N.Y. Comp. Codes R. & Regs. tit. 11 § 28.8

Current through Register Vol. 46, No. 45, November 2, 2024

Section 28.8 - Premium and compensation

(a)

(1) Pursuant to Insurance Law sections 2314 and 6804, a bail agent and an insurer shall not charge, collect, or receive, directly or indirectly, any fee, property, or other compensation or consideration from an indemnitor, principal, or any other person for any service performed or cost or expense incurred with respect to a bail bond other than the premium based on rates in effect.

(2) The out-of-pocket costs for the following shall not be considered premium within the meaning of Insurance Law section 6804(a) and paragraph (1) of this subdivision:

(i) the apprehension and surrender of the principal following a court-ordered warrant;

(ii) the apprehension and surrender of the principal following the documented request of the indemnitor; and

(iii) application for the remission of forfeiture.

(3) No insurer, bail agent, or employee or other representative an insurer shall knowingly charge or demand a rate or receive a premium for a bail bond, which is capped by Insurance Law section 6804, that departs from the rates, rating plans, classifications, schedules, rules and standards in effect on behalf of the insurer or shall issue or make any policy or contract involving a violation thereof.

(b) The duration of the bail bond shall be until there is exoneration. No insurer or bail agent shall charge, collect, or receive a renewal premium for a bail bond.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 28.8

Adopted New York State Register November 20, 2019/Volume XLI, Issue 47, eff. 3/19/2020