reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 29 - Special Prohibitions › Section 29.6 - Exhibit

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The form in
				subdivision (b) of this section is hereby approved for use as specified in this
				Part.
(b) The form in Exhibit B of
				this section is hereby approved for used as specified in this Part. Any
				licensee may request the return of disclosure statements heretofore or
				hereafter filed with the Insurance Department on the repealed form, provided
				such request is made in writing to the Licensing Services Bureau at the Albany
				office of the Insurance Department and is accompanied by a self-addressed,
				postage paid envelope suitable for the return of such disclosure statements.
EXHIBIT B
Governmental Insurance Disclosure Statement
For Use On And After December 31, 1979.
Pursuant to 11 NYCRR 29.5 (Regulation 87), the undersigned
				  hereby affirms, under the penalties of perjury, that the statements made
				  hereinafter are true.
Filed by: Name:
Address:
1. Name of
				governmental unit which ordered insurance services and/or coverages:
2. Name and office address, including county,
				of person who placed the order for insurance services or coverages:
3. Will you share any fees or commissions
				received on account of business listed in item 1 with any other licensee(s) or
				other person(s), directly or indirectly?
Yes [ ] No [ ]
4. Are you a public officer or party officer?
Yes [ ] No [ ]
If you answered NO to items 3 and 4 you are not required to
				  answer items 5 through 10. You must sign and date the form where indicated and
				  mail it to the address indicated below.
If you answered YES to items 3 or 4 you are required to
				  complete the remaining applicable items and you must sign and date the form
				  where indicated and mail it to the address indicated below.
5. Names and addresses of licensees or others
				to whom you paid fees and/or commissions:
6. The dollar amount you paid to each
				licensee or other person:
7. The
				services rendered by the persons listed in item 5, for which a share of
				commissions was paid:
8. Schedule
				of coverages placed on account of which fees or commissions were paid to the
				persons listed in item 5:
Name of Insurer Policy Number
9. Services rendered on account of which fees
				were paid to the persons listed in item 5.
10. What public office or party office do you
				hold?
Date:________
Signature
Type name of person whose signature appears above:
Mail the original disclosure statement to:
New York State Insurance Department
Licensing Services Bureau
One Commerce Plaza
Albany, NY 12257
Mail a copy of the disclosure statement to the most senior
				  official of the governmental unit which ordered the insurance services or
				  coverages listed thereon.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 30 - Producer Compensation Transparency › Section 30.1 - Purposes

Current through Register Vol. 46, No. 28, July 10, 2024
The purposes of this Part are:
(a) to implement the New York Insurance Law
				by regulating the acts and practices of insurers and insurance producers with
				respect to transparency of compensation paid to insurance producers and their
				role in insurance transactions in this State; and
(b) to protect the interests of the public by
				establishing minimum disclosure requirements relating to the role of insurance
				producers and the compensation paid to insurance producers.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 30 - Producer Compensation Transparency › Section 30.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a) Compensation means anything of value,
				including money, credits, loans, interest on premium, forgiveness of principal
				or interest, trips, prizes, or gifts, whether paid as commission or otherwise.
				Compensation does not mean tangible goods with the insurer name, logo or other
				advertisement and having an aggregate value of less than $100 per year per
				insurer.
(b) Purchaser means the
				person or entity to be charged under an insurance contract or a group
				policyholder and may include the named insured, policyholder, owner of a life
				insurance policy or annuity contract, principal under a bond, or other person
				to be charged, including an applicant for insurance, bond or annuity; but does
				not include a certificate holder or member under a group or blanket insurance
				contract unless the insurance producer has direct sales or solicitation contact
				with the certificate holder or member, and the certificate holder or member
				pays all of the premium.
(c)
				Insurer means any person or entity doing an insurance business in this
				State.
(d) Insurance contract means
				an insurance policy, surety bond, contract of guarantee, or annuity
				contract.
(e) Insurance producer or
				producer means any insurance producer as defined by Insurance Law, section
				2101(k).
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 30 - Producer Compensation Transparency › Section 30.3 - Disclosure of producer compensation, ownership interests and role in the insurance transaction

