reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter I - GENERAL PROVISIONS › Part 18 - New York Insurance Exchange, Inc › Subpart 18-3 - Criteria For Eligibility For The Position Of Public Governor › Section 18-3.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Exchange means
				  the New York Insurance Exchange, Inc.
(b) Constitution means the constitution and
				  bylaws of the exchange.
(c) Board
				  means the board of governors of the New York Insurance Exchange, Inc. then in
				  office.
(d) Initial board means the
				  initial board of governors as described in article XVII, section 1 of the
				  constitution.
(e) Superintendent
				  means the Superintendent of Insurance of the State of New York.
(f) Insurance Law means the Insurance Law of
				  the State of New York.
(g)
				  Nominating committees shall have the meaning as set forth in sections 1 and 2
				  of article VI of the constitution.
(h) Governor means a member of the board as
				  defined in article III of the constitution.
(i) Public governor means a governor elected
				  pursuant to section 2(d), article VI, or section 3(d)(iii), article XVII of the
				  constitution.
(j) Member means both
				  an underwriting member and a broker member of the exchange as defined in
				  sections 1(a) and 1(b), respectively, of article VII of the
				  constitution.
(k) Associate broker
				  shall have the meaning as set forth in section 2, article VII of the
				  constitution.
(l) Affiliated person
				  of another person means:
(1) any person
				  directly or indirectly controlling, controlled by or under common control with,
				  such other person;
(2) any officer,
				  director, partner, member or employee of such other person; and
(3) any officer, director, partner, member or
				  employee of any affiliated person of such other person.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter I - GENERAL PROVISIONS › Part 18 - New York Insurance Exchange, Inc › Subpart 18-3 - Criteria For Eligibility For The Position Of Public Governor › Section 18-3.2 - Eligibility for the position of public governor

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No person nominated for the position of,
				  or serving as, public governor shall be employed by or otherwise affiliated
				  with members, associate brokers, insurers, insurance agents, brokers and
				  producers, or entity of the insurance industry (individually an "insurance
				  organization" and collectively "insurance organizations").
(b) A person shall be deemed to be employed
				  by or otherwise affiliated with a member, associate broker, insurer, insurance
				  agent, broker and producer, or entity of the insurance industry, if:
(1) such person is an affiliated person of
				  any insurance organization; provided, however, that if such person is not an
				  officer, director, partner, member or employee of, and does not control, any
				  insurance organization, such person shall not, by reason of this paragraph, be
				  deemed to be so employed or affiliated as long as any company of which he is an
				  officer, director, partner, member or employee, or which he controls, is not an
				  insurance organization or controlled by an insurance organization; or
(2) such person, or any company of which such
				  person is an officer, director, partner, member or employee or which such
				  person controls, is, and shall have been at any time since the beginning of
				  such person's or such company's immediately preceding fiscal year ending at
				  least 90 days prior to the date of any determination hereunder, employed or
				  retained to perform legal, accounting, actuarial, claims adjustment, consulting
				  or financial advisory services (whether as an employee, an agent, an
				  independent contractor, or otherwise) by one or more insurance organizations,
				  and such employment or retention shall have resulted in such person or such
				  company having received revenues as a result thereof which constituted, in the
				  aggregate, more than three percent of the revenues of such person or company
				  for such fiscal year; or
(3) such
				  person is found by the board of governors of the exchange (including, without
				  limitation, the initial board of governors) or the nominating committees to be
				  employed by or otherwise affiliated with an insurance organization.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter I - GENERAL PROVISIONS › Part 19 - Homeowners Insurance; Applications For Withdrawal From Marketplace › Section 19.0 - Introduction and purpose

