NYAIP definition

NYAIP means the New York Automobile Insurance Plan.
Sample 1

Examples of NYAIP in a sentence

  • NYAIP is the central mechanism established pursuant to Article 53 of the New York Insurance Law to provide auto liability and physical damage coverages to those insureds that are unable to obtain such auto insurance in the voluntary market.

  • As of May 31, 2001, the Company's liability for obligations associated with NYAIP assignments resulting from voluntary business written in the preceding two-year period was $110.4 million.

  • B.Reinsurance i.It is recommended that the Company properly account for its NYAIP participation in accordance with SSAP No. 63, paragraph 8 of the NAIC Accounting Practices and Procedures Manual.7 The Company has complied with this recommendation.

  • In doing so, these subsidiaries are obligated to accept assignments from the New York Automobile Insurance Plan (NYAIP), a residual insurance market that obtains personal automobile insurance for those individuals who cannot otherwise obtain insurance coverage in the voluntary insurance market.

  • It is recommended that the Company properly account for its NYAIP 7 participation in accordance with SSAP No. 63, paragraph 8 of the NAIC Accounting Practices and Procedures Manual.

  • LAD servicing carriers are paid fees to assume the insurance risk of NYAIP obligations, which are typically a percentage of the total premiums the LAD servicing carrier must write to fulfill the NYAIP obligation of the transferor company.

  • The Company has a contract with one credit buyer, which provides that the buyer will purchase all eligible credits generated by the Company up to the amount required to reduce the buyer’s estimated NYAIP final quota to zero.

  • The ultimate amount of the loss is dependent on both direct and indirect future factors, including the claims experience of NYAIP policyholders, future increases or decreases in the premium rates which New York allows companies to charge NYAIP assigned policyholders, and the future entrance or exit of LAD servicing carriers to the LAD servicing market.

  • In their opinion, the bad smell is because of contamination with sewage lines due to damaged pipes.

  • The share of involuntary written premium for policies assigned by the NYAIP to a particular insurer in a given year is based on the proportion of the total voluntary writings in the state of New York two years prior.

Related to NYAIP

  • Non-Executive Director Means any director who is not an Executive Director.

  • Non-Executive Directors means the Directors who are not in whole time employment of the Company.

  • DTS means Days to Settlement, i.e., the number of actual days elapsed from and including the original Closing Day with respect to such Accepted Note (in the case of the first such payment with respect to such Accepted Note) or from and including the date of the next preceding payment (in the case of any subsequent delayed delivery fee payment with respect to such Accepted Note) to but excluding the date of such payment; and "PA" means Principal Amount, i.e., the principal amount of the Accepted Note for which such calculation is being made. In no case shall the Delayed Delivery Fee be less than zero. Nothing contained herein shall obligate any Purchaser to purchase any Accepted Note on any day other than the Closing Day for such Accepted Note, as the same may be rescheduled from time to time in compliance with paragraph 2B(7).

  • hostel means a place of residence for the students of the University, or its colleges, institutions and study centers, established or recognized to be as such by the University;

  • NABP means the National Association of Boards of Pharmacy.

  • Incentive Plan means any plan providing compensation that depends on achieving certain performance goals or similar conditions within a specified period;

  • SoftBank means SoftBank Group Corp., a Japanese kabushiki kaisha.

  • AASHTO means the American Association of State Highway and Transportation Officials.

  • You/Your means the person who owns or leases the Covered Equipment and any person to whom the Policy is transferred pursuant to clause 11.

  • SAHRC means the South African Human Rights Commission.

  • EPFO means Employees' Provident Fund Organization

  • Company Incentive Plan shall have the meaning assigned to it in Section 1.7 hereof.

  • MOHLTC means the Minister or the Ministry of Health and Long-Term Care, as the context requires;

  • Executive Management means the CEO and the CFO for purposes of administering this Plan.

  • Seattle Human Resources Director means the director of the Seattle Department of Human Resources or his or her designated management representative.

  • Executive Director means the executive director of the

  • FOIP means the Freedom of Information and Protection of Privacy Act,

  • ICP means an installation control point being 1 of the following:

  • Blackwater means wastewater contaminated by human body waste, toilet paper and any other material intended to be deposited in a receptor designed to receive urine or feces.

  • SADC means the Southern African Development Community;

  • STI means sexually transmitted infection;

  • We/Us/Our means TATA AIG General Insurance Company Limited.

  • Diocesan Schools Commission means the education service provided by the diocese, which may also be known, or referred to, as the Diocesan Education Service.

  • STSMA means the Sectional Titles Schemes Management Act 8 of 2011, as amended and include the Regulations issued under the said act;

  • Incentive Management Fee shall have the meaning set forth in Section 9.2(e) hereof.

  • SAM means the federal System for Award Management (SAM); which is the federal repository into which an entity must provide information required for the conduct of business as a recipient. 2 CFR 25 Appendix A (1)(C)(1).