N.Y. Insurance Law Section 2116
Insurance brokers

  • commissions
No insurer authorized to do business in this state, and no officer, agent or other representative thereof, shall pay any money or give any other thing of value to any person, firm, association or corporation for or because of his or its acting in this state as an insurance broker, unless such person, firm, association or corporation is authorized so to act by virtue of a license issued or renewed pursuant to the provisions of § 2104 (Insurance brokers)section two thousand one hundred four of this article. For the purposes of this section, “acting as insurance broker” shall not include the referral of a person to a licensed insurance agent or broker that does not include a discussion of specific insurance policy terms and conditions and where the compensation for referral is not based upon the purchase of insurance by such person. * NB Effective until September 10, 2029 * § 2116

Source: Section 2116 — Insurance brokers; commissions, https://www.­nysenate.­gov/legislation/laws/ISC/2116 (updated Sep. 20, 2024; accessed Oct. 26, 2024).

2101
Definitions 2102
Acting without a license 2103
Insurance agents 2104
Insurance brokers 2105
Excess line brokers 2106
Reinsurance intermediaries 2107
Insurance consultants 2108
Adjusters 2109
Agents and brokers 2110
Revocation or suspension of license of insurance producer, insurance consultant, adjuster or life settlement broker 2111
Revoked licensees 2112
Certificate of appointment of an insurance producer to act as an agent and notice of termination of an insurance producer 2113
Title insurance agent commissions 2114
Life, accident and health insurance agents 2115
Property/casualty insurance agents 2116
Insurance brokers 2117
Acting for or aiding unlicensed or unauthorized insurers or health maintenance organizations 2118
Excess line brokers 2119
Insurance agents, brokers, consultants, life settlement brokers, and title insurance agents 2120
Fiduciary capacity of insurance agents, title insurance agents, insurance brokers and reinsurance intermediaries 2121
Broker authorized to receive premium, when 2122
Advertising by insurance producers 2123
Misrepresentations, misleading statements and incomplete comparisons 2124
Stay or suspension of superintendent’s determination 2125
Marine insurance 2126
Impersonation at examinations prohibited 2127
Penalties for violations 2128
Commission and fee sharing prohibited 2129
Duty to have an agent or broker at each place of business 2130
Excess line association 2131
Limited license for rental vehicle companies, wireless communications equipment vendors and self-service storage companies 2132
Continuing education 2133
Forged insurance identification cards 2134
Change of address 2135
Administration of certain functions 2136
Reciprocity 2137
Life settlement brokers 2138
Health benefit exchange navigators 2139
Title insurance agents 2140
Restrictions on insurance producers procuring immigration bonds
Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Sep. 20, 2024

§ 2116’s source at nysenate​.gov

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