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

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 27.16

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

(c) Any unauthorized insurer, affiliated with an authorized insurer, that maintains an office in this State pursuant to section 1101(b)(5) of the New York State Insurance Law, shall notify the superintendent of the address and telephone number of every such address and the name, title, address, telephone number and e-mail address of a person who has the authority to respond to inquiries from the superintendent. The insurer shall provide the information within 15 business days of the date of the establishment of the office. Any change in this information shall be submitted to the superintendent when it occurs.

Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.