N.Y. Comp. Codes R. & Regs. tit. 11 § 202.1

Current through Register Vol. 46, No. 45, November 2, 2024

Section 202.1 - Definitions

For purposes of this Part:

(a) The term employee welfare fund shall mean the fund as defined in section 4402 (a) of the Insurance Law.

(b) The term union shall mean a labor organization as defined in section 4402 (g) of the Insurance Law.

(c) The term insurance benefits shall mean life insurance provided by individual policies on the lives of eligible individuals, including dependents.

(d) The term mass merchandising shall mean that form of distribution of individual life insurance, which is administered by group methods and underwritten with or without evidence of insurability.

(e) The term commissions shall include all compensation of whatever nature, and by whatever name, payable by an insurer to an insurance agent compensated primarily on a commission basis.

(f) The term fees or other allowances shall include administration fees, service fees or any other payment of a similar character payable by an insurer to an insurance agent or to any other person, firm or corporation.

(g) The term insurer shall include any insurer licensed by this State to provide life insurance benefits.

(h) The term general agent shall mean an agent who is appointed directly by the insurer (other than a local salaried representative of the insurer) who supervises other agents or has the right to appoint them.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 202.1