N.Y. Comp. Codes R. & Regs. tit. 11 § 27.21

Current through Register Vol. 46, No. 51, December 18, 2024

Section 27.21 - Recordkeeping requirements

(a) For each insurance policy procured by an excess line broker pursuant to section 2118 of the Insurance Law and this Part, when the insured's home state is this State, the excess line broker shall retain, for a period of no less than five years after policy expiration, copies of all affidavits required by section 27.5 of this Part and a complete and separate record showing:

(1) the exact amount of each kind of insurance procured;

(2) the gross premiums for each kind of insurance;

(3) the amount of premiums returned to the insured for each kind of insurance;

(4) the name of the unauthorized insurer or insurers that issued the policy and, in the case of a placement with Lloyd's, the names and the separate participation and proportionate premium of each such underwriter;

(5) the effective date of the policy;

(6) the material terms of the policy or a complete copy of any policy required by section 27.10(b) of this Part;

(7) the basis for premium tax allocation, if any;

(8) a copy of the notice required in section 27.17(e) of this Part;

(9) the cities and villages within this State in which the insured risks are located or resident; and

(10) in the case of fire insurance coverage, the name of the city, village, fire district or fire protection district in which the insured property is located.

(b) Where group insurance is permitted, the records required by subdivision (a) of this section shall be maintained on both a group and an individual basis.

(c) An excess line broker licensed pursuant to section 5911(c) of the Insurance Law shall maintain the records required by this section at its principal place of business, when the insured's home state is this State.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 27.21

Amended, New York State Register October 8, 2014/Volume XXXVI, Issue 40, eff.10/8/2014