reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.6 - Documents to be filed with excess line association

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Within 45 days after date of procurement
				of a policy from an unauthorized insurer, the excess line broker shall submit
				to the excess line association, for recording and stamping, all documents
				required by section 2118  of the Insurance Law, including all
				affidavits required by section
				27.5  of
				this Part.
(b) An excess line
				broker shall not deliver, or provide to any producing broker for delivery, an
				excess line insurance policy declarations page or cover note unless the first
				page of the declarations page or cover note bears the stamp applied by the
				excess line association or a duplicate copy of the declarations page or cover
				note bearing the stamp is attached to the original.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.7 - Reports to be filed by excess line association

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The excess line association shall submit
				the following:
(1) monthly reports, by the
				15th day of every month, including aggregate premium data, drawn from excess
				line brokers' affidavits and classified by type of coverage, relating to
				policies stamped by the excess line association during the preceding calendar
				month, together with affidavits, pertaining to each policy stamped, as required
				by section
				27.5  of
				this Part;
(2) bi-monthly reports,
				identifying excess line brokers that failed to comply with any of the
				provisions of this Part or section 2118  of the Insurance Law, including
				placement of any policy with an unauthorized insurer that does not meet
				eligibility standards for stamping by the excess line association (and, if so,
				also identifying such insurer), based upon the association's examination of
				insurance documents submitted by the excess line brokers, whether or not
				stamped by the association, during the preceding two-month period;
				and
(3) an annual report, by March
				15th, concerning excess line business, including the number of policies
				presented to, but not stamped by, the excess line association, and a
				delineation of the classes and kinds of business procured during the preceding
				calendar year.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.8 - Annual premium tax statement

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In
				compliance with section 2118 (d)  of the Insurance
				Law, a licensed excess line broker shall execute and electronically file an
				annual premium tax statement, by March 15, on a form prescribed by the
				superintendent, except as provided in section
				27.23 
				of this Part.
(b) The annual
				premium tax statement shall:
(1) report
				excess line premiums on a written basis (and not on a cash received basis), or
				indicate that there are no excess line premiums to report; and
(2) report all additional premiums charged
				and all return premiums paid to an insured due to cancellations, adjustments
				made on deposit or minimum premiums, audit premiums as determined at the end of
				the policy period, premiums received as the result of endorsements to existing
				policies, installment premiums, or any premiums that vary from those reported
				on the excess line broker's affidavit during the year.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.9 - Premium tax allocation

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For
				insurance contracts that have an effective date prior to July 21, 2011, an
				excess line broker shall determine the taxable portion of the premium by using
				the method of allocation, prescribed in the allocation schedule contained in
				Appendix 4 of this Part, pertaining to the appropriate classification for the
				property or risk.
(b) If the
				allocation schedule does not identify a classification appropriate to the
				property or risk being insured, the excess line broker shall use an alternative
				equitable method of allocation for the property or risk.
(c) For insurance contracts that have an
				effective date on or after July 21, 2011, where the property or risk is located
				in both the United States and outside the United States, an excess line broker
				shall determine the taxable portion of the premium by using the method of
				allocation, prescribed in the allocation schedule contained in Appendix 5 of
				this Title, pertaining to the appropriate classification for the property or
				risk.
(d) If a policy covers more
				than one classification:
(1) for any portion
				of the coverage identified by a classification on the allocation schedule, the
				premium tax shall be computed by using the allocation schedule for the
				corresponding portion of the premium;
(2) for any portion of the coverage not
				identified by a classification on the allocation schedule, the premium tax
				shall be computed in accordance with subdivision (b) of this section;
				and
(3) for any portion of the
				coverage where the premium is indivisible, the tax shall be computed by using
				the method of allocation pertaining to the classification describing the
				predominant coverage.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.10 - Policy form compliance

