New York excess line placements governing standards and producer compensation transparency (Part 27 = Regulation 41; Part 30 = Regulation 194): 11 NYCRR Parts 27 and 30
Edition and licensing notes
Publisher. New York State Department of State, Division of Administrative Rules - Official Compilation of Codes, Rules and Regulations of the State of New York (NYCRR). Served for free public access at govt.westlaw.com/nycrr by Thomson Reuters under contract with the Department of State, which manages NYCRR; the site's own footer names the Department of State as its principal.
Edition. Every section of Parts 27 and 30 prints "Current through September 30, 2021". That is the publisher's own currency stamp, printed at the foot of each section, and it is the date of the most recently produced official hardcopy NYCRR supplement covering the volume the section sits in, not the date of the text. See the note: sections in this corpus carry text adopted after their own stamp.
Status. US state regulation; public domain.
What this document is
11 NYCRR Parts 27 and 30 - New York excess line placements governing standards and producer compensation transparency (Part 27 = Regulation 41; Part 30 = Regulation 194) is a regulation published by New York State Department of State, Division of Administrative Rules - Official Compilation of Codes, Rules and Regulations of the State of New York (NYCRR). Served for free public access at govt.westlaw.com/nycrr by Thomson Reuters under contract with the Department of State, which manages NYCRR; the site's own footer names the Department of State as its principal.. It is one of the New York documents that insurance license exam questions are written from, including new york property & casualty, new york personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.
Sections cited in practice questions
Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.
- 11 NYCRR 30.3(a) (Disclosure of producer compensation, ownership interests and role in the insurance transaction)
“(a) Except as provided in section 30.5 of this Part, an insurance producer selling an insurance contract shall disclose the following information to the purchaser orally or in a prominent writing at or prior to the time of application for the insurance contract: (1) a description of the role of the...”
- 11 NYCRR 27.15(e) (Advice to insureds and evidence of coverage; notice of the insurer's status)
“(e) No insurance policy or contract of insurance placed with an unauthorized insurer shall be binding upon the insured, and no premium charged therefor shall be due and payable, until the excess line broker has provided, or caused to be provided by the producing broker, written notice to the...”
- N.Y. Comp. Codes R. & Regs. tit. 11, Sec. 27.15(e) (Advice to insureds and evidence of coverage; notice before a policy placed with an unauthorized insurer binds the insured)
“No insurance policy or contract of insurance placed with an unauthorized insurer shall be binding upon the insured, and no premium charged therefor shall be due and payable, until the excess line broker has provided, or caused to be provided by the producing broker, written notice to the insured that:”
Practice this material
Questions about this source
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