N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 80-2.3

Current through Register Vol. 46, No. 51, December 18, 2024

Section 80-2.3 - Disclosure of producer and insurer relationship

(a) This section applies to:

(1) a licensed controlling producer in regard to insurance business with a controlled insurer; or

(2) Any other licensed producer that is a parent or an affiliate of an authorized property/casualty insurance company in regard to insurance business placed with that insurer.

(b) Prior to the effective date of a policy issued or issued for delivery or renewed in this State, a licensed producer, as described in subdivision (a) of this section, shall deliver to the prospective insured written notice disclosing the relationship between the insurer and the producer. The notice shall state that the insured will not receive any special benefit or advantage because of that relationship.

(c) If the business is placed through a subproducer, the producer may delegate the performance of the requirements specified in subdivision (b) of this section, to the subproducer, but shall remain responsible for compliance if the subproducer does not comply.

N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 80-2.3