This text of New York § 2114 (Life, accident and health insurance agents; commissions) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 2114. Life, accident and health insurance agents; commissions.
(a)\n(1) No insurer or fraternal benefit society doing business in this state\nshall pay any commission or other compensation to any person, firm or\ncorporation, for any services in obtaining in this state any new\ncontract of life insurance or any new annuity contract, except to a\nlicensed life insurance agent of such insurer or of such society or to\nan insurance broker licensed under subparagraph (A) of paragraph one of\nsubsection (b) of section two thousand one hundred four of this article,\nand except to a person described in paragraph two or three of subsection\n(a) of section two thousand one hundred one of this article.\n (2) No agent or other representative of any such life insurer or\nfraternal benefit society
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§ 2114. Life, accident and health insurance agents; commissions. (a)\n(1) No insurer or fraternal benefit society doing business in this state\nshall pay any commission or other compensation to any person, firm or\ncorporation, for any services in obtaining in this state any new\ncontract of life insurance or any new annuity contract, except to a\nlicensed life insurance agent of such insurer or of such society or to\nan insurance broker licensed under subparagraph (A) of paragraph one of\nsubsection (b) of section two thousand one hundred four of this article,\nand except to a person described in paragraph two or three of subsection\n(a) of section two thousand one hundred one of this article.\n (2) No agent or other representative of any such life insurer or\nfraternal benefit society shall pay any commission or other compensation\nto any person for any services of the kind specified in paragraph one\nhereof, except to a licensed life insurance agent of such insurer or of\nsuch society as the case may be.\n (3) No insurer, fraternal benefit society or health maintenance\norganization doing business in this state and no agent or other\nrepresentative thereof shall pay any commission or other compensation to\nany person, firm, association or corporation for services in soliciting,\nnegotiating or selling in this state any new contract of accident or\nhealth insurance or any new health maintenance organization contract,\nexcept to a licensed accident and health insurance agent of such\ninsurer, such society or health maintenance organization, or to a\nlicensed insurance broker of this state, and except to a person\ndescribed in paragraph two or three of subsection (a) of section two\nthousand one hundred one of this article.\n * (4) Services of the kind specified in this subsection shall not\ninclude the referral of a person to a licensed insurance agent or broker\nthat does not include a discussion of specific insurance policy terms\nand conditions and where the compensation for referral is not based upon\nthe purchase of insurance by such person.\n * NB Repealed September 10, 2029\n (b) If any licensed life insurance agent who or which has received an\napplication for a life insurance or annuity contract is unable after\nreasonable diligence to obtain all or any part of such insurance from\nthe life insurer or insurers which he or it is licensed to represent,\nsuch agent may solicit, negotiate or sell such insurance, to the extent\nto which it is declined by such insurer or insurers, from any other\nauthorized life insurer or insurers, with the consent of the person\nmaking such application; but no such agent shall receive any commission\nor other compensation for his services in connection therewith from any\ninsurer unless he is licensed as agent of such insurer at the time when\nhe receives such compensation.\n