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Section 3425 (o)  of the Insurance
				Law, as amended by chapter 42 of the Laws of 1996 and continued by chapter 66
				of the Laws of 1997, provides that an insurer who intends to materially reduce
				its volume of homeowners insurance policies written, shall submit to the
				superintendent a plan for the orderly reduction of the number of policies
				written. The plan must be approved by the superintendent before it may be
				implemented.
(b) The purpose of
				this Part is to establish the standards for the definition of material
				reduction of volume of policies and to establish standards by which the
				applications for material reduction of policies shall be approved. Establishing
				these standards will require the insurer to accomplish an orderly withdrawal
				from the homeowners market, and help stabilize that market throughout the
				State, particularly in coastal areas. As a result, it is expected that insureds
				in those areas should not experience the availability problems they have in the
				past.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter I - GENERAL PROVISIONS › Part 19 - Homeowners Insurance; Applications For Withdrawal From Marketplace › Section 19.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Homeowners
				insurance policy shall mean a contract of insurance insuring against the
				contingencies described in subsections (A), (B) and (C) or a contract of
				insurance insuring against the contingencies described in subsections (B) and
				(C) of section 3425 (a)(2)  of the
				Insurance Law and which is a covered policy of personal lines insurance as
				defined in such subsections. However, a contract of insurance providing
				coverage under subsections (B) and (C) of said section shall not be considered
				a homeowners insurance policy unless the insured is a natural person who has an
				insurable interest in the real property, or a portion thereof, or in the
				residential unit in which the person resides.
(b) Material reduction of volume of policies
				shall mean:
(1) a reduction in the net number
				of homeowners insurance policies written, by 20 percent or more, or a reduction
				in the net number of such policies by 500, whichever is greater, during a
				five-year period; or
(2) a
				reduction of the net number of homeowners insurance policies in force, by four
				percent or more, or a reduction in the net number of such policies by 100,
				whichever is greater, during a one-year period; and
(3) shall not include any homeowners
				insurance policy which is canceled, nonrenewed or otherwise terminated by an
				insured or canceled by an insurer pursuant to section 3425 (b) and (c)  of the
				Insurance Law.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter I - GENERAL PROVISIONS › Part 19 - Homeowners Insurance; Applications For Withdrawal From Marketplace › Section 19.2 - Standards for applications

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An
				insurer that intends to materially reduce its volume of homeowners policies
				written on risks or operations in this State shall submit to the
				superintendent, at least 60 days in advance of implementing such action, a plan
				for the orderly reduction of the number of policies written.
(b) The plan shall contain the following
				information:
(1) a description of the
				contemplated action, including, but not limited to:
(i) the number of policies to be nonrenewed
				or canceled in:
(a) each county of the
				State;
(b) areas within one mile of
				a saltwater shoreline, canal or bay in the counties of Queens, Kings, Richmond,
				Bronx or Westchester; and
(c) areas
				where policies issued by the New York Property Insurance Underwriting
				Association have increased since January 1, 1992 by an amount deemed
				significant by the superintendent;
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter I - GENERAL PROVISIONS › Part 19 - Homeowners Insurance; Applications For Withdrawal From Marketplace › Section 19.3 - Approval or disapproval of applications by superintendent

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A plan for material reduction of volume
				of homeowners insurance policies shall be submitted to the superintendent for
				review. The superintendent shall approve or disapprove the plan within 30 days
				of receipt of the plan.
(b) The
				superintendent shall approve the plan if it demonstrates that the material
				reduction is accomplished in a manner that minimizes market
				disruption.
(c)
(1) If a plan is disapproved, the
				superintendent shall state to the insurer the points of objection with such
				plan.
(2) The superintendent shall
				state any amendments to the plan which may be required, including amendments
				designed to accomplish the material reduction in a manner that minimizes market
				disruption.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter I - GENERAL PROVISIONS › Part 19 - Homeowners Insurance; Applications For Withdrawal From Marketplace › Section 19.4 - Reporting requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Insurers shall report, on a quarterly basis, the following information relative
				to homeowners insurance policies:
(1) the
				number of policies in force at the beginning and end of each quarter;
(2) the number of policies written during
				each quarter;
(3) the number of
				cancelled or nonrenewed by the insured;
(4) the number of policies nonrenewed by the
				insurer;
(5) the number of policies
				transferred in and out of the company; and
(6) the number of producers authorized to
				service these policies on behalf of the insurer at the beginning and end of
				each quarter.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 20 - Brokers, agents and certain other licensees - general › Section 20.1 - Applications for temporary licenses

Current through Register Vol. 46, No. 28, July 10, 2024
Forms of applications for temporary licenses to be issued
				  pursuant to Insurance Law section
				  2109 are prescribed for a temporary
				  insurance broker's license, insurance agent's license, and title insurance
				  agent's license. These forms may be obtained upon request to the Department of
				  Financial Services, Albany, NY.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 20 - Brokers, agents and certain other licensees - general › Section 20.2 - Notice of termination of agent's appointment

