N.Y. Insurance Law § 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.