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

New York § 5911

• Jurisdiction: New York
• Law ISC: Insurance
• Art. 59: Risk Retention Groups and Purchasing Groups

Text

§ 5911. Insurance agents, insurance brokers and excess line brokers.\n(a) The provisions of article twenty-one of this chapter shall apply to\nany risk retention group not chartered and licensed in this state as a\nproperty/casualty insurer but which is doing business in this state. Any\nsuch risk retention group shall for such purposes be deemed to be a\nlicensed foreign insurer.\n (b) If any person, firm, association, or corporation does an act with\nrespect to a purchasing group or any member thereof, which act if done\nwith respect to any other person or entity would require that the\nperson, firm, association, or corporation doing such act be licensed as\nan insurance agent or broker, then such person, firm, association, or\ncorporation must be appropriately licensed pursuant to this chapter.\n (c) Every person, firm, association, or corporation licensed pursuant\nto the provisions of article twenty-one of this chapter shall, on\nbusiness placed by such licensee with a risk retention group or with an\nunauthorized insurer on behalf of a purchasing group or any of its\nmembers, inform each prospective insured of the provisions of the notice\nrequired by subsection (a) of section five thousand nine hundred five of\nthis article in the case of a risk retention group and subsection (c) of\nsection five thousand nine hundred nine of this article in the case of a\npurchasing group.\n