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
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 27.11
Current through Register Vol. 46, No. 39, September 25, 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;
(b) An excess line broker is subject to section 2122 (a) of the Insurance Law, which prohibits any advertisement or the making of any public announcement that calls attention to an unauthorized insurer.
(c) An excess line broker shall not solicit for, bind coverage on behalf of, or act as an agent or representative of, an unauthorized insurer, except as provided for in section 27.4 of this Part.
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