New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter XII - Group Property/casualty Insurance
Part 301 - Purchasing Groups
Section 301.6 - Excess line broker requirement

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 301.6

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

(a) No person, firm, association or corporation, except as specifically permitted by section 2117 of the Insurance Law, shall procure insurance in this State from an unauthorized insurer for a purchasing group or a member of such group, unless such person, firm, association or corporation is:

(1) licensed as an excess line broker pursuant to section 2105 of the New York Insurance Law; and

(2) acting in accordance with section 2118 of the Insurance Law and Part 27 (Regulation No. 41) of this Title.

(b) An excess line broker procuring a liability insurance policy from an unauthorized insurer for a purchasing group or a member of such group shall in such transaction comply with sections 2117, 2118 and 2122 of the Insurance Law and Part 27 (Regulation No. 41) of this Title, in the following manner:

(1) Affidavit by broker or excess line broker. An affidavit by a broker or an excess line broker, evidencing the requisite number of declinations, may be executed and filed by the licensee on behalf of more than one member of a purchasing group, where liability insurance for such members was procured during the 30 days prior to the filing of the affidavit, provided that such affidavit specifies all applicable information required in the affidavit for each such included member.

(2) Affidavit by insured. The required affidavit by the insured shall be executed by and filed for each insured member of the purchasing group.

(c) Pursuant to section 2118 of the Insurance Law, in connection with a purchasing group or a member of such purchasing group, an excess line broker shall not solicit for, or on behalf of, an unauthorized insurer.

(d) Notwithstanding section 2105 of the Insurance Law, any person, firm, association or corporation, acting in this State solely on behalf of a purchasing group or any of its members in obtaining liability insurance, shall not be required to be domiciled or to maintain an office in this State in order to obtain an excess line broker's license for such purpose.

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