State RegulationsNY specificDifficulty 2/5
After a replacement sale is completed, the new insurer receives a copy of the replacement disclosure. Under Reg 60, the new insurer must mail that copy to the insurer whose policy is being replaced within:
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under Reg 60 (11 NYCRR Part 51, insurer duties in Part 51.6), the new insurer must mail the copy of the disclosure statement to the replaced insurer within 10 days after the new policy is delivered. Once the replaced insurer receives the notice and requests information, it must furnish the requested policy information within 20 days, keeping the consumer-protection process moving.
Why the other options are wrong
- A) The 20-day figure is the replaced insurer's deadline for furnishing policy information after a request, not the new insurer's mailing deadline.
- C) 60 days is the unconditional refund period required in replacement transactions, not the mailing deadline.
- D) 45 days is an extension-window figure used elsewhere in conversion law; the Reg 60 mailing is due within 10 days of delivery.
Memory hook
The new insurer tells the old insurer within 10 days of delivery.