New York § 2128 Commission and fee sharing prohibited

New York Statutes

§ 2128 — Commission and fee sharing prohibited

New York § 2128

Law ISCInsurance

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

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Bluebook

N.Y. Insurance § 2128 (2026).

Text

§ 2128. Commission and fee sharing prohibited.

(a)Notwithstanding the\nprovisions of sections two thousand three hundred twenty-four and four\nthousand two hundred twenty-four of this chapter, no licensee subject to\nthis article shall receive any commissions or fees or shares thereof in\nconnection with insurance coverages placed for or insurance services\nrendered to the state, its agencies and departments, public benefit\ncorporations, municipalities and other governmental subdivisions in this\nstate, unless such licensee actually placed insurance coverages on\nbehalf of or rendered insurance services to the state, its agencies and\ndepartments, public benefit corporations, municipalities and other\ngovernmental subdivisions in this state.\n (b) The superintendent shall, by regulati

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§ 2128. Commission and fee sharing prohibited. (a) Notwithstanding the\nprovisions of sections two thousand three hundred twenty-four and four\nthousand two hundred twenty-four of this chapter, no licensee subject to\nthis article shall receive any commissions or fees or shares thereof in\nconnection with insurance coverages placed for or insurance services\nrendered to the state, its agencies and departments, public benefit\ncorporations, municipalities and other governmental subdivisions in this\nstate, unless such licensee actually placed insurance coverages on\nbehalf of or rendered insurance services to the state, its agencies and\ndepartments, public benefit corporations, municipalities and other\ngovernmental subdivisions in this state.\n (b) The superintendent shall, by regulation, require licensees subject\nto this article to file disclosure statements with the department of\nfinancial services and the most senior official of the governmental unit\ninvolved, with respect to any insurance coverages placed for or\ninsurance services rendered to the state, its agencies and departments,\npublic benefit corporations, municipalities and other governmental\nsubdivisions in this state, except that neither a title insurance\ncorporation nor a title insurance agent shall be required to file a\ndisclosure statement if an industrial development agency, state of New\nYork mortgage agency or its successor, or any similar type of entity, is\nthe named insured under the policy and is a mortgagee with respect to\nthe property insured.\n