Current through Register Vol. 46, No. 28, July 10, 2024
Forms of notice of termination of appointment of insurance
				  agents and title insurance agents pursuant to Insurance Law section
				  2112 are prescribed as follows: for agents
				  licensed pursuant to Insurance Law section
				  2103(a); for agents
				  licensed pursuant to Insurance Law section
				  2103(b). These forms may
				  be obtained upon request to the Department of Financial Services, Albany,
				  NY.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 20 - Brokers, agents and certain other licensees - general › Section 20.4 - Fiduciary responsibility of insurance agents, title insurance agents, and insurance brokers; minimum recordkeeping requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1)
				This section is issued for the purpose of interpreting, and facilitating
				compliance with, Insurance Law section
				2120(a) and (c).
(2) As used in this section, licensee means
				an insurance agent, a title insurance agent, or an insurance broker.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 20 - Brokers, agents and certain other licensees - general › Section 20.5 - Commissions from an hmo

Current through Register Vol. 46, No. 28, July 10, 2024
Any insurance broker accepting a commission, compensation,
				  fee or allowance from a health maintenance organization (HMO), as defined in
				  section
				  52.2(w) 
				  of this Title (Regulation 62), as authorized by 10 NYCRR 98.11(o) and section
				  52.42(e) 
				  of this Title, shall maintain and furnish to the HMO, upon request, all
				  information concerning its arrangements with participating
				  employers.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 20 - Brokers, agents and certain other licensees - general › Section 20.6 - Fees; Insurance Law section 2119

Current through Register Vol. 46, No. 28, July 10, 2024
(a) As
				used in this section:
(1) Compensation means
				any fee, commission or thing of value other than commissions deductible from
				premiums on insurance policies or contracts.
(2) Licensee means an insurance agent, title
				insurance agent, insurance broker, insurance consultant, or life settlement
				broker.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 21 - Insurance Brokers And Excess Line Brokers › Section 21.1 - Original applications and examinations

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The forms of applications for original
				licenses to act as an insurance broker for life insurance pursuant to section 2104 (b)(1)(A)  of the
				Insurance Law, as an insurance broker for all other kinds of insurance pursuant
				to section 2104 (b)(1)(B)  of the
				Insurance Law and as an excess line broker pursuant to section 2105  of the Insurance Law are hereby
				prescribed as follows: individuals; partnerships; corporations; limited
				liability companies. These forms may be obtained upon request to the Insurance
				Department, Albany, NY. The term original application as used in this Part
				means an application for an insurance broker's or excess line broker's initial
				license.
(b) A separate examination
				shall be taken and passed by each individual seeking to be a licensee or a
				sublicensee pursuant to section 2104 (b)(1)(A) or pursuant to section 2104 (b)(1)(B)  of the
				Insurance Law.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 21 - Insurance Brokers And Excess Line Brokers › Section 21.2 - Renewal applications

Current through Register Vol. 46, No. 28, July 10, 2024
The forms of applications for renewal licenses to act as an
				  insurance broker for life insurance pursuant to section 2104 (b)(1)(A)  of the
				  Insurance Law, as an insurance broker for all other kinds of insurance pursuant
				  to section 2104 (b)(1)(B)  of the
				  Insurance Law, and as an excess line broker pursuant to section 2105  of the Insurance Law are hereby
				  prescribed as follows: individuals; partnerships; corporations; limited
				  liability companies. These forms of applications are furnished to present
				  licensees prior to the expiration of each existing license.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 21 - Insurance Brokers And Excess Line Brokers › Section 21.3 - Bail bonds

Current through Register Vol. 46, No. 28, July 10, 2024
A license or renewal license issued pursuant to section 2104  of the Insurance Law shall not be
				  deemed to authorize the licensee or any sublicensee to act as insurance broker
				  in negotiating, placing or otherwise in connection with any bail
				  bond.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 21 - Insurance Brokers And Excess Line Brokers › Section 21.4 - Change of address

Current through Register Vol. 46, No. 28, July 10, 2024
Each licensee is required to notify the Insurance Department,
				  Albany, New York of any change of business or residence address within 30 days
				  of the change.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 22 - Agents: Life, Accident And Health › Section 22.1 - Applications

