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The Office of General Counsel issued the following opinion on July 5, 2005, representing the position of the New York State Insurance Department.

Re: Sale of Book of Business.

Question Presented:

Does the New York State Insurance Law contain a formal procedure pertaining to the sale of one insurance agency’s book of business to another insurance agency?

Conclusion:

No. The New York Insurance Law does not contain a formal procedure pertaining to the sale of one insurance agency’s book of business to another.

Facts:

Since this was a general question, no additional facts were furnished.

Analysis:

The New York State Insurance Law does not contain a formal procedure pertaining to the sale of one insurance agency’s book of business to another insurance agency. However, if there is any change in a licensee's name or its sublicensees that may be part of the sale, then this change must be reported to the Licensing Bureau of this Department.

For further information you may contact Associate Attorney Pascale Jean-Baptiste at the New York City Office.

Department of Financial Services

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