N.Y. Comp. Codes R. & Regs. tit. 11 § 25.9

Current through Register Vol. 46, No. 43, October 23, 2024

Section 25.9 - Cancellation of compensation agreement

(a) Every compensation agreement entered into by a public adjuster to adjust losses is subject to the provisions of the Door-to-Door Sales Protection Act (sections 426-431 of the Personal Property Law), pursuant to Insurance Law section 2108(p).

(b) At the time the insured signs the compensation agreement, a completed form, in duplicate, captioned "NOTICE OF CANCELLATION," shall be attached to the compensation agreement and easily detachable. Such form shall consist of, in not less than 12-point type, consistent with Form 3 in section 25.13(c) of this Part. Said form shall be in the same language as that used in the compensation agreement.

(c) The public adjuster shall complete both copies by entering the name of the adjuster, the address of the adjuster's place of business, the date of the transaction and the date, not earlier than the third business day following the date of the transaction, by which the insured may give notice of cancellation.

(d) The public adjuster shall inform each insured orally, at the time the insured signs the compensation agreement, of his or her right to cancel. Until the public adjuster has complied with this section, the insured may cancel the agreement by notifying the public adjuster in any manner and by any means of the insured's intention to cancel. The period prescribed by section 25.8(a) of this Part shall begin to run from the time the public adjuster complies with this section.

(e) A compensation agreement shall not include any confession of judgment or any waiver of any of the rights to which the insured is entitled under this Part, including specifically the right to cancel the agreement in accordance with the provisions of this Part.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 25.9

Amended New York State Register August 11, 2021/Volume XLIII, Issue 32, eff. 10/8/2021