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Code of Federal Regulations Title 31. Money and Finance–Treasury § 31.50.23 Applicability of State law requirements

Current as of January 02, 2025 | Updated by Findlaw Staff

(a) General. After satisfying the requirement to make available coverage for insured losses that does not differ materially from the terms, amounts, and other coverage limitations applicable to losses arising from events other than acts of terrorism, if coverage is rejected an insurer may then offer coverage that is on different terms, amounts, or coverage limitations, as long as such an offer does not violate any applicable state law requirements.

(b) Examples.

(1) If an insurer subject to state regulation first makes available coverage in accordance with § 50.20 and the state has a requirement that an insurer offer full coverage without any exclusion, then the requirement would continue to apply and the insurer may not subsequently offer less than full coverage or coverage with exclusions.

(2) If an insurer subject to state regulation first makes available coverage in accordance with § 50.20 and the state permits certain exclusions or allows for other limitations, or an insurance policy is not governed by state law requirements, then the insurer may subsequently offer limited coverage or coverage with exclusions.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 31. Money and Finance–Treasury § 31.50.23 Applicability of State law requirements - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-31-money-and-finance-treasury/cfr-sect-31-50-23/

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