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A policy
				issued by an unauthorized insurer pursuant to this Part is exempt from the
				provisions of Part 71 (Regulation 107) and Part 73 (Regulation 121) of this
				Title, except for a group policy issued pursuant to section 3455 or 3458  of the
				Insurance Law.
(b) When the
				insured's home state is this State, a complete copy of any liability insurance
				policy shall be maintained by the excess line broker, provided, however, the
				broker need not maintain a copy of any policy that provides liability coverage:
(1) only on an occurrence basis;
				and
(2) only with unlimited legal
				defense costs outside the limits of liability stated in the policy.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.11 - Prohibited activities

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An
				excess line broker shall not procure coverage from an unauthorized insurer and
				the unauthorized insurer shall not provide coverage if the coverage is
				prohibited by law, including if the coverage:
(1) does not constitute insurance within the
				meaning of section 1101 or other sections of the Insurance Law;
(2) involves a kind of insurance not
				authorized under section 1113 or other sections of the Insurance Law;
(3) is not within the scope of section 2105  of the Insurance Law;
(4) is determined by any Appellate Division
				of the New York State Supreme Court or the New York State Court of Appeals to
				be against public policy in this State; or
(5) has been otherwise proscribed by
				law;
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.12 - Service fees

Current through Register Vol. 46, No. 28, July 10, 2024
A producing broker or excess line broker, when the insured's
				  home state is this State, shall not charge the insured any amount (including
				  reimbursement for premium taxes or stamping fees), other than the premiums for
				  the policy or insurer's policy fee, if any, unless the broker obtains a written
				  memorandum, signed by the insured, specifying the amount and purpose in
				  accordance with section 2119  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 27.13 - Duty to inquire about unauthorized insurers

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Prior to placing business with an
				unauthorized insurer, an excess line broker shall make inquiry sufficient to
				ascertain the insurer's financial stability and capacity adequate to its
				business and, in order to support such inquiry, shall except as provided by
				subdivision (g) of this section obtain, review and retain at least the
				following:
(1) if a foreign insurer, then a
				copy of the insurer's most recent annual financial statement as of a date in no
				event earlier than 18 months prior to placement, in the form filed with its
				home jurisdiction;
(2) if an alien
				insurer, then evidence that such insurer appears in the most recent NAIC IID
				list of alien insurers;
(3) if
				accessible to the excess line broker, a copy of the insurer's latest report on
				examination, if any, in English (or true translation) and stated in United
				States dollars, as conducted by its home jurisdiction; and
(4) a certification, in English (or true
				translation), from the insurer's home jurisdiction, or any other documentation
				sufficient to ascertain and verify the fact that the insurer is authorized in
				its domiciliary jurisdiction to write the insurance policy proposed to be
				procured from it by the excess line broker.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.14 - Filings by unauthorized insurers; authorization to receive premium

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An unauthorized
				insurer shall file electronically with the superintendent by March 15th of each
				year, on a form prescribed by the superintendent, a current listing that sets
				forth the following individual policy details:
(1) written premium (gross premiums,
				including policy fees, less return premiums plus additional premiums and
				premiums on policies not taken) charged on each policy covering property or
				risks located or resident in this State;
(2) name and address of the excess line
				broker and the insured;
(3)
				effective date of coverage and policy number;
(4) type of coverage; and
(5) such other information as the
				superintendent may require.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.15 - Advice to insureds and evidence of coverage

