N.Y. Insurance Law § 2128: Commission and fee sharing prohibited

§ 2128. Commission and fee sharing prohibited. (a) Notwithstanding the

provisions of sections two thousand three hundred twenty-four and four

thousand two hundred twenty-four of this chapter, no licensee subject to

this article shall receive any commissions or fees or shares thereof in

connection with insurance coverages placed for or insurance services

rendered to the state, its agencies and departments, public benefit

corporations, municipalities and other governmental subdivisions in this

state, unless such licensee actually placed insurance coverages on

behalf of or rendered insurance services to the state, its agencies and

departments, public benefit corporations, municipalities and other

governmental subdivisions in this state.

(b) The superintendent shall, by regulation, require licensees subject

to this article to file disclosure statements with the department of

financial services and the most senior official of the governmental unit

involved, with respect to any insurance coverages placed for or

insurance services rendered to the state, its agencies and departments,

public benefit corporations, municipalities and other governmental

subdivisions in this state, except that neither a title insurance

corporation nor a title insurance agent shall be required to file a

disclosure statement if an industrial development agency, state of New

York mortgage agency or its successor, or any similar type of entity, is

the named insured under the policy and is a mortgagee with respect to

the property insured.