Insurance Regulation
Where a business entity licence is issued to a firm or corporation in New York, who answers for its compliance with the insurance laws?
Answer and explanation
Answer: A. Section 2103(e) makes the named sub-licensees responsible for the business entity's compliance with this state's insurance laws, rules and regulations. Owners generally, the appointing insurer, and outside counsel are not given that duty by the statute.Source: N.Y. Ins. Law § 2103 — § 2103(e)
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