Insurance Regulation
For how long must a licensee keep the memorandum recording compensation under section 2119?
Answer and explanation
Answer: B. Section 2119 requires copies of the memorandum to be retained for not less than three years after the services have been fully performed. One year is too short, five years belongs to no part of the section, and the life of the policy is not the measure used.Source: N.Y. Ins. Law § 2119 — § 2119(a)
More insurance regulation questions
- A nonresident New York licensee moves and the new residence becomes a different home state. What does section 2134 add to the change of address duty?
- A person urges a New York resident to apply for a particular kind of insurance from a particular insurer. What is that under section 2101?
- A producer does not repeat a rumour defaming an insurer, but persuades a colleague to spread it. How does section 2604 treat the producer?
- A producer wants to share part of a commission with an unlicensed friend who introduced the client. What does section 2102(e) say?
- A producer's home state licence was cancelled two months ago. Under section 2103(g)(11), may a nonresident New York licence still be issued without examination?
- A purchaser asks for the amount of the producer's compensation three weeks after the policy is issued. What does Regulation 194 require?
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