Current through Register Vol. 46, No. 28, July 10, 2024
The forms of applications for licenses to act as insurance
				  agents pursuant to section 2103  of the Insurance Law are prescribed as
				  follows: individuals; partnerships; corporations; limited liability companies.
				  These forms may be obtained upon request by insurance companies or fraternal
				  benefit societies to the Insurance Department, Albany, NY.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 22 - Agents: Life, Accident And Health › Section 22.2 - Types of examinations

Current through Register Vol. 46, No. 28, July 10, 2024
The following types of examinations to be taken and passed by
				  each individual seeking to be a licensee or a sublicensee pursuant to section 2103  of the Insurance Law are hereby
				  prescribed as follows:
(a) Life. An
				examination on life insurance, annuity contracts and noncancellable disability
				insurance, and pertinent provisions of the Insurance Law.
(b) Accident and health. An examination on
				accident and health insurance and pertinent provisions of the Insurance Law and
				the New York State Disability Benefits Law.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 22 - Agents: Life, Accident And Health › Section 22.3 - Change of address

Current through Register Vol. 46, No. 28, July 10, 2024
Each licensee is required to notify the Insurance Department,
				  Albany, New York of any change of business or residence address within 30 days
				  of the change.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 23 - Agents: Fire, Marine, Casualty, Etc › Section 23.1 - Applications

Current through Register Vol. 46, No. 28, July 10, 2024
The forms of applications for licenses to act as insurance
				  agents pursuant to section 2115  of the Insurance Law are hereby
				  prescribed as follows: individuals; partnerships or associations; corporations;
				  limited liability companies. These forms may be obtained upon request by
				  insurers to the Insurance Department, Albany, NY.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 23 - Agents: Fire, Marine, Casualty, Etc › Section 23.2 - Examination

Current through Register Vol. 46, No. 28, July 10, 2024
Each individual seeking to be a licensee or a sublicensee
				  pursuant to section 2103  of the Insurance Law shall take and
				  pass an examination on property/casualty insurance.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 23 - Agents: Fire, Marine, Casualty, Etc › Section 23.3 - Accident and health insurance agents for property/casualty companies

Current through Register Vol. 46, No. 28, July 10, 2024
Applicants for licensees to act as agents with respect to
				  accident and health insurance on behalf of property/casualty insurance
				  companies shall be required to take the accident and health examination under
				  Part 22 of this Title.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 23 - Agents: Fire, Marine, Casualty, Etc › Section 23.4 - Change of address

Current through Register Vol. 46, No. 28, July 10, 2024
Each licensee is required to notify the Insurance Department,
				  Albany, NY of any change of business or residence address within 30 days of the
				  change.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 24 - Officers And Employees Of Insurers › Section 24.1 - Applications

Current through Register Vol. 46, No. 28, July 10, 2024
The forms of applications for certification of officers and
				  employees of insurers pursuant to section 2202  of
				  the Insurance Law may be obtained upon request by an insurer to the Insurance
				  Department, Albany, NY.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 24 - Officers And Employees Of Insurers › Section 24.2 - Type of examination

Current through Register Vol. 46, No. 28, July 10, 2024
All applicants for certification under sections 2202 and
				  2203  of the Insurance Law must take the
				  life insurance agents' examination.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 24 - Officers And Employees Of Insurers › Section 24.3 - Forms of notice of termination

Current through Register Vol. 46, No. 28, July 10, 2024
Forms of notice of termination of any officer or employee
				  pursuant to the provisions of section 2206  of the Insurance Law may be obtained
				  upon request to the Insurance Department, Albany, NY.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 25 - Public Adjusters › Section 25.1 - Original application and relicensing application

Current through Register Vol. 46, No. 28, July 10, 2024
The form of an original license application and a relicensing
				  application to act as a public adjuster pursuant to Insurance Law section 2108
				  is hereby prescribed as follows: individual or business entity. An individual
				  or business entity may apply on the department's website or obtain an
				  application form upon request to the department.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 25 - Public Adjusters › Section 25.2 - Renewal applications

Current through Register Vol. 46, No. 28, July 10, 2024
The form of application for a renewal license to act as a
				  public adjuster pursuant to Insurance Law section 2108 is hereby prescribed as
				  follows: individual or business entity. An individual or business entity may
				  apply on the department's website or obtain an application form upon request to
				  the department.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 25 - Public Adjusters › Section 25.3 - Prohibition as to methods of doing business

