Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
Insurance agents and brokers; acquisition by premium finance agencies of premium finance agreements
§ 566. Insurance agents and brokers; acquisition by premium finance
agencies of premium finance agreements. 1. An insurance agent or broker
may be licensed as a premium finance agency in accordance with this

2. Notwithstanding any contrary provisions of the personal property
law, banking law or other law:

(a) No premium finance agency, and no employee of such an agency shall
pay, allow or offer to pay or allow in any manner whatsoever to an
insurance agent or broker or any employee of an insurance agent or
broker, or to any other person, either as an inducement to the financing
of any insurance policy with the premium finance agency or after any
such policy has been financed, any rebate whatsoever, either from the
service charge for financing specified in the premium finance agreement
or otherwise, or shall give or offer to give any valuable consideration
or inducement of any kind directly or indirectly, other than an article
of merchandise not exceeding one dollar in value which shall have
thereon the advertisement of the premium finance agency, but a premium
finance agency may purchase or otherwise acquire a premium finance
agreement, provided that it conforms to this article in all respects,
from an insurance agent or broker or another premium finance agency with
recourse against the agent, broker or agency on such terms and
conditions as may be mutually agreed upon; and

(b) No filing of the assignment or notice thereof to the insured shall
be necessary to the validity of the written assignment of a premium
finance agreement as against creditors or subsequent purchasers,
pledgees or encumbrances of the assignor.