New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter II - Agents, Brokers And Adjusters › Part 28 - Professional Bail Bond Agents › Section 28.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
In this Part:
(a)
Bail
shall have the meaning set forth in Criminal Procedure
				Law section 500.10.9.
(b)
Bail agent
means a person, firm, or corporation, or any
				officer or employee thereof, licensed under Insurance Law section
				6802.
(c)
Bail agreement
means an
				agreement between a principal or indemnitor and a bail agent to provide
				bail.
(d)
Bail
				bond
shall have the meaning set forth in Criminal Procedure Law
				section 500.10.13.
(e)
Cash
				bail
shall have the meaning set forth in Criminal Procedure Law
				section 500.10.10.
(f)
Charitable bail organization
means an entity as described in
				Insurance Law section
				6805(a)(1).
(g)
Collateral
means any
				property pledged as a guarantee for the issuance of a bail bond.
(h)
Compensation
means
				anything of value, including money, credits, loans, interest on premium,
				forgiveness of principal or interest, trips, prizes, or gifts.
(i)
Durable medium
means a
				medium for maintaining a record where the properties of such medium provide
				reasonable assurances against tampering with the information contained in the
				original and degradation of any reproduction generated, and where the
				reproduction is an exact copy of the original. The medium may include paper;
				facsimile; or photographic, micrographic, magnetic, optical, mechanical, or
				electronic media.
(j)
Exoneration
means the release in writing by the court of the
				insurer's obligation on a bond.
(k)
Forfeiture
means a court order that the bail shall be paid due
				to the failure of the principal to appear before the court, without sufficient
				excuse, when required or failure of the principal to render himself or herself
				amenable to the orders and processes of the court wherein the bail has been
				posted.
(l)
Headquarters
				location
means the address set forth in the bail agent's license
				issued pursuant to Insurance Law section
				6802.
(m)
Indemnitor
means a
				person who pays the bail bond premium or pledges collateral.
(n)
Indemnity agreement
means the contract between the insurer, bail agent and the indemnitor pursuant
				to which the indemnitor undertakes and agrees to indemnify the insurer against
				loss arising from forfeiture of bail.
(o)
Insurer
means an insurer
				authorized in this State to write fidelity and surety insurance as defined in
				Insurance Law section
				1113(a)(16).
(p)
Out-of-pocket cost
means
				the actual amount paid for an item or service.
(q)
Place of business
means
				any location in this State used by a bail agent to conduct bail
				business.
(r)
Principal
shall have the meaning set forth in Criminal
				Procedure Law section 500.10.1.
(s)
Remission
means the cancellation of a forfeiture following the
				procedure set forth in Criminal Procedure Law section
				540.30.
(t)
Satellite office
means
				any place of business other than the headquarters location.
(u)
Supervising person
means
				any natural person who is a licensed bail agent and who has been deemed or
				designated to be responsible for and in charge of a headquarters location or
				satellite office.