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No individual or entity licensed to act
				as a public adjuster or named as a sublicensee in any public adjuster's license
				shall, between the hours of 6:00 p.m. and 8:00 a.m., directly or indirectly,
				including through a contractor or any other individual or entity, solicit the
				adjustment of a loss from an insured or from any insurance broker or other
				individual or entity, whether by personal interview, telephone, or any other
				method, accept any order, commission or contract for the adjustment of any loss
				that is within the scope of Insurance Law section 2108; or permit an agent,
				representative or employee to do so.
(b) No such licensee or sublicensee shall
				divide any fee or give any fee, commission, or other compensation to any
				individual or entity for procuring, or assisting in procuring, the adjustment
				of any such loss for any such licensee or sublicensee, unless the individual or
				entity to whom such fee, commission, or other compensation is given or paid had
				at the time when the loss occurred:
(1) a
				public adjuster's license issued and in force pursuant to Insurance Law section
				2101(g)(2); or
(2) an insurance
				broker's license issued and in force and such licensee either was the broker of
				record in placing the insurance that was involved in the adjustment of the
				loss, whether or not designated in writing to act for the insured, or was
				designated to act for the insured in writing before a loss occurred.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 25 - Public Adjusters › Section 25.4 - Change of address

Current through Register Vol. 46, No. 28, July 10, 2024
Each licensee shall notify the department of any change of
				  business or residence address, telephone number, fax number, or email address
				  within 30 days of the change.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 25 - Public Adjusters › Section 25.5 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Business day
means any calendar day except Sunday, or the
				following business holidays: New Year's Day, Martin Luther King Day,
				President's Day, Memorial Day, Independence Day, Labor Day, Columbus Day,
				Veterans' Day, Thanksgiving Day and Christmas Day.
(b)
Business entity
means a
				partnership, corporation, including a not-for-profit corporation, association,
				or limited liability company.
(c)
Insured
means a person insured under the policy who is making
				a claim against an insurer for loss or damage to property in this State, and
				who is represented by a public adjuster in the adjusting of such
				loss.
(d)
Within the second
				degree of consanguinity
means a relationship in which one individual
				is another individual's parent, grandparent, child, grandchild, sibling, or
				spouse thereof.
(e)
Supplemental claim
means a claim made to an insurer in a
				situation in which an insured did not retain a public adjuster when the insured
				made an initial claim, the insurer made a payment to the insured, and then the
				insured retained a public adjuster to prove the amount and extent of the loss
				and not the cause of the loss.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 25 - Public Adjusters › Section 25.7 - Maximum compensation

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No
				public adjuster shall charge a fee in excess of 12.5 percent of the recovery
				for services rendered by the adjuster, with respect to a claim, except a
				public adjuster may charge a fee of up to 20 percent on a supplemental claim if
				the aggregate fee charged is less than or equal to 12.5 percent of the full
				claim payment. The public adjuster shall compute the fee based upon any monies
				paid by the insurer for any insurance claim for which the public adjuster
				represents the insured or has negotiated or effected a settlement, after the
				insured has retained the services of the public adjuster.
(b) Any compensation received by a public
				adjuster, either directly or indirectly, for a referral of an insured to an
				individual or entity for services, work, or repairs relating to any insurance
				claim for which the public adjuster represents or represented the insured or
				has negotiated or effected a settlement, shall be deemed to be compensation
				from the insured and, in combination with any other compensation received from
				the insured, shall not exceed the maximum amount that the public adjuster may
				charge in accordance with this section.
(c) Notwithstanding subdivisions (a) and (b)
				of this section or section
				25.6(e)(4) 
				of this Part, a public adjuster shall not receive any compensation, either
				directly or indirectly, for a referral described in section
				25.6(e)(2) 
				of this Part.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 25 - Public Adjusters › Section 25.8 - Insured's right to cancel

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				insured may cancel any compensation agreement until midnight of the third
				business day after the date on which the insured has signed the compensation
				agreement.
(b) Cancellation occurs
				when written notice of cancellation is given to the public adjuster as provided
				in subdivision (c) of this section.
(c) Notice of cancellation, if given by mail,
				shall be deemed given when such notice, properly addressed with postage
				prepaid, is deposited in a mailbox.
(d) Written notice of cancellation need not
				take the form prescribed and shall be sufficient if it indicates the intention
				of the insured not to be bound.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 25 - Public Adjusters › Section 25.9 - Cancellation of compensation agreement

