N.Y. ISC Law § 2116
This is the official text of N.Y. ISC Law § 2116, part of New York’s ISC Law — part of the compiled statutory law of New York, published by the state as "ISC Law." Browse the sections below, each linked to its official government source.
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Insurance brokers; commissions
Official statutory 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 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
Status: in_force · Read it on the official government site
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