Current through Register Vol. 46, No. 28, July 10, 2024
(a) If coverage cannot be placed with an
				authorized insurer, then within 10 days after receipt by the excess line broker
				of a request for coverage to be placed with an unauthorized insurer, the excess
				line broker shall give, or cause to be given by the producing broker, written
				notice to the person or entity requesting the coverage setting forth the status
				in regard to the request.
(b) An
				excess line broker shall not deliver, or cause to be delivered by the producing
				broker to a person or entity requesting coverage from an unauthorized insurer
				any memorandum, certificate or other document evidencing insurance coverage,
				unless the document constitutes an insurance policy or contract of insurance
				actually issued by the insurer, except that the excess line broker or producing
				broker may deliver written confirmation of placement of coverage with the
				unauthorized insurer if the confirmation identifies the insurer by name and
				address, accurately describes the coverage, premium and terms, and bears across
				its face conspicuously, in not less than 10-point bold type, the following
				legend:
THE INSURER(S) NAMED HEREIN IS (ARE) NOT LICENSED BY THE
				  STATE OF NEW YORK, NOT SUBJECT TO ITS SUPERVISION, AND IN THE EVENT OF THE
				  INSOLVENCY OF THE INSURER(S), NOT PROTECTED BY THE NEW YORK STATE SECURITY
				  FUNDS. THE POLICY MAY NOT BE SUBJECT TO ALL OF THE REGULATIONS OF THE
				  DEPARTMENT OF FINANCIAL SERVICES PERTAINING TO POLICY FORMS.
(c) No excess line broker shall deliver, or
				cause to be delivered by the producing broker any evidence of insurance or
				represent that insurance will be or has been written by any unauthorized
				insurer, unless the excess line broker is exercising binding authority pursuant
				to section
				27.4 
				of this Part or has received confirmation from the insurer that the insurance
				has been bound.
(d) If, after
				delivery of evidence of insurance, there is any change in the identity of the
				unauthorized insurer, in the proportion of the risk assumed by the insurer, or
				any other material change in coverage as stated in the original evidence of
				insurance, the excess line broker shall promptly issue and deliver to the
				insured and any producing broker an appropriate substitute for (or endorsement
				to) the original document:
(1) accurately
				showing the current status of the coverage and identity of the unauthorized
				insurer; and
(2) informing the
				insured of the insured's right to cancel the policy and to obtain a premium
				refund on a pro-rata basis, unless such change is made at the insured's
				request.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.16 - Delivery of policy or other documents and required legend; required notification

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An excess line
				broker or producing broker shall promptly deliver every insurance policy placed
				with an unauthorized insurer to the insured, and every such policy shall bear
				across its face conspicuously, in not less than 10-point bold type, the
				language as specified in section
				27.15(b) 
				of this Part.
(b)
(1) Pursuant to the provisions of sections
				1101(b)(5) and 2117(i) of the New York Insurance Law, any document issued by,
				or on behalf of, an unauthorized insurer, which is affiliated with an
				authorized insurer, that indicates any location within this State in which it
				conducts its operations shall include a notice, in not less than 10-point type,
				but in all cases prominently displayed, as follows:
THIS INSURER IS NOT LICENSED IN THE STATE OF NEW YORK AND IS
				  NOT SUBJECT TO ITS SUPERVISION.
(2) An insurer may substitute its name in the
				notice for the words "this insurer."
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.17 - Assessment policies

Current through Register Vol. 46, No. 28, July 10, 2024
(a) If an
				insurance policy placed by the excess line broker with an unauthorized insurer
				contains assessment provisions, the excess line broker or producing broker
				shall notify the insured.
(b) Each
				insurance policy placed with an unauthorized insurer by an excess line broker
				shall contain a clear statement describing any liability of the policyholder
				for the payment of the policyholder's proportionate share of any deficiency or
				impairment as provided by law within the limit provided by the
				policy.
(c) Every assessment policy
				placed with an unauthorized insurer by an excess line broker shall bear across
				its face a statement clearly showing that the policy is an assessment policy
				and that the policyholder may be subject to a liability for assessment as set
				forth in the policy.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.18 - Return premiums

Current through Register Vol. 46, No. 28, July 10, 2024
In the event of cancellation of an insurance policy placed by
				  an excess line broker with an unauthorized insurer, the excess line broker
				  shall apply best efforts to collect for the insured all unearned premiums
				  due.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.19 - Assessment policies

Current through Register Vol. 46, No. 28, July 10, 2024
(a) If an
				insurance policy placed by the excess line broker with an unauthorized insurer
				contains assessment provisions when the insured's home state is this State,
				then the excess line broker or producing broker shall notify the
				insured.
(b) Each insurance policy
				placed with an unauthorized insurer by an excess line broker shall contain a
				clear statement describing any liability of the policyholder for the payment of
				the policyholder's proportionate share of any deficiency or impairment as
				provided by law within the limit provided by the policy.
(c) Every assessment policy placed with an
				unauthorized insurer by an excess line broker shall bear across its face a
				statement clearly showing that the policy is an assessment policy and that the
				policyholder may be subject to a liability for assessment as set forth in the
				policy.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.20 - Return premiums

