N.Y. Insurance Law Section 2125
Marine insurance

  • acting as agent, broker or insurer of persons without insurable interest

(a)

No person, firm, association or corporation shall knowingly act as insurance agent or act as insurance broker in this state, or shall as insurer knowingly act in this state, in the sale, solicitation or negotiation, issuance or delivery of any binder, cover note, certificate, policy or other evidence of a contract of marine insurance except on the application and in the name of some person or persons having a bona fide interest, direct or indirect, either in the safe arrival of the vessel in relation to which the contract is made or to be made, or in the safety or preservation of the subject matter insured or to be insured, or except on the application and in the name of some person or persons having a bona fide reasonable expectation of acquiring such an interest.

(b)

No insurance broker or other person, firm, association or corporation not having such a bona fide interest or bona fide expectation of acquiring such an interest, shall knowingly apply for, effect, accept or transfer in this state any such evidence of a contract of marine insurance without having been previously authorized so to do by, or by the authority of, a person, firm, association or corporation having such a bona fide interest or a bona fide expectation of acquiring such an interest.

Source: Section 2125 — Marine insurance; acting as agent, broker or insurer of persons without insurable interest, https://www.­nysenate.­gov/legislation/laws/ISC/2125 (updated Sep. 22, 2014; 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

Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 2125’s source at nysenate​.gov

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