2023 New York Laws › ISC - Insurance › Article 21 - Agents, Brokers, Adjusters, Consultants and Intermediaries › 2106 - Reinsurance Intermediaries; Licensing.

§   2106.   Reinsurance   intermediaries;   licensing.   (a)  (1)  The
superintendent may issue a reinsurance  intermediary's  license  to  any
person,  firm, association or corporation who or which has complied with
the requirements of this chapter.
(2) Any such license issued to a firm or association  shall  authorize
all  of  the  members  of  such  firm  or association and any designated
employees to act as reinsurance intermediaries under  the  license,  and
all  such  persons  shall  be  named  in the application and supplements
thereto.
(3) Any such license issued to a corporation shall  authorize  all  of
the  officers  and any designated employees and directors thereof to act
as reinsurance intermediaries on behalf of  such  corporation,  and  all
such persons shall be named in the application and supplements thereto.
(4)  For each business entity, the officer or officers and director or
directors named in the application shall be designated  responsible  for
the  business  entity's  compliance  with  the insurance laws, rules and
regulations of this state.
(b) (1) Before a resident reinsurance intermediary's license shall  be
issued  or  renewed  the prospective licensee shall properly file in the
office of the superintendent a written application therefor in such form
or forms and supplements thereto as the superintendent  prescribes,  and
pay a fee of five hundred dollars for each year or fraction of a year in
which a license shall be valid.
(2)  Every  resident  reinsurance  intermediary's  license issued to a
business  entity  pursuant  to  this  section  shall   expire   on   the
thirty-first  day of August of even-numbered years. On and after January
first, two thousand seven, every license issued pursuant to this section
to an individual resident reinsurance intermediary, and every license in
effect prior to January  first,  two  thousand  seven  that  was  issued
pursuant   to   this  section  to  an  individual  resident  reinsurance
intermediary, who was born in an odd numbered year, shall expire on  the
individual's  birthday  in  each odd numbered year. On and after January
first, two thousand seven, every license issued pursuant to this section
to an individual resident reinsurance intermediary, and every license in
effect prior to January  first,  two  thousand  seven  that  was  issued
pursuant   to   this  section  to  an  individual  resident  reinsurance
intermediary, who was born in an even numbered year, shall expire on the
individual's birthday in each even numbered year. Every  license  issued
pursuant  to  this  section  may  be  renewed  for the ensuing period of
twenty-four months upon the filing of an application in conformity  with
this subsection.
(c)  (1) If an application for a renewal license shall have been filed
with  the  superintendent  before  September  first  of  the   year   of
expiration,  the  license  sought  to  be renewed shall continue in full
force and effect either until the issuance by the superintendent of  the
renewal  license applied for or until five days after the superintendent
shall have refused to issue such renewal license  and  given  notice  of
such refusal to the applicant.
(2) Before refusing to renew any such license the superintendent shall
notify  the  applicant  of  his  intention  so to do and shall give such
applicant a hearing.
(d)  (1)  The  superintendent  may  refuse  to  issue  a   reinsurance
intermediary's license if, in his judgment, the applicant or any member,
principal, officer or director of such applicant, is not trustworthy and
competent  to act as a reinsurance intermediary, or that any controlling
person of such applicant is not trustworthy  to  act  as  a  reinsurance
intermediary,  or  that  any  of  the  foregoing  has  given  cause  for

revocation or suspension of such license, or has failed to  comply  with
any prerequisite for the issuance of such license.
(2)  For  the  purposes  of this section a "controlling person" is any
person who or which directly or indirectly has the power  to  direct  or
cause  to  be  directed  the  management,  control  or activities of the
reinsurance intermediary.
(e) Licensees under this section shall be subject  to  examination  by
the   superintendent   as  often  as  he  may  deem  it  expedient.  The
superintendent  may  promulgate  regulations  establishing  methods  and
procedures   for   facilitating   and   verifying  compliance  with  the
requirements of this section and sections two thousand one  hundred  two
and two thousand one hundred twenty of this article.
(f) (1) (A) The provisions of this section and of section two thousand
one  hundred two, subsection (a) of section two thousand one hundred ten
and section two thousand one hundred twenty of this article shall  apply
to  resident  and  non-resident  reinsurance  intermediaries;  provided,
however, that the provisions of this subsection  shall  be  specifically
applicable with respect to non-resident reinsurance intermediaries.
(B)  A "non-resident reinsurance intermediary" means a person who is a
non-resident of this state and who is licensed to act as  a  reinsurance
intermediary in their home state.
(2) (A) Before a non-resident reinsurance intermediary's license shall
be  issued  or  renewed, the prospective licensee shall properly file in
the office of the superintendent a written application therefor in  such
form  or forms and supplements as the superintendent prescribes, and pay
a fee of five hundred dollars for each year or fraction  of  a  year  in
which a license shall be valid.
(B)  Every non-resident reinsurance intermediary's license issued to a
business  entity  pursuant  to  this  section  shall   expire   on   the
thirty-first  day of August of even-numbered years. On and after January
first, two thousand seven, every license issued pursuant to this section
to  an  individual  non-resident  reinsurance  intermediary,  and  every
license  in  effect  prior to January first, two thousand seven that was
issued  pursuant  to  this  section  to   an   individual   non-resident
reinsurance  intermediary,  who  was born in an odd numbered year, shall
expire on the individual's birthday in each odd numbered  year.  On  and
after  January  first, two thousand seven, every license issued pursuant
to this section to an individual non-resident reinsurance  intermediary,
and  every  license in effect prior to January first, two thousand seven
that was issued pursuant to this section to an  individual  non-resident
reinsurance  intermediary,  who was born in an even numbered year, shall
expire on the individual's birthday in each even  numbered  year.  Every
such license issued pursuant to this subparagraph may be renewed for the
ensuing  period  of twenty-four months upon the filing of an application
in conformity with this subsection.
(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.