N.Y. Insurance Law § 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 that 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, thirty-two, thirty-three, and

thirty-four 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 the superintendent's 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.