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Except
				as provided in section
				30.5  of
				this Part, an insurance producer selling an insurance contract shall disclose
				the following information to the purchaser orally or in a prominent writing at
				or prior to the time of application for the insurance contract:
(1) a description of the role of the
				insurance producer in the sale;
(2)
				whether the insurance producer will receive compensation from the selling
				insurer or other third party based in whole or in part on the insurance
				contract the producer sells;
(3)
				that the compensation paid to the insurance producer may vary depending on a
				number of factors, including (if applicable) the insurance contract and the
				insurer that the purchaser selects, the volume of business the producer
				provides to the insurer or the profitability of the insurance contracts that
				the producer provides to the insurer; and
(4) that the purchaser may obtain information
				about the compensation expected to be received by the producer based in whole
				or in part on the sale, and the compensation expected to be received based in
				whole or in part on any alternative quotes presented by the producer, by
				requesting such information from the producer.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 30 - Producer Compensation Transparency › Section 30.4 - Retention of disclosure

Current through Register Vol. 46, No. 28, July 10, 2024
The insurance producer shall retain a copy of any written
				  disclosure provided to the purchaser pursuant to section
				  30.3 
				  of this Part for not less than three years after the disclosure is given,
				  unless the insurance producer has a written agreement with the insurer that the
				  insurer shall retain such a copy.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 30 - Producer Compensation Transparency › Section 30.5 - Exceptions

Current through Register Vol. 46, No. 28, July 10, 2024
This Part shall not apply:
(a) to the placement of
				reinsurance;
(b) to the placement
				of insurance with a captive insurance company pursuant to article 70 of the
				Insurance Law;
(c) to an insurance
				producer that has no direct sales or solicitation contact with the purchaser,
				which may include wholesale brokers or managing general agents;
(d) to a sale of insurance by a person who is
				not required to be licensed as an insurance producer under Insurance Law,
				section
				2102(a)(1) for the
				purposes of that sale; or
(e) to
				renewals, except that if the purchaser requests more information about the
				producer's compensation less than 30 days prior to a renewal or less than 30
				days after a renewal, the insurance producer shall disclose to the purchaser in
				a prominent writing the information required by section
				30.3(b) 
				of this Part within five business days.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 30 - Producer Compensation Transparency › Section 30.6 - Obligations of an authorized insurer

Current through Register Vol. 46, No. 28, July 10, 2024
The amount of any compensation that an authorized insurer or
				  its agent pays to an insurance producer shall be maintained by the insurer in
				  accordance with Part 243 (Regulation 152) of this Title.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 30 - Producer Compensation Transparency › Section 30.7 - Conformity with other laws

Current through Register Vol. 46, No. 28, July 10, 2024
Nothing in this Part shall be construed in a manner
				  inconsistent with, or in violation of, Insurance Law sections 2119, 2324, 4224,
				  or other provisions of the Insurance Law and regulations promulgated
				  thereunder.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 31 - Summary Suspension Of Insurance Law Licenses › Section 31.1 - Summary suspensions: general provisions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) When the Superintendent of Insurance
				finds that public health, safety or welfare imperatively requires emergency
				action, and incorporates a finding to that effect in such order, summary
				suspension of a license may be ordered, effective on the date specified in such
				order or upon service of a certified copy of such order on the licensee,
				whichever shall be later, pending proceedings for revocation or other
				action.
(b) An order of summary
				suspension may be served prior to, simultaneously with, or after the
				commencement of a proceeding seeking the suspension or revocation of a
				license.
(c) The order of summary
				suspension shall be served upon the holder of a license, either by personal
				service or in the manner prescribed by section 303  of the Insurance Law and in
				accordance with section 401 of the State Administrative Procedure
				Act.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 31 - Summary Suspension Of Insurance Law Licenses › Section 31.2 - Notice and hearing: time limitations and other procedural requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Where an order
				of summary suspension has been issued and served prior to the institution of
				departmental disciplinary proceedings seeking the suspension or revocation of a
				license, a formal notice instituting such proceedings shall be served upon the
				licensee/respondent named therein within 10 days following the service of the
				summary suspension order. Such notice of proceeding shall provide that the
				hearing be scheduled to commence at least 10 days and not more than 14 days
				after service of such notice. The licensee/respondent may make written
				application at any time for a hearing seeking relief from the suspension order
				and such hearing shall be held within five days from the date of receipt of
				such request by the department. Such application for relief shall be determined
				within five days after the close of the hearing relating to that
				issue.
(b) Where an order of
				suspension has been issued and served simultaneously with the service of the
				notice of disciplinary proceeding, such hearing shall be scheduled to commence
				at least 10 days and not more than 14 days thereafter. The licensee/respondent
				may make written application at any time for a hearing seeking relief from the
				suspension order, and such hearing shall be held within five days from the date
				of receipt of such request by the department. The determination of such
				application for relief shall be determined within five days after the close of
				the hearing relating to that issue.
(c) In the event the order of suspension is
				issued and served after the disciplinary proceeding has commenced, the
				licensee/respondent may make written application at any time for a hearing
				seeking relief from the suspension order and such hearing shall be held within
				five days from the date of receipt of such request by the department. The
				determination of such application for relief shall be determined within five
				days after the close of the hearing relating to that issue.
(d) The aforesaid hearings shall be conducted
				in an expeditious manner and applications for adjournments shall be granted
				only upon a showing of good cause.
(e)
(1) The
				hearing officer shall render the decision in the disciplinary hearing within 10
				days from the date of the close of such hearing and the receipt of the minutes
				pertaining to same. Failure to do so shall cause the order of summary
				suspension to be deemed vacated.
(2) If a request is made by the
				licensee/respondent to submit a brief or memorandum in connection with the said
				disciplinary hearing and such request is granted, the aforesaid 10-day period
				to render a decision shall commence to run after receipt by the hearing officer
				of such brief or memorandum.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 32 - Reinsurance Intermediaries › Section 32.0 - Introduction

