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§2351
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§2351 . Homeowners' insurance policies.
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§2351(a)
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(a) For the purposes of (this §) ,"homeowners insurance" means a contract of insurance insuring against the contingencies described in subparagraphs §3425(a)(2)(A) , §3425(a)(2)(B) and §3425(a)(2)(C) , or §3425(a)(2)(B) and §3425(a)(2)(C) of this chapter and which is a "covered policy" of personal lines insurance as defined in such paragraph ; provided, however, that the coverages provided under such (sub¶ (B)) and (sub¶ (C)) shall not apply where the natural person does not have an insurable interest in the real property, or a portion thereof, or the residential unit in which such person resides.
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§2351(b)
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(b) Multi-tier programs. An insurer may make available a multi-tier program with more than 1 rate level in the same company for homeowners' insurance in the voluntary market provided that:
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§2351(b)(1)
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(1) the program and the insurer's business plan encourage availability of homeowners' insurance in the voluntary market for insureds in high risk areas, including coastal areas;
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§2351(b)(2)
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(2) the program is based upon mutually exclusive and objective eligibility rules per tier, to the extent feasible; and
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§2351(b)(3)
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(3) credits can be applied on a per tier basis pursuant to an approved rating plan.
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§2351(c)
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(c) Prior to the approval of the provision authorized in subsection (this §)(b) ,the superintendent may promulgate rules and regulations governing the application of such provision. Source Data downloaded: 2009-04-19 12: 31: 28; Processed: 2009-05-08 15: 35: 56
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