2013 New York Consolidated Laws
ISC - Insurance
Article 21 - (2101 - 2138) AGENTS, BROKERS, ADJUSTERS, CONSULTANTS AND INTERMEDIARIES
2106 - Reinsurance intermediaries; licensing.

 
    §   2106.   Reinsurance   intermediaries;   licensing.   (a)  (1)  The
  superintendent may issue a reinsurance  intermediary's  license  to  any
  person,  firm, association or corporation who or which has complied with
  the requirements of this chapter.
    (2) Any such license issued to a firm or association  shall  authorize
  all  of  the  members  of  such  firm  or association and any designated
  employees to act as reinsurance intermediaries under  the  license,  and
  all  such  persons  shall  be  named  in the application and supplements
  thereto.
    (3) Any such license issued to a corporation shall  authorize  all  of
  the  officers  and any designated employees and directors thereof to act
  as reinsurance intermediaries on behalf of  such  corporation,  and  all
  such persons shall be named in the application and supplements thereto.
    (4)  For each business entity, the officer or officers and director or
  directors named in the application shall be designated  responsible  for
  the  business  entity's  compliance  with  the insurance laws, rules and
  regulations of this state.
    (b) (1) Before a resident reinsurance intermediary's license shall  be
  issued  or  renewed  the prospective licensee shall properly file in the
  office of the superintendent a written application therefor in such form
  or forms and supplements thereto as the superintendent  prescribes,  and
  pay a fee of five hundred dollars for each year or fraction of a year in
  which a license shall be valid.
    (2)  Every  resident  reinsurance  intermediary's  license issued to a
  business  entity  pursuant  to  this  section  shall   expire   on   the
  thirty-first  day of August of even-numbered years. On and after January
  first, two thousand seven, every license issued pursuant to this section
  to an individual resident reinsurance intermediary, and every license in
  effect prior to January  first,  two  thousand  seven  that  was  issued
  pursuant   to   this  section  to  an  individual  resident  reinsurance
  intermediary, who was born in an odd numbered year, shall expire on  the
  individual's  birthday  in  each odd numbered year. On and after January
  first, two thousand seven, every license issued pursuant to this section
  to an individual resident reinsurance intermediary, and every license in
  effect prior to January  first,  two  thousand  seven  that  was  issued
  pursuant   to   this  section  to  an  individual  resident  reinsurance
  intermediary, who was born in an even numbered year, shall expire on the
  individual's birthday in each even numbered year. Every  license  issued
  pursuant  to  this  section  may  be  renewed  for the ensuing period of
  twenty-four months upon the filing of an application in conformity  with
  this subsection.
    (c)  (1) If an application for a renewal license shall have been filed
  with  the  superintendent  before  September  first  of  the   year   of
  expiration,  the  license  sought  to  be renewed shall continue in full
  force and effect either until the issuance by the superintendent of  the
  renewal  license applied for or until five days after the superintendent
  shall have refused to issue such renewal license  and  given  notice  of
  such refusal to the applicant.
    (2) Before refusing to renew any such license the superintendent shall
  notify  the  applicant  of  his  intention  so to do and shall give such
  applicant a hearing.
    (d)  (1)  The  superintendent  may  refuse  to  issue  a   reinsurance
  intermediary's license if, in his judgment, the applicant or any member,
  principal, officer or director of such applicant, is not trustworthy and
  competent  to act as a reinsurance intermediary, or that any controlling
  person of such applicant is not trustworthy  to  act  as  a  reinsurance
  intermediary,  or  that  any  of  the  foregoing  has  given  cause  for

  revocation or suspension of such license, or has failed to  comply  with
  any prerequisite for the issuance of such license.
    (2)  For  the  purposes  of this section a "controlling person" is any
  person who or which directly or indirectly has the power  to  direct  or
  cause  to  be  directed  the  management,  control  or activities of the
  reinsurance intermediary.
    (e) Licensees under this section shall be subject  to  examination  by
  the   superintendent   as  often  as  he  may  deem  it  expedient.  The
  superintendent  may  promulgate  regulations  establishing  methods  and
  procedures   for   facilitating   and   verifying  compliance  with  the
  requirements of this section and sections two thousand one  hundred  two
  and two thousand one hundred twenty of this article.
    (f) (1) (A) The provisions of this section and of section two thousand
  one  hundred two, subsection (a) of section two thousand one hundred ten
  and section two thousand one hundred twenty of this article shall  apply
  to  resident  and  non-resident  reinsurance  intermediaries;  provided,
  however, that the provisions of this subsection  shall  be  specifically
  applicable with respect to non-resident reinsurance intermediaries.
    (B)  A "non-resident reinsurance intermediary" means a person who is a
  non-resident of this state and who is licensed to act as  a  reinsurance
  intermediary in their home state.
    (2) (A) Before a non-resident reinsurance intermediary's license shall
  be  issued  or  renewed, the prospective licensee shall properly file in
  the office of the superintendent a written application therefor in  such
  form  or forms and supplements as the superintendent prescribes, and pay
  a fee of five hundred dollars for each year or fraction  of  a  year  in
  which a license shall be valid.
    (B)  Every non-resident reinsurance intermediary's license issued to a
  business  entity  pursuant  to  this  section  shall   expire   on   the
  thirty-first  day of August of even-numbered years. On and after January
  first, two thousand seven, every license issued pursuant to this section
  to  an  individual  non-resident  reinsurance  intermediary,  and  every
  license  in  effect  prior to January first, two thousand seven that was
  issued  pursuant  to  this  section  to   an   individual   non-resident
  reinsurance  intermediary,  who  was born in an odd numbered year, shall
  expire on the individual's birthday in each odd numbered  year.  On  and
  after  January  first, two thousand seven, every license issued pursuant
  to this section to an individual non-resident reinsurance  intermediary,
  and  every  license in effect prior to January first, two thousand seven
  that was issued pursuant to this section to an  individual  non-resident
  reinsurance  intermediary,  who was born in an even numbered year, shall
  expire on the individual's birthday in each even  numbered  year.  Every
  such license issued pursuant to this subparagraph may be renewed for the
  ensuing  period  of twenty-four months upon the filing of an application
  in conformity with this subsection.
    (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.