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Section 2106 (e)  of the Insurance
				Law provides that licensed reinsurance intermediaries shall be subject to
				examination by the superintendent as often as he may deem it expedient and that
				the superintendent may promulgate regulations establishing methods and
				procedures for facilitating and verifying compliance with the requirements of
				sections 2101 and 2120; section 2120(b) provides that every reinsurance
				intermediary acting as such in this State shall be responsible, in a fiduciary
				capacity, for all funds received or collected in such capacity, and shall not,
				without the express consent of his or its principal or principals, mingle any
				such funds with his or its own funds held by him or it in any other
				capacity.
(b) This Part is
				promulgated to implement the provisions of sections 2106(a) and 2120(b) and (c)
				by establishing criteria, methods and procedures for facilitating and verifying
				compliance with said subsections.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 32 - Reinsurance Intermediaries › Section 32.1 - Verification of coverage and disclosure

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1)
				Where the reinsurance intermediary acts in procuring reinsurance for a licensed
				ceding insurer or accepting reinsurance for a licensed assuming insurer, such
				intermediary shall have written evidence from such insurer of authority to
				procure or accept specified types of reinsurance, and the scope of such
				authority.
(2) The written evidence
				shall be executed by a responsible officer of the insurer granting the
				authority and shall include:
(i) the name of
				insurer(s);
(ii) the kinds of
				insurance;
(iii) the type of
				reinsurance or retrocessions;
(iv)
				the limits of coverage; and
(v) the
				effective date and expiration date of the authority.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 32 - Reinsurance Intermediaries › Section 32.2 - Books and records of reinsurance intermediaries

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For at least 10 years after expiration of
				each contract of reinsurance transacted by a reinsurance intermediary, such
				reinsurance intermediary shall keep a complete record for each transaction
				showing:
(1) the type of contract, limits,
				underwriting restrictions, classes of risks and territory;
(2) period of coverage, including effective
				and expiration dates, cancellation provisions and notice required of
				cancellation, and disposition of outstanding reserves on covered
				risks;
(3) reporting and settlement
				requirements of balances;
(4) rate
				used to compute the reinsurance premium;
(5) names and addresses of
				insurers;
(6) rates of all
				reinsurance commissions, including the commissions on any retrocessions handled
				by the intermediary;
(7) related
				correspondence and memos;
(8) proof
				of placement;
(9) details regarding
				retrocessions handled by the intermediary, including the identity of
				retrocessionaires and their percentage of each contract assumed;
(10) financial records, including but not
				limited to premium and loss accounts; and
(11) copies of the evidence required under
				section
				32.1(b)(1)-(2) 
				of this Part.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 32 - Reinsurance Intermediaries › Section 32.3 - Fiduciary responsibility of reinsurance intermediaries