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every compensation agreement entered into
				by a public adjuster to adjust losses is subject to the provisions of the
				Door-to-Door Sales Protection Act (sections 426-431 of the Personal Property
				Law), pursuant to Insurance Law section 2108(p).
(b) At the time the insured signs the
				compensation agreement, a completed form, in duplicate, captioned "NOTICE OF
				CANCELLATION," shall be attached to the compensation agreement and easily
				detachable. Such form shall consist of, in not less than 12-point type,
				consistent with Form 3 in section
				25.13(c) 
				of this Part. Said form shall be in the same language as that used in the
				compensation agreement.
(c) The
				public adjuster shall complete both copies by entering the name of the
				adjuster, the address of the adjuster's place of business, the date of the
				transaction and the date, not earlier than the third business day following the
				date of the transaction, by which the insured may give notice of
				cancellation.
(d) The public
				adjuster shall inform each insured orally, at the time the insured signs the
				compensation agreement, of his or her right to cancel. Until the public
				adjuster has complied with this section, the insured may cancel the agreement
				by notifying the public adjuster in any manner and by any means of the
				insured's intention to cancel. The period prescribed by section
				25.8(a) 
				of this Part shall begin to run from the time the public adjuster complies with
				this section.
(e) A compensation
				agreement shall not include any confession of judgment or any waiver of any of
				the rights to which the insured is entitled under this Part, including
				specifically the right to cancel the agreement in accordance with the
				provisions of this Part.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 25 - Public Adjusters › Section 25.10 - Right to compensation

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				public adjuster shall not be entitled to any compensation for any services
				performed pursuant to a compensation agreement prior to its cancellation in
				accordance with section
				25.8  of
				this Part.
(b) If a public adjuster
				performs no valuable services, and another public adjuster, insurance broker
				(in accordance with Insurance Law section 2101(g)(2)) or attorney subsequently
				successfully adjusts such loss, then the first public adjuster shall not be
				entitled to any compensation whatsoever.
(c) Where more than one public adjuster
				performs valuable services for an insured, and there has not been a valid
				cancellation of the compensation agreement in accordance with section
				25.9 
				of this Part, the insured shall not be obligated to pay an amount for all of
				such services in excess of the maximum compensation amount set by section
				25.7  of this
				Part.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 25 - Public Adjusters › Section 25.11 - Book, files, and records; communications

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every public adjuster shall retain books,
				files, and records for at least three years from the completion of the services
				rendered, and the books, files, and records shall be readily available for
				department inspection. Every book, file, or record where services were
				rendered in which a fee has been paid or shall be paid shall contain a written
				compensation agreement in accordance with section
				25.6  of
				this Part.
(b) When an insured is
				represented by a public adjuster, an insurer shall include the public adjuster
				in any written or oral communications the insurer initiates with the insured
				unless the insured instructs the insurer otherwise in
				writing.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 25 - Public Adjusters › Section 25.12 - Payment of losses

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1) When a claim is settled where the insured
				is represented by a public adjuster, the insurer shall follow the direction of
				the insured, subject to the interests of any loss payee or mortgagee, as to who
				shall be named on the insurer's check or checks by following the instructions
				in a direction to pay letter signed by the insured and filed with the insurer.
				The insurer shall not accept the direction to pay letter unless the letter is
				signed by the first named insured with regard to commercial claims and by all
				named insureds with regard to non-commercial claims, and the letter is
				consistent with Form 4 in section
				25.13(d) 
				of this Part.
(2) Upon the written
				direction of the insured, the insurer shall make its check payable to both the
				public adjuster and the insured, or to the public adjuster named as a payee,
				but not in excess of the amount of the public adjuster's fee, as indicated in
				the written compensation agreement signed by the party to be charged and filed
				with the insure r, less any referral fee set forth in a disclosure statement
				made pursuant to section
				25.6(e)(4) 
				of this Part. The balance of the proceeds shall be made payable to the insured
				or any loss payee or mortgagee, or both, whichever is appropriate. If an
				insured does not submit a direction to pay letter to the insurer, then the
				insurer shall not make any check payable to the public adjuster.
(3) Any payment made to a public adjuster
				shall be only for those elements of the claim for which the public adjuster
				represents the insured.
(4) A
				direction to pay letter shall be valid for any payment made pursuant to a claim
				unless revoked by the insured. A direction to pay letter shall be revocable by
				any named insured at any time prior to the insurer issuing a check. If an
				insured revokes a direction to pay letter, then the revocation shall be in
				writing and signed by the insured. The insured shall submit the revocation to
				the insurer and provide the public adjuster with a copy.
(5) A public adjuster shall not condition
				doing business with an insured on the insured signing a direction to pay letter
				that directs the insurer to name the public adjuster on the check.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 26 - Independent Adjusters › Section 26.1 - Original applications

