N.Y. BNK Law § 554 — New York Code / Act BNK / Article 12-B / Section 554
Definitions
Status: in_force

§ 554. Definitions. In this article, unless the context otherwise\nrequires:\n  1. "Authorized insurer" and "insurance contract" have the respective\nmeanings assigned to them by the insurance law.\n  2. "Bank" means a bank, trust company, private banker, savings bank,\nsavings and loan association, credit union, investment company organized\nunder article twelve of this chapter and authorized to accept deposits,\nnational bank, federal savings association, federal credit union, or\nout-of-state state bank, as such term is defined in subdivision two of\nsection two hundred twenty-two of this chapter, having a principal,\nbranch or trust office in this state.\n  3. "Insurance agent" and "insurance broker" mean, respectively, an\ninsurance agent or insurance broker duly licensed as such under the\ninsurance law.\n  4. "Insured" means a person who enters into a premium finance\nagreement with a premium finance agency or makes and delivers a premium\nfinance agreement to, or to the order of, an insurance agent or broker,\nwhether or not he is insured under an insurance contract, premiums for\nwhich are advanced or to be advanced under the premium finance\nagreement.\n  5. "Lending institution" means a bank or a lender licensed pursuant to\narticle nine of this chapter.\n  6. "Person" means an individual, corporation, business trust, estate,\ntrust, partnership or association, two or more persons having a joint or\ncommon interest, or any other legal or commercial entity.\n  7. "Premium finance agency" means:\n  (a) a person engaged, in whole or in part, in the business of entering\ninto premium finance agreements with insureds, including a bank if so\nengaged; or\n  (b) a person engaged, in whole or in part, in the business of\nacquiring premium finance agreements from insurance agents or brokers or\nother premium finance agencies, including a bank if so engaged and an\ninsurance agent or broker who is licensed as a premium finance agency\nand who holds premium finance agreements made and delivered by insureds\nto him or his order.\n  8. "Premium finance agreement" means a promissory note or other\nwritten agreement by which an insured promises or agrees to pay to, or\nto the order of, either a premium finance agency or an insurance agent\nor broker the amount advanced or to be advanced under the agreement to\nan authorized insurer or to an insurance agent or broker in payment of\npremiums on an insurance contract, together with a service charge as\nauthorized and limited by law. If the premium finance agreement is\npayable to, or to the order of, an insurance agent or broker not\nlicensed as a premium finance agency, payments under the agreement must\nbe payable at the office of a premium finance agency named in the\nagreement, to whom the agreement is by its terms to be and is\nsubsequently assigned. The term "premium finance agreement" does not\ninclude a retail instalment credit agreement which complies with the\nprovisions of paragraph (b) of subdivision eleven of section four\nhundred thirteen of the personal property law.\n  9. "Superintendent" means the superintendent of financial services.\n