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every person, firm, association or
				corporation acting as reinsurance intermediary in this State, is responsible as
				a fiduciary for funds received by such reinsurance intermediary, in such
				capacity. All such funds shall be held in accordance with the following rules:
(1) A reinsurance intermediary shall deposit
				funds received in one or more appropriately identified accounts in a bank or
				banks duly authorized to do business in this State, from which no withdrawals
				shall be made except as hereinafter specified (any such account is hereinafter
				referred to as "a premium and loss account"). A licensed nonresident
				reinsurance intermediary may use a bank not authorized to do business in this
				State, provided such bank is a member of the Federal Reserve System.
(2) Deposits in a premium and loss account in
				excess of aggregate funds received but not remitted may be made to maintain a
				minimum balance, to guarantee the adequacy of the account, or to pay funds due
				but uncollected (any deposit is hereinafter referred to as "a voluntary
				deposit").
(3) No withdrawals from
				a premium and loss account shall be permitted except as follows: for payment or
				return of premiums, commission due others, losses to insurers or other parties
				entitled thereto, interest, if the principals have consented thereto in
				writing, the intermediary's commissions, and voluntary deposits, provided that
				no withdrawal of voluntary deposits may be made if the balance remaining in the
				premium and loss account thereafter is less than aggregate net premiums,
				commissions due other and losses received but not remitted. In computing
				aggregate net premiums, offsets from different principals shall not be
				permitted.
(4) Deposit of a premium
				in a premium and loss account shall not be construed as a commingling of the
				net premium and of the commission portion of the premium.
(5) In the case of a reinsurance intermediary
				dealing with more than one insurer, maintenance at all times in one or more
				premium and loss accounts of at least the net balance of funds received but not
				remitted shall be construed as compliance with this Part, provided that the
				funds so held for each such principal are reasonably ascertainable from the
				books of accounts and records of such reinsurance intermediary.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 32 - Reinsurance Intermediaries › Section 32.4 - General provisions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				term reinsurance as used in this Part shall apply to all forms of reinsurance
				coverage.
(b) Before a ceding
				insurer of its representative pays any premiums or fees to any reinsurance
				intermediary, such ceding insurer shall obtain evidence that the requirements
				of section
				32.1(a)-
				(c), (e)-(f)  of this Part have been complied
				with.
(c) The provisions of this
				Part apply to any person, firm, association or corporation acting as a
				reinsurance intermediary in this State.
(d) In the case of an insurance agent or
				insurance broker acting as a reinsurance intermediary in this State, such
				insurance agent or insurance broker shall be required to maintain a premium and
				loss account(s) separate from its premium account(s), required pursuant to
				Regulation 29 (11 NYCRR Part 20).
(e) The provisions of this Part shall not
				apply to the manager of a group, association or organization of insurers which
				engage in joint underwriting or joint reinsurance pursuant to the provisions of
				section 2317  of the Insurance Law, provided, such
				manager applies to and is granted an exemption by the superintendent.
(f) If any provision of this Part or the
				application thereof to any person or circumstances is held unauthorized by law,
				the remainder of this Part and the application of such provision to other
				persons or circumstances shall not be affected thereby.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 33 - Managing General Agents › Section 33.0 - Preamble

