New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter II - Agents, Brokers And Adjusters
Part 27 - Excess Line Placements Governing Standards
Section 27.17 - Assessment policies

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 27.17

Current through Register Vol. 46, No. 12, March 20, 2024

(a) If an insurance policy placed by the excess line broker with an unauthorized insurer contains assessment provisions, the excess line broker or producing broker shall notify the insured.

(b) Each insurance policy placed with an unauthorized insurer by an excess line broker shall contain a clear statement describing any liability of the policyholder for the payment of the policyholder's proportionate share of any deficiency or impairment as provided by law within the limit provided by the policy.

(c) Every assessment policy placed with an unauthorized insurer by an excess line broker shall bear across its face a statement clearly showing that the policy is an assessment policy and that the policyholder may be subject to a liability for assessment as set forth in the policy.

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