Current through Register Vol. 46, No. 28, July 10, 2024
In the event of cancellation of an insurance policy placed by
				  an excess line broker with an unauthorized insurer, the excess line broker
				  shall apply best efforts to collect for the insured all unearned premiums due,
				  when the insured's home state is this State.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.21 - Recordkeeping requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				For each insurance policy procured by an excess line broker pursuant to section 2118  of the Insurance Law and this Part,
				when the insured's home state is this State, the excess line broker shall
				retain, for a period of no less than five years after policy expiration, copies
				of all affidavits required by section
				27.5  of
				this Part and a complete and separate record showing:
(1) the exact amount of each kind of
				insurance procured;
(2) the gross
				premiums for each kind of insurance;
(3) the amount of premiums returned to the
				insured for each kind of insurance;
(4) the name of the unauthorized insurer or
				insurers that issued the policy and, in the case of a placement with Lloyd's,
				the names and the separate participation and proportionate premium of each such
				underwriter;
(5) the effective date
				of the policy;
(6) the material
				terms of the policy or a complete copy of any policy required by section
				27.10(b) 
				of this Part;
(7) the basis for
				premium tax allocation, if any;
(8)
				a copy of the notice required in section
				27.17(e) 
				of this Part;
(9) the cities and
				villages within this State in which the insured risks are located or resident;
				and
(10) in the case of fire
				insurance coverage, the name of the city, village, fire district or fire
				protection district in which the insured property is located.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.22 - Unauthorized insurer's contractual obligations

Current through Register Vol. 46, No. 28, July 10, 2024
Nothing herein shall nullify any agreement by an unauthorized
				  insurer to fulfill its contractual obligations.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.23 - Exemptions from electronic filing and submission requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An insurer or excess line broker required
				to make an electronic filing or a submission pursuant to this Part may apply to
				the superintendent for an exemption from the requirement that the filing or
				submission be electronic by submitting a written request to the superintendent
				for approval at least 30 days before the insurer or excess line broker shall
				submit to the superintendent the particular filing or submission that is the
				subject of the request.
(b) The
				request for an exemption shall:
(1) set forth
				the insurer's NAIC number or the excess line broker's New York license
				number;
(2) identify the specific
				filing or submission for which the insurer or excess line broker is applying
				for the exemption;
(3) specify
				whether the insurer or excess line broker is making the request for an
				exemption based upon undue hardship, impracticability, or good cause, and set
				forth a detailed explanation as to the reason that the superintendent should
				approve the request; and
(4)
				specify whether the request for an exemption extends to future filings or
				submissions, in addition to the specific filing or submission identified in
				paragraph (2) of this subdivision.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 27 - Excess Line Placements Governing Standards › Section 27.24 - Separability provision

Current through Register Vol. 46, No. 28, July 10, 2024
If any provision of this Part or the application of any such
				  provision to any person or circumstance is held unauthorized by law, the
				  remainder of the Part and the application of the provision to other persons or
				  circumstances shall not be affected.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.0 - Introduction

Current through Register Vol. 46, No. 28, July 10, 2024
This Part is hereby promulgated to provide standards designed
				  to provide greater protection for consumers and raise the standards of
				  integrity in the bail business. Failure by a licensee to comply with the
				  requirements of this Part may be considered as evidence of misconduct,
				  malfeasance, and untrustworthiness within the meaning of Insurance Law section
				  6802.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.2 - Pre-arrest agreements prohibited