Current through Register Vol. 46, No. 28, July 10, 2024
Some insurance companies have entered into contracts with
				  individuals or organizations, commonly referred to as managing general agents
				  or managers, to manage all or part of their insurance business. This may
				  represent a shifting of an insurance company's responsibilities to a person,
				  firm, association or corporation outside of its organization. This Part is
				  promulgated because the Department of Financial Services is concerned that such
				  delegation of authority has been subject to abuses detrimental to both
				  insurance companies and insureds.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 33 - Managing General Agents › Section 33.1 - Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
This Part shall apply to all insurers that enter into
				  contracts with managing general agents as defined in section
				  33.2(c) 
				  of this Part. Sections
				  33.3(c),
				  33.5
				  and
				  33.6  of this
				  Part are effective January 1, 2002.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 33 - Managing General Agents › Section 33.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this Part, the following terms shall have the
				  following meanings:
(a)
Insurer
means an authorized insurer as defined in section 107 (a)(10)  of the Insurance
				Law, and, for purposes of this Part, shall also include every group,
				association or other organization of insurance companies that engages in joint
				underwriting or joint reinsurance in accordance with section 2317 (a)  of the Insurance
				Law.
(b)
Domestic
				insurer
shall have the same meaning as set forth in Insurance Law,
				section
				107(a)(19), and shall also
				include every group, association or other organization of insurance companies
				that engages in joint underwriting or joint reinsurance if such group,
				association or other organization has its principal office in this
				State.
(c)
Managing general
				agent (MGA)
means any person, firm, association, corporation or other
				entity that:
(1)
(i) manages all or part of the insurance
				business of an insurer (including the management of a separate division,
				department or underwriting office);
(ii) acts as an insurance agent as defined in
				section 2101 (a)  of the Insurance
				Law for such insurer, whether known as a managing general agent, manager, or
				other similar term, or acts as an insurance broker as defined in section 2101 (c)  of the Insurance
				Law; and
(iii) with or without the
				authority, either separately or together with affiliates, produces, directly or
				indirectly, and accept or reject risks on behalf of the insurer (underwrites)
				an amount of gross direct written premium equal to or more than five percent of
				the policyholder surplus as reported in the last annual statement of the
				insurer in any one quarter or year together with one or more of the following
				activities related to the business produced:
(a) adjusts or pays claims in excess of
				$25,000; or
(b) negotiates
				reinsurance on behalf of the insurer; or
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 33 - Managing General Agents › Section 33.3 - Requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No insurer
				shall appoint or continue to use the services of an MGA to act for it in this
				State, either directly or indirectly through subagents of the MGA, unless the
				MGA has an insurance agent's license issued by this State to represent said
				insurer for the appropriate kinds of insurance.
(b)
(1) An
				insurer that appoints an MGA to act for it in this State, either directly or
				through subagents of the MGA, shall complete and file the form required by
				subdivision (c) of this section with this department within 30 days of the
				appointment. An amended form shall be filed within 30 days after any change
				including termination of appointment.
(2) A domestic insurer that appoints an MGA
				to act for it in any state or foreign country, shall complete and file the form
				required by subdivision (c) of this section with this department, within 30
				days of the appointment. An amended form shall be filed within 30 days after
				any change, including termination of appointment.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 33 - Managing General Agents › Section 33.4 - Exemptions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The
				provisions of this Part shall not apply to:
(1) a person who is a member of the same
				holding company system (as defined in section
				1501[a][6] of the
				Insurance Law) as the insurer;
(2)
				a person acting as a U.S. manager of a licensed U.S. branch of an alien insurer
				(as defined in section
				107[44] of the Insurance
				Law); and
(3) the attorney-in-fact
				authorized by and acting for the subscribers of a reciprocal insurer or
				inter-insurance exchange under powers of attorney.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 33 - Managing General Agents › Section 33.5 - Required contract provisions

Current through Register Vol. 46, No. 28, July 10, 2024
No person, firm, association or corporation acting in the
				  capacity of an MGA in this State shall place business with an insurer; no
				  insurer shall utilize an MGA in this State; and no domestic insurer shall
				  utilize an MGA outside of this State; unless there is in force a written
				  contract between the parties that sets forth the responsibilities of each
				  party. Where both parties share responsibility for a particular function, the
				  contract shall specify the division of such responsibilities. The contract
				  shall contain the following minimum provisions:
(a) The insurer may terminate the contract
				for cause upon written notice to the MGA. The insurer may suspend the
				underwriting authority of the MGA during the pendency of any dispute regarding
				the cause for termination.
(b) The
				MGA will render accounts to the insurer detailing all transactions and remit
				all funds due under the contract to the insurer on not less than a monthly
				basis.
(c) All funds collected for
				the account of an insurer will be held by the MGA in a fiduciary capacity in
				accordance with section
				20.3 
				of this Title (Regulation 29). This account shall be used for all payments on
				behalf of the insurer. The MGA may retain no more than three months of
				estimated claims payments and estimated allocated loss adjustment expense
				payments.
(d) Separate records of
				business written by the MGA will be maintained. The insurer shall have access
				and right to copy all accounts and records related to its business in a form
				usable by the insurer and the superintendent shall have access to all books,
				bank accounts and records of the MGA in a form usable to the superintendent.
				Such records shall be retained according to Part 243 of this Title (Regulation
				152).
(e) The contract may not be
				assigned in whole or part by the MGA.
(f) The MGA will follow appropriate insurer
				underwriting guidelines, including:
(1) the
				maximum annual premium volume;
(2)
				the basis of the rates to be charged;
(3) the types of risks which may be
				written;
(4) maximum limits of
				liability;
(5) applicable
				exclusions;
(6) territorial
				limitations;
(7) policy
				cancellation provisions; and
(8)
				the maximum policy period.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 33 - Managing General Agents › Section 33.6 - Duties of insurers

