NEW YORK STATE
INSURANCE DEPARTMENT

THIRD AMENDMENT TO REGULATION NO. 5
(11 NYCRR 21)

INSURANCE BROKERS AND EXCESS LINE BROKERS

I, Gregory V. Serio, Superintendent of Insurance of the State of New York, pursuant to the authority granted by Sections 201, 301, 2104, and 2105 of the Insurance Law, Chapter 505 of the Laws of 2000, and Chapter 13 of the Laws of 2002, do hereby promulgate the following Third Amendment to Part 21 of Title 11 of the Official Compilation of Codes, Rules and Regulations of the State of New York (Regulation No. 5) to take effect upon publication in the State Register, to read as follows:

(MATTER IN BRACKETS IS DELETED; NEW MATTER IS UNDERLINED)

Section 21.1 and 21.2 of Part 21 are amended to read as to read as follows:

21.1 Original applications and examinations.

(a) The forms of applications for original licenses to act as an insurance broker for life insurance pursuant to section [2104] 2104(b)(1)(A) of the Insurance Law, as an insurance broker for all other kinds of insurance pursuant to section 2104(b)(1)(B) of the Insurance Law, and as an excess line broker pursuant to section 2105 of the Insurance Law are hereby prescribed as follows: individuals; partnerships; corporations; limited liability companies. These forms may be obtained upon request to the Insurance Department, Albany, N.Y. The term "original application" as used in this part means an application for an insurance broker's or excess line broker's initial license.

(b) A separate examination shall be taken and passed by each individual seeking to be a licensee or a sublicensee pursuant to section 2104(b)(1)(A) or pursuant to section 2104(b)(1)(B) of the Insurance Law.

21.2 Renewal applications.

The forms of applications for renewal licenses to act as an insurance broker for life insurance pursuant to section [2104] 2104(b)(1)(A) of the Insurance Law, as an insurance broker for all other kinds of insurance pursuant to section 2104(b)(1)(B) of the Insurance Law, and as an excess line broker pursuant to section 2105 of this Insurance Law are hereby prescribed as follows: individuals, partnerships; corporations; limited liability companies. These forms of applications are furnished to present licensees prior to the expiration of each existing license.

I, Gregory V. Serio, Superintendent of Insurance of the State of New York, do hereby certify that the foregoing is the Third Amendment to Part 21 of Title 11 of the Official Compilation of Codes, Rules and Regulations of the State of New York (Regulation No. 5), promulgated by me on July 23, 2003, pursuant to the authority granted by Sections 201, 301, 2104, and 2105 of the Insurance Law, Chapter 505 of the Laws of 2000, and Chapter 13 of the Laws of 2002.

Pursuant to the provisions of the State Administrative Procedure Act, prior notice of the proposed regulation was published in the State Register on May 21, 2003. No other publication or prior notice is required by statute.

______________________________________

Gregory V. Serio
Superintendent of Insurance

 

July 23, 2003