Insurance Regulation
Whom does New York's definition of an insurance producer cover?
Answer and explanation
Answer: D. Section 2101(k) defines an insurance producer as an insurance agent, title insurance agent, insurance broker, reinsurance intermediary, excess lines broker, or any other person required to be licensed. The term is an umbrella over several license types rather than a synonym for agent or broker, and receiving commission does not by itself supply the definition.Source: N.Y. Ins. Law § 2101 — 2101(k), Insurance producer
More insurance regulation questions
- What penalty does section 2324 attach to each rebating violation?
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- When may a licensee receive a share of the commission on insurance placed with a governmental entity under section 2128?
- When must a licensee give a customer the initial privacy notice required by Regulation 169?
- Where a business entity licence is issued to a firm or corporation in New York, who answers for its compliance with the insurance laws?
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