The Motor Vehicle Accident Indemnification Corporation (MVAIC) was established to pay bodily injury damages and no-fault benefits to "covered" victims of motor vehicle accidents caused by uninsured motorists. Visit www.mvaic.com
for more information.
The following information regarding policy cancellations in New York was provided by MVAIC:
Policy cancellations should be in STRICT compliance with Vehicle and Traffic Law 313.
- DMV filing: 30 days following the effective date of cancellation. The proof of DMV filing, if not reflected in the DMV Expansion, should come from the Department of Motor Vehicle, and not from the Insurance carriers' computer print-outs.
- Mailing requirements: Should have a postal stamp. Should be mailed 15 days before the cancellation for non-payment of premium; 20 days before for policy cancellation for other than non-payment of premium.
- There should be correct financial security language.
For assigned risk policies, the notice should contain the "the right to review phrase".
Reference: Vehicle and Traffic Law 313, Part 34 Motor Vehicle Liability Insurance Reporting New York Automobile Insurance Plan Manual.
NY Policy Cancellation by Premium Finance Company Requirements:
Reference: Banking Law 576
- 10-Days Notice of Intent to Cancel - with stamped proof of mailing
- Cancellation notice - with stamped proof of mailing
Out-of-State cancellation notice should be in compliance with each state regulation
- Mailing requirements
- Filing with DMV or Registry of Motor Vehicle