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The insurer
				shall have on file an independent financial audit, in a form acceptable to the
				superintendent, of each MGA with which the insurer has done business.
(b) If an MGA establishes loss reserves, the
				insurer shall annually obtain the opinion of an actuary who is a member in good
				standing of the American Academy of Actuaries, attesting to the adequacy of
				loss reserves established for losses incurred and outstanding on business
				produced by the MGA. This opinion shall be in addition to any other required
				loss reserve certification.
(c) The
				insurer shall at least semi-annually conduct an on-site review of the
				underwriting and claims processing operations of the MGA.
(d) Binding authority for all reinsurance
				contracts or participation in insurance or reinsurance syndicates shall rest
				with an officer of the insurer, who shall not be affiliated with the MGA,
				except that the MGA may bind facultative reinsurance contracts pursuant to
				obligatory facultative agreements if the contract with the insurer contains
				reinsurance underwriting guidelines, including, for both reinsurance assumed
				and ceded, a list of reinsurers with which such automatic agreements are in
				effect, the coverages and amounts or percentages that may be reinsured and
				commission schedules.
(e) An
				insurer shall not appoint to its board of directors an officer, director,
				employee, subproducer or controlling shareholder of its MGAs. This subdivision
				shall not apply to relationships governed by article 15, 16, or 17 of the
				Insurance Law, or, if applicable, Subpart 80-2 of this Title (Regulation
				52).
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 34 - Requirements Pertaining To The Location Of An Insurance Agent Or Broker At Each Place Of Insurance Business: Reporting Requirements › Section 34.0 - Preamble

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this Part is to interpret and implement the
				  provisions of section 2129  of the Insurance Law, which requires
				  all insurance agents and insurance brokers who have established one or more
				  places of business to have at least one properly licensed supervising person at
				  each place of business, including the headquarters location. Section 2129 also
				  requires that written notice be given to the Superintendent of Insurance of
				  each satellite office and the identity of the supervising person responsible
				  for each satellite office.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 34 - Requirements Pertaining To The Location Of An Insurance Agent Or Broker At Each Place Of Insurance Business: Reporting Requirements › Section 34.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
Wherever used in this Part:
(a) Agent means an insurance agent as defined
				in Insurance Law section
				2101(a) or a title
				insurance agent as defined in Insurance Law section
				2101(y).
(b) Broker means an insurance broker as
				defined in Insurance Law section
				2101(c).
(c) Place of business means any location in
				this State used by an agent or broker to conduct an insurance
				business.
(d) Headquarters location
				means the address set forth in the agent's or broker's license issued pursuant
				to article 21 of the Insurance Law. Said place of business shall be the main
				office of the agent or broker.
(e)
				Satellite office means any place of business other than the headquarters
				location.
(f) Supervising person
				means any natural person who is a licensed agent or broker and who has been
				deemed or designated to be responsible for and in charge of a headquarters
				location or satellite office.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 34 - Requirements Pertaining To The Location Of An Insurance Agent Or Broker At Each Place Of Insurance Business: Reporting Requirements › Section 34.2 - Appointment of a supervising person

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Each place of business established by any
				agent or broker in New York shall be in the charge of at least one supervising
				person. Only the kinds of insurance for which the supervising person is
				licensed may be transacted at a satellite office. Where a agent or broker
				maintains only one place of business, then said agent or broker, if an
				individual, or any sublicensee or licensed partner, as appropriate, shall be
				deemed to be supervising persons.
(b)
(1) An
				agent licensed pursuant to section 2103 (a)  of the Insurance
				Law must appoint a supervising person who is also licensed pursuant to said
				section or pursuant to section 2104(b)(1)(A).
(2) An agent licensed pursuant to section 2103 (b)  of the Insurance
				Law must appoint a supervising person who is also licensed pursuant to said
				section or licensed pursuant to section 2104(b)(1)(B).
(3) A broker licensed pursuant to section 2104 (b)(1)(A)  of the
				Insurance Law must appoint a supervising person who is also licensed pursuant
				to said section or licensed pursuant to section 2103(a).
(4) A broker licensed pursuant to section 2104 (b)(1)(B)  of the
				Insurance Law must appoint a supervising person who is licensed pursuant to
				said section for the same kinds of insurance or pursuant to section
				2103(b).
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 34 - Requirements Pertaining To The Location Of An Insurance Agent Or Broker At Each Place Of Insurance Business: Reporting Requirements › Section 34.3 - Prohibitions

