: New York Pub. Interest Rsch. Grp., Inc. v. New York State Dep't of Ins., 488 N.E.2d 466 (N.Y. 1985).
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New York Pub. Interest Rsch. Grp., Inc. v. New York State Dep't of Ins., 488 N.E.2d 466 (N.Y. 1985). · cites it 3× “The use in regulations promulgated by the Superintendent of Insurance pursuant to Insurance Law § 2329 of aggregate industry data rather than the individual carriers’ line-by-line results in order to determine the excess profit to be refunded on motor vehicle insurance policies…”
In Re the Liquidation of Union Indem. Ins., 699 N.E.2d 852 (N.Y. 1998). · cites it 2× “2d 444 [Superintendent's regulations using aggregate industry data rather than individual carriers' line-by-line results to determine excess profit to be refunded on motor vehicle insurance policies not inconsistent with Insurance Law § 2329]; Ostrer v Schenck , 41 N.”
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