New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter II - Agents, Brokers And Adjusters
Part 33 - Managing General Agents
Section 33.3 - Requirements
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 33.3
Current through Register Vol. 46, No. 39, September 25, 2024
(a) No insurer shall appoint or continue to use the services of an MGA to act for it in this State, either directly or indirectly through subagents of the MGA, unless the MGA has an insurance agent's license issued by this State to represent said insurer for the appropriate kinds of insurance.
(b)
(1) An
insurer that appoints an MGA to act for it in this State, either directly or
through subagents of the MGA, shall complete and file the form required by
subdivision (c) of this section with this department within 30 days of the
appointment. An amended form shall be filed within 30 days after any change
including termination of appointment.
(2) A domestic insurer that appoints an MGA
to act for it in any state or foreign country, shall complete and file the form
required by subdivision (c) of this section with this department, within 30
days of the appointment. An amended form shall be filed within 30 days after
any change, including termination of appointment.
(c) A filing required by subdivision (b) of this section, relative to the appointment of an MGA, shall be in a form prescribed by the superintendent.
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