2020 New York Laws
ISC - Insurance
Article 21 - 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.
  * NB Effective until February 15, 2021
  * (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,  thirty-one, and thirty-two 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.
  * NB Effective February 15, 2021
  (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.