2006 New York Code - Excess Line Brokers; Licensing.

 
    §  2105.  Excess  line  brokers; licensing. (a) The superintendent may
  issue an excess line broker's license to any person,  firm,  association
  or  corporation who or which is domiciled or maintains an office in this
  state and is licensed as an insurance broker under section two  thousand
  one  hundred  four  of  this  article, or who or which is licensed as an
  excess line broker in the licensee's home state, provided, however, that
  the applicant's home state grants non-resident licenses to residents  of
  this state on the same basis, except that reciprocity is not required in
  regard to the placement of liability insurance on behalf of a purchasing
  group  or any of its members; authorizing such person, firm, association
  or corporation to procure, subject to the restrictions herein  provided,
  policies of insurance from insurers which are not authorized to transact
  business  in  this  state of the kind or kinds of insurance specified in
  paragraphs four through fourteen, sixteen, seventeen, nineteen,  twenty,
  twenty-two,  twenty-seven  and twenty-eight of subsection (a) of section
  one thousand one hundred thirteen of this chapter and in subsection  (h)
  of  this section, provided, however, that the provisions of this section
  and section two thousand one hundred eighteen of this article shall  not
  apply  to  ocean  marine  insurance  and  other  contracts  of insurance
  enumerated in subsections (b)  and  (c)  of  section  two  thousand  one
  hundred  seventeen  of  this  article.  Such license may be suspended or
  revoked by the superintendent whenever in his judgment  such  suspension
  or  revocation  will  best  promote  the interests of the people of this
  state.
    (b) Before the superintendent issues  any  such  license  or  renewal,
  there  shall  be  filed in the superintendent's office an application by
  the person, firm, association or corporation desiring such  license,  in
  such  form or forms, and supplements thereto, and containing information
  the  superintendent  prescribes.   For   each   business   entity,   the
  sub-licensee   or  sub-licensees  named  in  the  application  shall  be
  designated responsible for the business  entity's  compliance  with  the
  insurance  laws, rules and regulations of this state. A person or entity
  licensed as an excess line broker in his, her  or  its  home  state  may
  receive a non-resident excess line broker license pursuant to subsection
  (a) of this section with the submission of the application.
    (c)  (1)  At  the  time of application for every such license, and for
  every renewal, each applicant shall pay the superintendent the following
  fees:
    (A) Two hundred dollars for each year or fraction of a year in which a
  license shall be valid, if the applicant maintains an office in, or acts
  as an excess line broker in placing insurance on risks located  in,  any
  county in this state having a population of one hundred thousand or more
  inhabitants.
    (B) Twenty-five dollars for each year or fraction of a year in which a
  license shall be valid in all other cases.
    (2)  The  population  of  any  county  shall be determined by the most
  recent official census, whether by the United States or by this state.
    * (d) Every license issued pursuant to this section  shall  be  for  a
  term   expiring   on  the  thirty-first  day  of  October  of  the  year
  corresponding with the expiration of the qualifying broker  license  and
  may  be  renewed  for  the ensuing period of twenty-four months upon the
  filing of an application in conformity with subsection  (b)  hereof  and
  paying the fee prescribed by subsection (c) hereof.
    * NB Effective until January 1, 2007
    * (d)  Every  license  issued  pursuant to this section shall be for a
  term expiring with the expiration of the qualifying broker  license  and
  may  be  renewed  for  the ensuing period of twenty-four months upon the
  filing of an application in  conformity  with  subsection  (b)  of  this
  section and paying the fee prescribed by subsection (c) of this section.
    * NB Effective January 1, 2007
    (e)  Any  such  license  issued  to a firm, association or corporation
  shall authorize as sub-licensee only  the  sub-licensees  named  in  its
  license  as  insurance  broker,  and  each  such  sub-licensee  may  act
  thereunder only in the name of and on behalf of the licensee.
    (g) The superintendent may issue a  replacement  for  a  currently  in
  force  license which has been lost or destroyed. Before such replacement
  license shall be issued, there shall be on file in  the  office  of  the
  superintendent  a  written  application  for  such  replacement license,
  affirming under penalty of perjury that the original  license  has  been
  lost or destroyed, together with a fee of fifteen dollars.
    (h)  Pursuant to subsection (a) of this section, an excess line broker
  may procure policies of insurance from insurers which are not authorized
  to transact business in this state for personal accident  insurance  and
  accident disability insurance, in which the insured is a non-resident of
  this  state,  and the nature of the risk to be insured is related to the
  operation of  motor  vehicles  at  high  speeds  for  the  enjoyment  of
  spectators,  is  unusual  and  difficult to place and where such broker,
  after diligent effort, could not procure substantially similar  coverage
  from an insurer authorized to do business in this state.