The Office of General Counsel issued the following opinion on August 24, 2004, representing the position of the New York State Insurance Department.
Re: Certain Requirements for Multi-Year Service Fee Agreements
The New York State Insurance Departments current position regarding the requirements for multi-year service fee agreements remains consistent with the opinion articulated in the Counsels Corner of the Departments May/June 1998 issue of The Bulletin. For additional opinions concerning multi-year service fee agreements and other matters, please see the Insurance Departments web site at: http://www.ins.state.ny.us.
For further information you may contact Senior Attorney Kristian Earl Lynch at the New York City Office.