Current through Register Vol. 46, No. 28, July 10, 2024
No person other than a sublicensee, licensed partner or
				  supervising person may solicit business or otherwise act as an agent or broker
				  in the name of any other agent or broker except as specified in section 2101  of
				  the Insurance Law.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 34 - Requirements Pertaining To The Location Of An Insurance Agent Or Broker At Each Place Of Insurance Business: Reporting Requirements › Section 34.4 - Notice

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Every agent or
				broker that maintains more than one place of business must give written notice
				to the Insurance Department, Licensing Bureau, One Commerce Plaza, Albany, NY
				12257. The notice shall specify the location of each satellite office and the
				supervising person or persons who are responsible for each satellite office.
				The notice must include the license numbers of the agent or broker and the
				supervising person, and shall be signed by the agent and broker, or a
				sublicensee or a licensed partner, where appropriate, and by the supervising
				person.
(b) Such notice must be
				given within 10 days following the establishment of a new location, including
				any change in address of an existing satellite office, or the replacement of a
				supervising person.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 34 - Requirements Pertaining To The Location Of An Insurance Agent Or Broker At Each Place Of Insurance Business: Reporting Requirements › Section 34.5 - Display of license

Current through Register Vol. 46, No. 28, July 10, 2024
In a headquarters location and each satellite office, the
				  establishing agent or broker must prominently display the license or licenses
				  of the supervising person or persons responsible for that place of
				  business.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 35 - Title Insurance: Title Insurance Agents, Aflliated Relationships, And Required Disclosures › Section 35.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a) Affiliated business means title insurance
				business that a title insurance agent or title insurance corporation generates
				from an affiliated person.
(b)
				Affiliated person means an applicant for insurance or a person who acts as an
				agent, representative, attorney, or employee of the owner, lessee, or
				mortgagee, or of the prospective owner, lessee, or mortgagee of real property
				or any interest therein, or the applicant's or other person's spouse, when the
				person or spouse directly or indirectly:
(1)
				owns or controls a title insurance agent;
(2) owns at least five percent of a title
				insurance corporation's securities or otherwise controls the title insurance
				corporation; or
(3) is under common
				control with or is controlled by a title insurance agent or title insurance
				corporation.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 35 - Title Insurance: Title Insurance Agents, Aflliated Relationships, And Required Disclosures › Section 35.2 - Applications

Current through Register Vol. 46, No. 28, July 10, 2024
The forms of applications for licenses to act as a title
				  insurance agent pursuant to Insurance Law section
				  2139 are prescribed as follows: individual
				  and business entity.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 35 - Title Insurance: Title Insurance Agents, Aflliated Relationships, And Required Disclosures › Section 35.3 - Change of contact information

Current through Register Vol. 46, No. 28, July 10, 2024
Every 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 35 - Title Insurance: Title Insurance Agents, Aflliated Relationships, And Required Disclosures › Section 35.5 - Referrals by affiliated persons and required disclosures

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Except as provided in subdivision (c) of
				this section, an affiliated person that directly or indirectly refers an
				applicant for title insurance to a title insurance agent or title insurance
				corporation shall, at the time of making the referral, provide the following
				disclosures pursuant to Insurance Law section
				2113(d) in a separate
				writing to the applicant, and shall obtain written acknowledgement of receipt
				from the applicant:
(1) whether the
				affiliated person has a financial or other interest in the title insurance
				agent or title insurance corporation and whether the affiliated person is
				likely to receive a financial or other benefit as a result of this
				referral;
(2) that the applicant is
				not required to use the services of the title insurance agent or title
				insurance corporation to which the applicant is being referred, and that the
				applicant may shop around to determine whether the applicant is receiving the
				best services and the best rate for the title services;
(3) that any compensation or other thing of
				value paid by the title insurance agent or title insurance corporation to the
				affiliated person is based on that person's financial or other interest in the
				title insurance agent or title insurance corporation and is not related to the
				amount of title insurance business that person refers to the title insurance
				agent or title insurance corporation; and that the payment of such compensation
				or other thing of value does not violate Insurance Law sections
				2324 or
				6409 or, if applicable, RESPA;
(4) that the affiliated person is not
				required to refer a specified amount of title insurance business to the title
				insurance agent or title insurance corporation;
(5) the amount or value of any compensation
				or other thing of value that the affiliated person expects to receive in
				connection with the services to be provided by the title insurance agent or
				title insurance corporation to which the applicant is being referred; provided,
				however, that if the amount or value of any compensation to be disclosed is not
				known at the time that the disclosure is required, then the affiliated person
				shall:
(i) describe the circumstances that
				may determine the receipt and amount or value of the compensation;
				and
(ii) provide a reasonable
				estimate of the amount or value, which may be stated as a range; and
(6) whether the title insurance
				agent or title insurance corporation generates non-affiliated business from
				more than one source.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 35 - Title Insurance: Title Insurance Agents, Aflliated Relationships, And Required Disclosures › Section 35.6 - Disclosure of fees and other charges

