§ 2351. Homeowners' insurance policies. (a) For the purposes of this
section, "homeowners insurance" means a contract of insurance insuring
against the contingencies described in subparagraphs (A), (B) and (C),
or (B) and (C) of paragraph two of subsection (a) of section three
thousand four hundred twenty-five of this chapter and which is a
"covered policy" of personal lines insurance as defined in such
paragraph; provided, however, that the coverages provided under such
subparagraphs (B) and (C) shall not apply where the natural person does
not have an insurable interest in the real property, or a portion
thereof, or the residential unit in which such person resides.

(b) Multi-tier programs. An insurer may make available a multi-tier
program with more than one rate level in the same company for
homeowners' insurance in the voluntary market provided that:

(1) the program and the insurer's business plan encourage availability
of homeowners' insurance in the voluntary market for insureds in high
risk areas, including coastal areas;

(2) the program is based upon mutually exclusive and objective
eligibility rules per tier, to the extent feasible; and

(3) credits can be applied on a per tier basis pursuant to an approved
rating plan.

(c) Prior to the approval of the provision authorized in subsection
(b) of this section, the superintendent may promulgate rules and
regulations governing the application of such provision.