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No person,
				firm or corporation, or officer, employee or agent thereof, licensed under
				section 6802  of the Insurance Law (hereinafter
				referred to as a "bail agent"), shall enter into any agreement with any party,
				the purpose or substance of which is to provide, on a continuing basis, for the
				furnishing of any bail bond, or other security in lieu of bond, on behalf of
				any person other than the aforesaid party who may be arrested on criminal
				charges.
(b) The receipt of or
				agreement to receive, by any bail agent, any security, consideration, or
				guarantee or agreement to guarantee for the purpose of indemnifying the bail
				agent against loss, given by the same person or persons in more than two
				criminal cases not arising out of the same transaction or transactions, within
				a period of one month, shall be presumptive evidence that the furnishing or
				agreeing to furnish any such security, indemnity, consideration, or guarantee
				was made pursuant to an agreement in violation of subdivision (a) of this
				section.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.3 - Appointment of bail agents

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every
				insurer and charitable bail organization shall file a certificate of
				appointment in such form as the superintendent may prescribe to appoint a bail
				agent to represent the insurer or charitable bail organization. The appointing
				insurer or charitable bail organization shall file the certificate of
				appointment within 15 days from the date the agency contract is
				executed.
(b) A certificate of
				appointment shall be valid until:
(1)
				terminated by the appointing insurer or charitable bail organization in
				accordance with the provisions of the agency contract;
(2) the bail agent's license is suspended or
				revoked by the superintendent; or
(3) the bail agent's license expires and is
				not renewed.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.4 - Use of unauthorized name

Current through Register Vol. 46, No. 28, July 10, 2024
No bail agent shall use any name in conducting a bail agent
				  business that has not been previously approved by the superintendent or any
				  name that is not the individual bail agent's legal name.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.5 - Bail agent notifications

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1) Within 30 days of a change in the bail
				agent's principal business address, business telephone number or business email
				address, a bail agent shall notify in writing each insurer or charitable bail
				organization that has appointed the bail agent and the clerk of each court with
				which the bail agent is required by court rule to be registered.
(2) The bail agent shall notify the
				superintendent within 30 days after a change in the bail agent's business name,
				business address, business telephone number, business e-mail address, home
				address, personal e-mail address, or personal telephone number.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.6 - Bail agent offices

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1) At least one supervising person shall be
				responsible for each place of business established by any bail agent in this
				State. Where a bail agent maintains only one place of business, the bail agent,
				if an individual, or any sublicensee or licensed partner, as appropriate, shall
				be deemed to be supervising persons. At least one supervising person shall be
				present in the satellite office for which the supervising person is responsible
				during all or a substantial part of the business hours each day.
(2) A supervising person may be responsible
				for more than one place of business of the same bail agent or any other bail
				agent if at any one time, only one place of business of the locations for which
				the supervising person is responsible is open to the public.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.7 - Prohibition against payment of compensation to unlicensed bail agents

Current through Register Vol. 46, No. 28, July 10, 2024
No insurer or charitable bail organization, and no officer,
				  bail agent or other representative thereof, shall pay any commission or other
				  compensation to any person, firm, corporation, or other entity for or because
				  of his, her, or its acting as a bail agent in this State, except to a licensed
				  bail agent appointed by the insurer or charitable bail
				  organization.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.8 - Premium and compensation

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1) Pursuant to Insurance Law sections
				2314
				and
				6804, a bail agent and an insurer shall not
				charge, collect, or receive, directly or indirectly, any fee, property, or
				other compensation or consideration from an indemnitor, principal, or any other
				person for any service performed or cost or expense incurred with respect to a
				bail bond other than the premium based on rates in effect.
(2) The out-of-pocket costs for the following
				shall not be considered premium within the meaning of Insurance Law section
				6804(a) and paragraph (1)
				of this subdivision:
(i) the apprehension and
				surrender of the principal following a court-ordered warrant;
(ii) the apprehension and surrender of the
				principal following the documented request of the indemnitor; and
(iii) application for the remission of
				forfeiture.
(3) No
				insurer, bail agent, or employee or other representative an insurer shall
				knowingly charge or demand a rate or receive a premium for a bail bond, which
				is capped by Insurance Law section
				6804, that departs from the rates, rating
				plans, classifications, schedules, rules and standards in effect on behalf of
				the insurer or shall issue or make any policy or contract involving a violation
				thereof.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.9 - Return of premium

