N.Y. Insurance Law 2318 – Risk sharing plans
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§ 2318. Risk sharing plans. Agreements may be made among insurers with respect to the equitable apportionment among them of insurance which may be afforded applicants who are in good faith entitled to but are unable to procure such insurance through ordinary methods, and such insurers may agree among themselves on the use of reasonable rate modifications subject to the approval of the superintendent; but this section shall not apply to workers' compensation insurance.
Terms Used In N.Y. Insurance Law 2318
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts