NY Ins L § 2105 (2021)
2021 New York Laws ISC - Insurance Article 21 - Agents, Brokers, Adjusters, Consultants and Intermediaries 2105 - Excess Line Brokers; Licensing.

§  2105.  Excess  line  brokers; licensing. (a) The superintendent may issue an excess line broker's license to any person,  firm,  association or  corporation  who  or  which is licensed as an insurance broker under section two thousand one hundred four of this article, or who  or  which is  licensed  as  an  excess  line  broker in the licensee's home state, provided, however, that the applicant's home state  grants  non-resident licenses  to  residents  of  this  state  on the same basis, except that reciprocity is not required in regard  to  the  placement  of  liability insurance  on  behalf  of  a  purchasing  group  or  any of its members; authorizing such person, firm, association or  corporation  to  procure, subject  to the restrictions herein provided, policies of insurance from insurers which are not authorized to transact business in this state  of the  kind  or  kinds  of  insurance specified in paragraphs four through fourteen,   sixteen,   seventeen,    nineteen,    twenty,    twenty-two, twenty-seven,  twenty-eight,  thirty-one, thirty-two and thirty-three of subsection (a) of section one thousand  one  hundred  thirteen  of  this chapter  and  in subsection (h) of this section, provided, however, that the provisions of this section and  section  two  thousand  one  hundred eighteen  of  this article shall not apply to ocean marine insurance and other contracts of insurance enumerated in subsections (b)  and  (c)  of section two thousand one hundred seventeen of this article. Such license may be suspended or revoked by the superintendent whenever in his or her judgment  such  suspension or revocation will best promote the interests of the people of this state.  (b) Before the superintendent issues  any  such  license  or  renewal, there  shall  be  filed in the superintendent's office an application by the person, firm, association or corporation desiring such  license,  in such  form or forms, and supplements thereto, and containing information the  superintendent  prescribes.   For   each   business   entity,   the sub-licensee   or  sub-licensees  named  in  the  application  shall  be designated responsible for the business  entity's  compliance  with  the insurance  laws, rules and regulations of this state. A person or entity licensed as an excess line broker in his, her  or  its  home  state  may receive a non-resident excess line broker license pursuant to subsection (a) of this section with the submission of the application.  (c)  (1)  At  the  time of application for every such license, and for every renewal, each applicant shall pay the superintendent the following fees:  (A) Two hundred dollars for each year or fraction of a year in which a license shall be valid, if the applicant maintains an office in, or acts as an excess line broker in placing insurance on risks located  in,  any county in this state having a population of one hundred thousand or more inhabitants.  (B) Twenty-five dollars for each year or fraction of a year in which a license shall be valid in all other cases.  (2)  The  population  of  any  county  shall be determined by the most recent official census, whether by the United States or by this state.  (d) Every license issued pursuant to this section shall be for a  term expiring with the expiration of the qualifying broker license and may be renewed  for the ensuing period of twenty-four months upon the filing of an application in conformity with subsection (b)  of  this  section  and paying the fee prescribed by subsection (c) of this section. In the case of  a  license issued to a new applicant, the superintendent may issue a license for a term of more than two years, provided however,  such  term shall not exceed thirty months.  (e)  Any  such  license  issued  to a firm, association or corporation shall authorize as sub-licensee only  the  sub-licensees  named  in  its  license  as  insurance  broker,  and  each  such  sub-licensee  may  act thereunder only in the name of and on behalf of the licensee.  (g)  The  superintendent  may  issue  a replacement for a currently in force license which has been lost or destroyed. Before such  replacement license  shall  be  issued,  there shall be on file in the office of the superintendent a  written  application  for  such  replacement  license, affirming  under  penalty  of perjury that the original license has been lost or destroyed, together with a fee of fifteen dollars.  (h) Pursuant to subsection (a) of this section, an excess line  broker may procure policies of insurance from insurers which are not authorized to  transact  business in this state for personal accident insurance and accident disability insurance, in which the insured is a non-resident of this state, and the nature of the risk to be insured is related  to  the operation  of  motor  vehicles  at  high  speeds  for  the  enjoyment of spectators, is unusual and difficult to place  and  where  such  broker, after  diligent effort, could not procure substantially similar coverage from an insurer authorized to do business in this state.  (i) Pursuant to subsection (a) of this section, an excess line  broker may  procure  policies of salary protection insurance from insurers that are not authorized to transact business in this state.