Insurance Regulation
A producer wants to share part of a commission with an unlicensed friend who introduced the client. What does section 2102(e) say?
Answer and explanation
Answer: B. Section 2102(e) stops a person from accepting a commission, service fee, brokerage or other valuable consideration for selling, soliciting or negotiating insurance in this state when that person must be licensed and is not. Relabelling the payment, limiting the friend's role and the client's consent do not cure it.Source: N.Y. Ins. Law § 2102 — § 2102(e)
More insurance regulation questions
- By what date must an insurer file the annual statement of condition on which section 307 solvency oversight rests?
- Does New York ever issue a producer license without a written examination?
- For how long is a business entity producer licence in New York renewed once it is in force?
- For how long must a licensee keep the memorandum recording compensation under section 2119?
- How do individual producer licenses expire in New York?
- How does New York distinguish an independent adjuster from a public adjuster?
621 New York questions like this one.
Every answer explained, the ones you miss come back on a spaced schedule, and a plan built from your exam date.