N.Y. Insurance Law § 5911: Insurance agents, insurance brokers and excess line brokers

§ 5911. Insurance agents, insurance brokers and excess line brokers.

(a) The provisions of article twenty-one of this chapter shall apply to

any risk retention group not chartered and licensed in this state as a

property/casualty insurer but which is doing business in this state. Any

such risk retention group shall for such purposes be deemed to be a

licensed foreign insurer.

(b) If any person, firm, association, or corporation does an act with

respect to a purchasing group or any member thereof, which act if done

with respect to any other person or entity would require that the

person, firm, association, or corporation doing such act be licensed as

an insurance agent or broker, then such person, firm, association, or

corporation must be appropriately licensed pursuant to this chapter.

(c) Every person, firm, association, or corporation licensed pursuant

to the provisions of article twenty-one of this chapter shall, on

business placed by such licensee with a risk retention group or with an

unauthorized insurer on behalf of a purchasing group or any of its

members, inform each prospective insured of the provisions of the notice

required by subsection (a) of section five thousand nine hundred five of

this article in the case of a risk retention group and subsection (c) of

section five thousand nine hundred nine of this article in the case of a

purchasing group.