N.Y. Comp. Codes R. & Regs. tit. 11 § 301.5

Current through Register Vol. 46, No. 50, December 11, 2024

Section 301.5 - Location of a purchasing group

(a) For the purposes of section 5909(a) of the Insurance Law, to determine when liability insurance from an unauthorized insurer for a purchasing group or its member must be obtained through an excess line broker, a purchasing group is located in this State:

(1) with respect to the purchasing group, when there is any solicitation, negotiation, issuance or delivery in this State of such group policy by, to, or on behalf of such group; or

(2) with respect to a member, when there is any solicitation, negotiation, issuance or delivery in this State of such member's policy.

(b) Notwithstanding the above, a purchasing group is not located in this State if, under the provisions of section 2117 of the Insurance Law, the use of an excess line broker is not required.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 301.5