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

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 27.14

Current through Register Vol. 46, No. 39, September 25, 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.

(b) Pursuant to section 2121 of the Insurance Law, any unauthorized insurer that delivers in this State to any excess line broker or any insured represented by such broker a contract of insurance pursuant to the application or request of such broker, acting for an insured other than himself or herself, shall be deemed to have authorized such broker to receive on its behalf payment of any premium that is due on such contract at the time of its issuance or delivery or payment of any installment of such premium or any additional premium that becomes due or payable thereafter on such contract, provided such payment is received by such broker within 90 days after the due date of such premium or installment thereof or after the date of delivery of a statement by the insurer of such additional premium.

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