2012 New York Consolidated Laws
ISC - Insurance
Article 21 - (2101 - 2137) AGENTS, BROKERS, ADJUSTERS, CONSULTANTS AND INTERMEDIARIES
2105 - 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 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,  twenty-eight  and thirty-one 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  or  her  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 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. In the case
  of  a  license issued to a new applicant, the superintendent may issue a
  license for a term of more than two years, provided however,  such  term
  shall not exceed thirty months.
    (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.
    (i) Pursuant to subsection (a) of this section, an excess line  broker
  may  procure  policies of salary protection insurance from insurers that
  are not authorized to transact business in this state.