Insurance Regulation
When may a licensee receive a share of the commission on insurance placed with a governmental entity under section 2128?
Answer and explanation
Answer: A. Section 2128 conditions the commission or fee on the licensee having actually placed the coverage on behalf of, or rendered insurance services to, the governmental entity, and requires disclosure statements to be filed with the department and the governmental unit. Holding a licence, a broker's consent and notice to the insurer do not satisfy the section.Source: N.Y. Ins. Law § 2128 — § 2128(a)
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