Current through Register Vol. 46, No. 28, July 10, 2024
An insurer or a bail agent shall refund the full premium paid
				  by the indemnitor if the principal is not released from custody, within 14 days
				  of receipt of notice that the principal was not released. If there is more than
				  one indemnitor, the amount refunded to each indemnitor shall be the amount that
				  the indemnitor paid.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.10 - Release of principal

Current through Register Vol. 46, No. 28, July 10, 2024
A bail agent shall obtain the prompt release of a principal
				  following execution of an indemnity agreement or bail agreement. Prompt release
				  includes securing a release order from the court and effectuating a principal's
				  actual release from custody.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.11 - Collateral

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A bail
				agent and an insurer or charitable bail organization shall be liable for the
				return of all collateral received following the exoneration of a bail unless
				there is a forfeiture that is not discharged pursuant to Criminal Procedure Law
				section 540.10.2.
(b) The
				collateral required by a bail agent, insurer, or charitable bail organization
				shall be reasonable in relation to the amount of the bail. Collateral equal to
				or less than 10 percent of the bail amount is presumed to be
				reasonable.
(c)
(1) A bail agent shall not use collateral for
				personal benefit or gain.
(2) Prior
				to any forfeiture, a bail agent shall keep the collateral separate and apart
				from any other funds or assets of the bail agent.
(3) A bail agent shall receive and hold any
				non-cash collateral in the insurer's or charitable bail organization's name,
				and any cash accepted as collateral shall be promptly remitted to and held by
				the insurer or charitable bail organization pursuant to section 28.12  of this
				Part.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.12 - Premium and collateral accounts

Current through Register Vol. 46, No. 28, July 10, 2024
Every bail agent shall hold premium and cash collateral
				  collected in an account separate from the bail agent's own funds. All funds
				  shall be maintained in accordance with sections
				  20.3
				  and
				  20.4 
				  of this Title (Insurance Regulation 29A).
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.13 - Use of forms

Current through Register Vol. 46, No. 28, July 10, 2024
A bail agent shall not use any contract or form that the
				  insurer that issues the bail bond has not submitted to, and received approval
				  from, the superintendent pursuant to section
				  66.1 
				  of this Title (Insurance Regulation 76).
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.14 - Insurer and charitable bail organization supervision of bail agents

Current through Register Vol. 46, No. 28, July 10, 2024
Every insurer and charitable bail organization shall:
(a) establish a bail agent supervision system
				that is reasonably designed to achieve compliance with this Part;
(b) require bail agents to report directly
				to:
(1) the insurer or charitable bail
				organization; or
(2) a licensed
				bail agent with which the insurer or charitable bail organization has a
				managing general agent agreement in accordance with Part 33 of this Title
				(Insurance Regulation 120);
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.15 - Termination of appointment of bail agents

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1) An insurer or charitable bail
				organization that terminates the appointment of a bail agent shall, within 30
				days after the termination, file written notice thereof with the superintendent
				together with a statement that it has mailed or delivered notice to the
				terminated bail agent at the bail agent's last known business address. The
				notice filed with the superintendent shall state the reasons, if any, for the
				termination.
(2) An insurer or
				charitable bail organization shall, within five days after terminating the
				appointment of a bail agent, give written notice thereof by certified mail to
				each clerk of the court and sheriff with whom the bail agent is registered, and
				shall retain such records for a period of at least six years from the date of
				exoneration or final order of forfeiture.
(3) An insurer or charitable bail
				organization that terminates the appointment of a bail agent may authorize the
				bail agent to continue to attempt the arrest and surrender of a principal for
				whom a bail had been placed by the bail agent prior to termination and to seek
				discharge of forfeitures and judgments. The authorization shall be in
				writing.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.16 - Bail register

