New York § 2116 Insurance brokers; commissions

New York Statutes

§ 2116 — Insurance brokers; commissions

New York § 2116

Law ISCInsurance

Art. 21Agents, Brokers, Adjusters, Consultants and Intermediaries

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N.Y. Insurance § 2116 (2026).

Text

  * § 2116. Insurance brokers; commissions. No insurer authorized to do\nbusiness in this state, and no officer, agent or other representative\nthereof, shall pay any money or give any other thing of value to any\nperson, firm, association or corporation for or because of his or its\nacting in this state as an insurance broker, unless such person, firm,\nassociation or corporation is authorized so to act by virtue of a\nlicense issued or renewed pursuant to the provisions of section two\nthousand one hundred four of this article. For the purposes of this\nsection, "acting as insurance broker" shall not include the referral of\na person to a licensed insurance agent or broker that does not include a\ndiscussion of specific insurance policy terms and conditions and where\nthe compensation fo

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* § 2116. Insurance brokers; commissions. No insurer authorized to do\nbusiness in this state, and no officer, agent or other representative\nthereof, shall pay any money or give any other thing of value to any\nperson, firm, association or corporation for or because of his or its\nacting in this state as an insurance broker, unless such person, firm,\nassociation or corporation is authorized so to act by virtue of a\nlicense issued or renewed pursuant to the provisions of section two\nthousand one hundred four of this article. For the purposes of this\nsection, "acting as insurance broker" shall not include the referral of\na person to a licensed insurance agent or broker that does not include a\ndiscussion of specific insurance policy terms and conditions and where\nthe compensation for referral is not based upon the purchase of\ninsurance by such person.\n * NB Effective until September 10, 2029\n * § 2116. Insurance brokers; commissions. No insurer authorized to do\nbusiness in this state, and no officer, agent or other representative\nthereof, shall pay any money or give any other thing of value to any\nperson, firm, association or corporation for or because of his or its\nacting in this state as an insurance broker, unless such person, firm,\nassociation or corporation is authorized so to act by virtue of a\nlicense issued or renewed pursuant to the provisions of section two\nthousand one hundred four of this article.\n * NB Effective September 10, 2029\n