Insurance Regulation
What controlled business limit does New York apply to a producer's license?
Answer and explanation
Answer: C. Section 2103(i) permits the superintendent to refuse or revoke a license where more than ten percent of the aggregate net commissions derive from insurance on related parties. Fifty percent is Florida's general lines figure, and Georgia states its rule as a comparison of volumes rather than a percentage.Source: N.Y. Ins. Law § 2103 — 2103(i), Controlled business limit
More insurance regulation questions
- A licensee proposes to give a consumer's nonpublic personal financial information to a nonaffiliated third party. What does Regulation 169 require first?
- A New York licensee is disciplined by the insurance regulator of another state. What must the licensee do?
- A New York producer advises a client, submits her application, delivers the issued policy, and collects the first premium. Which of these acts is the sale under section 2101?
- 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?
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