New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter II - Agents, Brokers And Adjusters
Part 32 - Reinsurance Intermediaries
Section 32.0 - Introduction

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 32.0

Current through Register Vol. 46, No. 39, September 25, 2024

(a) Section 2106 (e) of the Insurance Law provides that licensed reinsurance intermediaries shall be subject to examination by the superintendent as often as he may deem it expedient and that the superintendent may promulgate regulations establishing methods and procedures for facilitating and verifying compliance with the requirements of sections 2101 and 2120; section 2120(b) provides that every reinsurance intermediary acting as such in this State shall be responsible, in a fiduciary capacity, for all funds received or collected in such capacity, and shall not, without the express consent of his or its principal or principals, mingle any such funds with his or its own funds held by him or it in any other capacity.

(b) This Part is promulgated to implement the provisions of sections 2106(a) and 2120(b) and (c) by establishing criteria, methods and procedures for facilitating and verifying compliance with said subsections.

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