New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter VIII - Employee Welfare Funds
Part 202 - Compensation To Agents And Fees Or Other Allowances Payable For Individual Life Insurance Issued On A Mass Merchandising Basis Under Plans Sponsored By
Section 202.3 - Fees or other allowances
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 202.3
Current through Register Vol. 46, No. 39, September 25, 2024
An insurer shall not make any payment of fees or allowances of whatever nature, and by whatever name, to any person, firm or corporation in connection with the sale or administration of policies covered by this Part other than commissions to an insurance agent or general agent, except in reimbursement for the reasonable value of one or both of the following services performed on behalf of the insurer:
(a) maintaining essential employee records; and
(b) billing premiums.
In no event shall any payment for the above services exceed the estimated cost to the insurer of performing such services itself.
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