2023 New York Laws › BNK - Banking › Article 12-B - Insurance Premium Finance Agencies › 554 - Definitions.

§ 554.  Definitions.  In  this  article,  unless the context otherwise
requires:
1. "Authorized insurer" and "insurance contract" have  the  respective
meanings assigned to them by the insurance law.
2.  "Bank"  means a bank, trust company, private banker, savings bank,
savings and loan association, credit union, investment company organized
under article twelve of this chapter and authorized to accept  deposits,
national  bank,  federal  savings  association, federal credit union, or
out-of-state state bank, as such term is defined in subdivision  two  of
section  two  hundred  twenty-two  of  this chapter, having a principal,
branch or trust office in this state.
3. "Insurance agent" and "insurance  broker"  mean,  respectively,  an
insurance  agent  or  insurance  broker  duly licensed as such under the
insurance law.
4. "Insured"  means  a  person  who  enters  into  a  premium  finance
agreement  with a premium finance agency or makes and delivers a premium
finance agreement to, or to the order of, an insurance agent or  broker,
whether  or  not he is insured under an insurance contract, premiums for
which  are  advanced  or  to  be  advanced  under  the  premium  finance
agreement.
5. "Lending institution" means a bank or a lender licensed pursuant to
article nine of this chapter.
6.  "Person" means an individual, corporation, business trust, estate,
trust, partnership or association, two or more persons having a joint or
common interest, or any other legal or commercial entity.
7. "Premium finance agency" means:
(a) a person engaged, in whole or in part, in the business of entering
into premium finance agreements with insureds, including a  bank  if  so
engaged; or
(b)  a  person  engaged,  in  whole  or  in  part,  in the business of
acquiring premium finance agreements from insurance agents or brokers or
other premium finance agencies, including a bank if so  engaged  and  an
insurance  agent  or  broker who is licensed as a premium finance agency
and who holds premium finance agreements made and delivered by  insureds
to him or his order.
8.  "Premium  finance  agreement"  means  a  promissory  note or other
written agreement by which an insured promises or agrees to pay  to,  or
to  the  order of, either a premium finance agency or an insurance agent
or broker the amount advanced or to be advanced under the  agreement  to
an  authorized  insurer or to an insurance agent or broker in payment of
premiums on an insurance contract, together with  a  service  charge  as
authorized  and  limited  by  law.  If  the premium finance agreement is
payable to, or to the  order  of,  an  insurance  agent  or  broker  not
licensed  as a premium finance agency, payments under the agreement must
be payable at the office of  a  premium  finance  agency  named  in  the
agreement,  to  whom  the  agreement  is  by  its  terms  to  be  and is
subsequently assigned. The term "premium  finance  agreement"  does  not
include  a  retail  instalment  credit agreement which complies with the
provisions of paragraph  (b)  of  subdivision  eleven  of  section  four
hundred thirteen of the personal property law.
9. "Superintendent" means the superintendent of financial services.