New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter XII - Group Property/casualty Insurance
Part 301 - Purchasing Groups
Section 301.5 - Location of a purchasing group
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 301.5
Current through Register Vol. 46, No. 39, September 25, 2024
(a) For the purposes of section 5909 (a) of the Insurance Law, to determine when liability insurance from an unauthorized insurer for a purchasing group or its member must be obtained through an excess line broker, a purchasing group is located in this State:
(1) with respect to
the purchasing group, when there is any solicitation, negotiation, issuance or
delivery in this State of such group policy by, to, or on behalf of such group;
or
(2) with respect to a member,
when there is any solicitation, negotiation, issuance or delivery in this State
of such member's policy.
(b) Notwithstanding the above, a purchasing group is not located in this State if, under the provisions of section 2117 of the Insurance Law, the use of an excess line broker is not required.
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