Current through Register Vol. 46, No. 28, July 10, 2024
Every bail agent shall maintain a bail register that shall be
				  kept on file for a period of at least six years from the date of exoneration or
				  final order of forfeiture and shall include at least the following information,
				  as applicable, for each bail:
(a)
				power of attorney number;
(b) each
				indemnitor's name and address;
(c)
				principal's name;
(d) bond
				amount;
(e) amount of premium
				charged;
(f) amount of premium
				collected;
(g) amount of premium
				remitted to the insurer;
(h) amount
				and description of the collateral required;
(i) amount and description of the collateral
				collected;
(j) location of where
				the collateral is being held;
(k)
				date the principal was released from custody;
(l) amount of premium returned;
(m) the date of return of premium;
(n) date of surrender of principal;
(o) disposition of the bail bond;
(p) date of exoneration;
(q) date of forfeiture;
(r) date the collateral is returned to each
				indemnitor; and
(s) description of
				collateral returned.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.17 - Receipts and records to be provided to indemnitor and principal

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Premium and collateral paid.
Every bail agent shall issue a
				numbered receipt to each indemnitor on a form promulgated by the superintendent
				for all premiums paid to the bail agent and for all collateral pledged with the
				bail agent in connection with an indemnity agreement or bail agreement upon
				collecting the premium or collateral from the indemnitor. The bail agent shall
				issue a receipt to each indemnitor when there is more than one indemnitor. Each
				such receipt shall include, at a minimum, the:
(1) date;
(2) indemnitor's name;
(3) principal's name;
(4) bail bond amount;
(5) amount of premium charged;
(6) amount of premium collected;
(7) amount and description of the collateral
				required;
(8) amount and
				description of the collateral collected; and
(9) full legal name of and contact
				information for the bail agent and insurer.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.18 - Statement of rights

Current through Register Vol. 46, No. 28, July 10, 2024
(a) At or prior
				to the execution of an indemnity agreement or bail agreement, the payment of
				any premium, or the provision of any collateral, the bail agent shall provide
				each potential indemnitor with a written document advising that a principal and
				each indemnitor is entitled to:
(1) the full
				legal name of and contact information for the bail agent, insurer, and
				charitable bail organization, including the name of the sublicensee if the bail
				agent is a business entity, and the department license number of the bail agent
				and charitable bail organization and National Association of Insurance
				Commissioners number of the insurer, with whom the potential indemnitor is
				dealing; and
(2) complete copies of
				all records, receipts, and statements as set forth in section 28.17  of this
				Part;
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.19 - Record retention

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A bail
				agent shall maintain records and indices of records required to be maintained
				under this Part in a durable medium.
(b) Where the original record was not a paper
				document, the bail agent shall be able to produce information or data that
				accurately represents a record of communications between a person or entity and
				the insurer or charitable bail organization or accurately reflects a
				transaction or event.
(c) Upon
				transfer of an original record to a durable medium, the bail agent may destroy
				the original record after ensuring that all information contained in the
				original record, including signatures, handwritten notations, or photographs,
				is contained in the durable medium.
(d) If the bail agent does not retain the
				original paper record, or if there was no original paper record, a duplicate or
				back-up system sufficient to permit reconstruction of the record shall be
				established at a separate location.
(e) The bail agent shall maintain records
				described in this section for six years from the date of exoneration or final
				order of forfeiture, in this State at the bail agent's principal place of
				business or stored in such a manner as to allow reasonable accessibility and
				made available upon the superintendent's request. If the bail agent is a
				nonresident, then the records shall be made available in this State within 10
				days upon the superintendent's request.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.20 - Surrender of principal

