New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter II - Agents, Brokers And Adjusters
Part 28 - Professional Bail Bond Agents
Section 28.8 - Premium and compensation
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 28.8
Current through Register Vol. 46, No. 12, March 20, 2024
(a)
(1) Pursuant to Insurance Law sections
2314
and
6804, a bail agent and an insurer shall not
charge, collect, or receive, directly or indirectly, any fee, property, or
other compensation or consideration from an indemnitor, principal, or any other
person for any service performed or cost or expense incurred with respect to a
bail bond other than the premium based on rates in effect.
(2) The out-of-pocket costs for the following
shall not be considered premium within the meaning of Insurance Law section
6804(a) and paragraph (1)
of this subdivision:
(i) the apprehension and
surrender of the principal following a court-ordered warrant;
(ii) the apprehension and surrender of the
principal following the documented request of the indemnitor; and
(iii) application for the remission of
forfeiture.
(3) No
insurer, bail agent, or employee or other representative an insurer shall
knowingly charge or demand a rate or receive a premium for a bail bond, which
is capped by Insurance Law section
6804, that departs from the rates, rating
plans, classifications, schedules, rules and standards in effect on behalf of
the insurer or shall issue or make any policy or contract involving a violation
thereof.
(b) The duration of the bail bond shall be until there is exoneration. No insurer or bail agent shall charge, collect, or receive a renewal premium for a bail bond.
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