Current through Register Vol. 46, No. 28, July 10, 2024
The forms of applications for original licenses to act as an
				  independent adjuster pursuant to section 2108  of the Insurance Law are hereby
				  prescribed as follows: individuals; partnerships; corporations; limited
				  liability companies. These forms may be obtained upon request to the Insurance
				  Department, Albany, NY. The term original application as used in this Part,
				  means an application for an independent adjuster's initial
				  license.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 26 - Independent Adjusters › Section 26.2 - Renewal applications

Current through Register Vol. 46, No. 28, July 10, 2024
The forms of applications for renewal licenses to act as an
				  independent adjuster pursuant to section 2108  of the Insurance Law are hereby
				  prescribed as follows: individuals; partnerships; corporations; limited
				  liability companies. These forms of applications are furnished to present
				  licensees prior to the expiration of each existing license.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 26 - Independent Adjusters › Section 26.4 - Types of examinations

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				following types of examinations for licenses as independent adjusters to be
				taken and passed by each individual seeking to be a licensee or sublicensee
				pursuant to section 2108  of the Insurance Law are hereby
				prescribed:
(1) fire;
(2) inland marine;
(3) aviation;
(4) automobile;
(5) motor vehicle no-fault and workers'
				compensation health service charges;
(6) automobile damage or theft
				appraisals;
(7) casualty;
(8) fidelity and surety;
(9) accident and health; and
(10) general.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 26 - Independent Adjusters › Section 26.5 - Prohibition as to methods of doing business

Current through Register Vol. 46, No. 28, July 10, 2024
No independent adjuster licensee or sublicensee shall divide
				  any fee or give any fee, commission or other compensation to any person, firm
				  or corporation for procuring or assisting in procuring the adjustment of any
				  loss for such licensee or sublicensee, unless the person, firm or corporation
				  to whom such fee, commission or other compensation is given or paid had at the
				  time when the loss occurred, an independent adjuster's license issued and in
				  force pursuant to section 2108  of the Insurance Law. No such licensee
				  or sublicensee shall be employed or associated with any person, partnership,
				  corporation, member, officer, director or stockholder, whose license as an
				  independent adjuster has been revoked by the Superintendent of Insurance of New
				  York. Any violation of this Part shall be deemed a ground for refusal to issue
				  or renew, or for revocation or suspension of, an independent adjuster's
				  license.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 26 - Independent Adjusters › Section 26.6 - Change of address

Current through Register Vol. 46, No. 28, July 10, 2024
Each licensee is required to notify the Insurance Department,
				  Albany, NY, of any change of business or residence address within 30 days of
				  the change.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 26 - Independent Adjusters › Section 26.7 - Reporting of actions

Current through Register Vol. 46, No. 28, July 10, 2024
An adjuster shall report to the superintendent any
				  administrative action taken against the adjuster in another jurisdiction or by
				  another governmental agency in this State within 30 days of the final
				  disposition of the matter, including decertification or other action related to
				  the adjuster's proficiency to adjust multi-peril crop insurance claims. The
				  report shall include a copy of the order, consent to order and any other
				  relevant legal documents.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.0 - Preamble