Current through Register Vol. 46, No. 28, July 10, 2024
In the event of a surrender of the principal at the
				  discretion of a bail agent, insurer, or charitable bail organization, the bail
				  agent, insurer, or charitable bail organization shall at that time provide to
				  the court a written explanation of the reason for the surrender and provide a
				  copy of that written explanation to the department and each indemnitor within
				  five business days of the surrender.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 29 - Special Prohibitions › Section 29.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this Part is to prohibit licensees from
				  receiving fees from the State, its agencies and departments, public benefit
				  corporations, municipalities and other governmental subdivisions in this State,
				  or from receiving commissions and fees from insurers or other licensees in
				  connection with insurance coverages placed on behalf of, and insurance services
				  rendered to, the State, its agencies and departments, public authorities,
				  public benefit corporations, municipalities and other governmental subdivisions
				  in this State, in circumstances where such licensees did not actually render
				  services to the governmental units or did not place or service insurance
				  coverages of the governmental units.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 29 - Special Prohibitions › Section 29.2 - Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
This Part shall apply to any licensee who receives from a
				  governmental unit, insurer or other licensee a fee and/or commission, or part
				  thereof, in connection with insurance services rendered to, and/or insurance
				  coverages placed or renewed for, any governmental unit in this
				  State.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 29 - Special Prohibitions › Section 29.3 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
The definitions set forth in this section shall govern the
				  construction of the terms used in this Part.
(a) An insurance service shall mean any of
				the acts specified in sections 2101 (g) and
				2102 (b)(3)  of the
				Insurance Law.
(b) Licensee shall
				mean any individual, firm, association or corporation to whom a license has
				been issued pursuant to article 21 of the Insurance Law, and any sublicensee
				thereof.
(c) Insurance coverage
				shall mean any contract of insurance placed on behalf of a governmental unit in
				this State to protect the interest of the governmental unit or to insure the
				employees of a governmental unit against any contingency, or any reinsurance
				contract relating thereto.
(d)
				Governmental unit shall mean the State, an agency or department of the State,
				public authority, public benefit corporation, county, city, town, village, or
				any subdivision thereof.
(e) Public
				officer shall mean State officer or local officer as defined in section 2  of the Public Officers Law, except that
				notaries public and commissioners of deeds shall not be considered public
				officers.
(f) Party officer shall
				mean one who holds any party position or any party office by virtue of an
				election involving voters in more than one election district.
(g) General agent shall mean any agent of an
				insurer who, pursuant to a written contract, is authorized by such insurer to
				accept lines of insurance on its behalf from agents and brokers, and who
				actually does accept lines of insurance on behalf of such insurer from agents
				and brokers, except that any agent who accepts lines of insurance from agents
				and brokers relating to coverage of governmental units, which consists of more
				than 50 percent of the total of the annual premiums written by said agent,
				shall not be considered a general agent within the meaning of this
				Part.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 29 - Special Prohibitions › Section 29.4 - Practices prohibited

Current through Register Vol. 46, No. 28, July 10, 2024
No licensee shall share in or receive any fee or commission
				  in connection with any insurance service rendered to, or insurance coverage
				  placed on behalf of, a governmental unit unless such licensee actually rendered
				  insurance services to, or placed or serviced insurance coverages on behalf of,
				  such governmental unit, for which said fees and/or commissions were
				  paid.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 29 - Special Prohibitions › Section 29.5 - Disclosure statement required

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Except as provided in subdivision (c) of
				this section, any licensee who receives any fees and/or commissions, or shares
				thereof, in connection with any insurance services rendered to, or insurance
				coverages placed or serviced on behalf of, a governmental unit, shall file,
				with the department and the most senior official of the governmental unit who
				ordered the insurance services or coverages, a completed Governmental Insurance
				Disclosure Statement, affirmed by the licensee as true under penalties of
				perjury, on the prescribed form set forth in Exhibit B in section
				29.6  of this
				Part, which statement after filing shall be a public record.
(b) Every statement required by subdivision
				(a) of this section shall be filed with the department on or before April 15 in
				each year with respect to fees and/or commissions, or shares thereof, received
				as of the preceding December 31. A general agent, as defined in this Part,
				shall not be required to file a Governmental Insurance Disclosure Statement
				with respect to insurance coverages placed in his, her, or its capacity as a
				general agent, or on account of which commissions or shares thereof are paid to
				another insurance agent or insurance broker who ordered such coverages from
				said general agent.
(c) Pursuant to
				Insurance Law section
				2128(b), a title insurance
				agent shall not be required to file a Governmental Insurance Disclosure
				Statement if an industrial development agency, state of New York mortgage
				agency or its successor, or any similar type of entity, is the named insured
				under the policy and is a mortgagee with respect to the property
				insured.