N.Y. ISC Law § 2105 — New York Code / Act ISC / Article 21 / Section 2105
Excess line brokers; licensing
Status: in_force

§ 2105. Excess line brokers; licensing.  (a) The superintendent may\nissue an excess line broker's license to any person, firm, association\nor corporation who or which is licensed as an insurance broker under\nsection two thousand one hundred four of this article, or who or which\nis licensed as an excess line broker in the licensee's home state,\nprovided, however, that the applicant's home state grants non-resident\nlicenses to residents of this state on the same basis, except that\nreciprocity is not required in regard to the placement of liability\ninsurance on behalf of a purchasing group or any of its members;\nauthorizing such person, firm, association or corporation to procure,\nsubject to the restrictions herein provided, policies of insurance from\ninsurers that are not authorized to transact business in this state of\nthe kind or kinds of insurance specified in paragraphs four through\nfourteen, sixteen, seventeen, nineteen, twenty, twenty-two,\ntwenty-seven, twenty-eight, thirty-one, thirty-two, thirty-three, and\nthirty-four of subsection (a) of section one thousand one hundred\nthirteen of this chapter and in subsection (h) of this section,\nprovided, however, that the provisions of this section and section two\nthousand one hundred eighteen of this article shall not apply to ocean\nmarine insurance and other contracts of insurance enumerated in\nsubsections (b) and (c) of section two thousand one hundred seventeen of\nthis article. Such license may be suspended or revoked by the\nsuperintendent whenever in the superintendent's judgment such suspension\nor revocation will best promote the interests of the people of this\nstate.\n  (b) Before the superintendent issues any such license or renewal,\nthere shall be filed in the superintendent's office an application by\nthe person, firm, association or corporation desiring such license, in\nsuch form or forms, and supplements thereto, and containing information\nthe superintendent prescribes. For each business entity, the\nsub-licensee or sub-licensees named in the application shall be\ndesignated responsible for the business entity's compliance with the\ninsurance laws, rules and regulations of this state. A person or entity\nlicensed as an excess line broker in his, her or its home state may\nreceive a non-resident excess line broker license pursuant to subsection\n(a) of this section with the submission of the application.\n  (c) (1) At the time of application for every such license, and for\nevery renewal, each applicant shall pay the superintendent the following\nfees:\n  (A) Two hundred dollars for each year or fraction of a year in which a\nlicense shall be valid, if the applicant maintains an office in, or acts\nas an excess line broker in placing insurance on risks located in, any\ncounty in this state having a population of one hundred thousand or more\ninhabitants.\n  (B) Twenty-five dollars for each year or fraction of a year in which a\nlicense shall be valid in all other cases.\n  (2) The population of any county shall be determined by the most\nrecent official census, whether by the United States or by this state.\n  (d) Every license issued pursuant to this section shall be for a term\nexpiring with the expiration of the qualifying broker license and may be\nrenewed for the ensuing period of twenty-four months upon the filing of\nan application in conformity with subsection (b) of this section and\npaying the fee prescribed by subsection (c) of this section. In the case\nof a license issued to a new applicant, the superintendent may issue a\nlicense for a term of more than two years, provided however, such term\nshall not exceed thirty months.\n  (e) Any such license issued to a firm, association or corporation\nshall authorize as sub-licensee only the sub-licensees named in its\nlicense as insurance broker, and each such sub-licensee may act\nthereunder only in the name of and on behalf of the licensee.\n  (g) The superintendent may issue a replacement for a currently in\nforce license which has been lost or destroyed. Before such replacement\nlicense shall be issued, there shall be on file in the office of the\nsuperintendent a written application for such replacement license,\naffirming under penalty of perjury that the original license has been\nlost or destroyed, together with a fee of fifteen dollars.\n  (h) Pursuant to subsection (a) of this section, an excess line broker\nmay procure policies of insurance from insurers which are not authorized\nto transact business in this state for personal accident insurance and\naccident disability insurance, in which the insured is a non-resident of\nthis state, and the nature of the risk to be insured is related to the\noperation of motor vehicles at high speeds for the enjoyment of\nspectators, is unusual and difficult to place and where such broker,\nafter diligent effort, could not procure substantially similar coverage\nfrom an insurer authorized to do business in this state.\n  (i) Pursuant to subsection (a) of this section, an excess line broker\nmay procure policies of salary protection insurance from insurers that\nare not authorized to transact business in this state.\n