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1)
				Every title insurance corporation shall publish on its website its range of
				charges for title insurance and any ancillary or other discretionary fees for
				services related to the title transaction that are not otherwise included in
				the rate of premium approved by the superintendent. The range of charges and
				fees shall be publicly available and accessible in a manner that permits an
				applicant or potential applicant to independently determine the applicable
				charges.
(2) Every title insurance
				agent shall conspicuously post at its place of business and on its website, if
				it has one, its fees for services performed in connection with the issuance of
				a title insurance policy. The title insurance agent shall also provide a copy
				of the fees to an applicant or potential applicant in a written document.
				Pursuant to Insurance Law section
				2119(f), a title insurance
				agent may charge a service fee only for ancillary services not encompassed in
				the rate of premium approved by the superintendent and provided that the fees
				are based upon a written memorandum in accordance with such section and section
				20.6 
				of this Title.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 35 - Title Insurance: Title Insurance Agents, Aflliated Relationships, And Required Disclosures › Section 35.7 - Other disclosures to applicants

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1) With respect to a real property or
				chattels real title insurance policy, a title insurance agent shall furnish a
				title insurance report to the applicant and the applicant's representative at
				least three days prior to the scheduled date of closing; provided, however,
				that if an applicant is represented by an attorney, then a title insurance
				agent shall furnish a title insurance report to the applicant's attorney unless
				the applicant also requests the title insurance report, in which case the title
				insurance agent shall furnish the report to both the applicant and the
				applicant's attorney.
(2) If a
				title insurance agent is unable to deliver a title insurance report at least
				three days prior to closing, then the title insurance agent shall document or
				require documentation of the reasons for the delay.
(3) The report shall display conspicuously
				the following statement, or a statement containing substantially similar
				language, on the first page in bold type:
This report is not a title insurance policy! Please
				  read it carefully.
The report may set forth exclusions under the title
				  insurance policy and may not list all liens, defects, and encumbrances
				  affecting title to the property. you should consider this information
				  carefully.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 35 - Title Insurance: Title Insurance Agents, Aflliated Relationships, And Required Disclosures › Section 35.8 - Use of title insurance closer by title insurance agent and title insurance corporation

Current through Register Vol. 46, No. 28, July 10, 2024
(a) When a
				title insurance corporation engages or retains a title insurance closer at a
				closing, the title insurance corporation shall exercise due diligence to ensure
				that the title closer is competent and trustworthy; provided, however, that if
				the title insurance agent engages the title insurance closer, then the title
				insurance agent shall exercise such due diligence.
(b) The title insurance agent or title
				insurance corporation that engages or retains the title insurance closer shall
				be responsible for the title insurance closer's acts with respect to the
				issuance of a title insurance policy.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 35 - Title Insurance: Title Insurance Agents, Aflliated Relationships, And Required Disclosures › Section 35.9 - Record retention

Current through Register Vol. 46, No. 28, July 10, 2024
Every title insurance agent shall retain any notice or
				  disclosure that is provided pursuant to this Part in accordance with the
				  requirements set forth in Part 20.4 of this Title (Insurance Regulation 29-A)
				  and this Part.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 39 - Minimum Standards For The New York State Partnership For Long-term Care Program › Section 39.0 - Preamble

Current through Register Vol. 46, No. 28, July 10, 2024
The New York State Partnership for Long-Term Care Program,
					 hereafter called the program, was established under chapter 454 of the Laws of
					 1989 and made permanent under chapter 659 of the Laws of 1997. The purpose of
					 the legislation is to offer citizens of New York State who purchase a long-term
					 care insurance policy/certificate qualifying under this Part and who exhaust
					 benefits under such policy/certificate special eligibility for long-term care
					 protection through the New York State Medicaid program. The special eligibility
					 for long term care protection through the New York State Medicaid program may
					 vary depending upon the particular plan design purchased by the
					 insured.