Licensing Requirements: Excess line brokers are required to be licensed under New York law. N.Y. Ins. Law § 2105. Any person may be issued an excess line broker’s license provided they
Does the state impose a fiduciary obligation on producers with respect to the handling of client funds (e.g. funds, monies, premiums and return premiums)? Yes. Every insurance agent and broker
May producers both charge a fee and collect a commission in connection with transactions and services provided to a particular client? Producers may charge a fee in addition to or
An insurance producer must provide a mandatory initial disclosure to a purchaser in writing. The disclosure must include: A description of the role of the insurance producer in the sale;
What entities are covered? “Any person or business which conducts business in New York State, and which owns or licenses computerized data which includes private information.” § 899-aa(2). Is there