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The Insurance
				Law prohibits the sale in New York of insurance (other than ocean marine
				insurance and such other insurance specified in section 2117 (b) and (c)  of the Insurance Law) when written by
				insurers not authorized in New York, unless:
(1) the contract of insurance provides
				insurance coverage only of the kinds specified in paragraphs 4 through 14, 16,
				17, 19, 20, 22, 27, 28, 31, 32, or 33 of section 1113 (a)  of the Insurance
				Law;
(2) the coverage is
				unobtainable in whole or in part from authorized insurers, including, where
				appropriate, residual market facilities authorized to write and writing the
				kinds of insurance provided, except as set forth in section 2118 (b)(3)(F)  of the
				Insurance Law; and
(3) the coverage
				is procured from one or more unauthorized insurers by a licensed excess line
				broker, provided that the broker exercises due care and makes a diligent effort
				as required by section 2118  of the Insurance Law, except as set
				forth in section 2118 (b)(3)(F)  of the
				Insurance Law.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a)
Authorized insurer
has
				the meaning ascribed by section 107 (a)(10)  of the Insurance
				Law.
(b)
Residual market
				facility
means an entity established pursuant to article 53, 54 or 55
				of the Insurance Law or any other entity mandated by the Legislature to provide
				an insurance market to residents of this State.
(c)
Unauthorized insurer
means an insurer that is not an authorized insurer, including:
(1) an underwriting member, syndicate or
				similar insurance exchange entity not authorized to do an insurance business in
				this State;
(2) an association of
				insurance underwriters not authorized to do an insurance business in this
				State; or
(3) a partnership of
				insurers not authorized to do an insurance business in this State, each
				licensed in its domicile and the partnership is duly authorized by its
				domiciliary jurisdiction to insure risks on a joint and several
				basis.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.2 - Excess line broker license application and renewal

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Each application for an excess line
				broker's license or renewal thereof shall be submitted to the Licensing Unit of
				the New York State Department of Financial Services located in Albany, NY,
				using the appropriate form, which may be obtained, upon request, from the
				Licensing Unit.
(b) All information
				called for by the forms shall be supplied thereon and shall be duly sworn to by
				the applicant.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.3 - Submission of risk to authorized insurers

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Except as provided in section 2118 (b)(3)(F)  of the
				Insurance Law and subdivision (g) of this section, no excess line broker shall
				place coverage for a risk with any unauthorized insurer, when the insured's
				home state is this State, unless the risk has been declined by at least three
				authorized insurers, each of which is authorized in this State to write
				insurance of the kind requested and is an insurer that the excess line broker
				has reason to believe might consider writing the type of coverage or class of
				insurance involved. An excess line broker shall be considered to have reason to
				believe that an authorized insurer might consider writing the type of coverage
				or class of insurance if the decision to offer the risk to such authorized
				insurer was based on any of the following:
(1) recent acceptance by the authorized
				insurer of a type of coverage or class of insurance similar to that for which
				coverage is presently being sought;
(2) advertising by the authorized insurer or
				its agent indicating that the authorized insurer is willing to consider
				acceptance of this or a similar type of coverage or class of
				insurance;
(3) media communications
				(i.e., newspaper or magazine articles, trade publications, television and radio
				programming) indicating that the authorized insurer is writing, or is
				considering writing, this or a similar type of coverage or class of
				insurance;
(4) communication with
				other insurance professionals, risk managers, trade associations, the excess
				line association or the department of financial services, which indicates that
				the authorized insurer might consider writing this type of coverage or class of
				insurance; or
(5) any other valid
				basis for making such decision.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.4 - Binding authority

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Section 2118 (f)  of the Insurance
				Law provides that an excess line broker may execute an authority to bind
				coverage for risks located within or outside of the State of New York and may
				exercise binding authority on behalf of an insurer not licensed or authorized
				to do business in this State.
(b)
				No excess line broker shall exercise binding authority on behalf of an
				unauthorized insurer, when the insured's home state is this State, unless:
(1) the placement conforms in all respects
				with section 2118  of the Insurance Law and this Part;
				and
(2) the broker has filed with
				the excess line association, at least 10 business days prior to exercising such
				binding authority, a signed copy of the written agreement between the broker
				and the insurer, setting forth all terms, conditions and limitations of the
				binding authority. A copy of any amendments to, or any notice of cancellation
				or termination of, the agreement shall be filed with the excess line
				association no later than 10 business days after adoption thereof.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.5 - Supporting affidavits

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For every
				policy or policy renewal procured from an unauthorized insurer pursuant to
				section 2118  of the
				Insurance Law when the insured's home state is this State, affidavits meeting
				the requirements of this section shall be filed by the excess line broker with
				the excess line association.
(b)
				Each affidavit shall be on an affidavit form prescribed by the superintendent,
				consisting of parts A and C, as follows:
(1)
				part A is the affidavit by the excess line broker and shall be consecutively
				numbered; and
(2) part C is the
				affidavit by the producing broker that shall be submitted in addition to part
				A, if any of the requisite declinations from authorized insurers has been
				obtained by the producing broker or if the producing broker provided the
				insured with the written notice required by subdivision (e) of this
				section.