N.Y. Comp. Codes R. & Regs. tit. 11 § 27.1

Current through Register Vol. 46, No. 39, September 25, 2024

Section 27.1 - Definitions

For purposes of this Part:

(a)Authorized insurer has the meaning ascribed by section 107 (a)(10) of the Insurance Law.

(b)Residual market facility means an entity established pursuant to article 53, 54 or 55 of the Insurance Law or any other entity mandated by the Legislature to provide an insurance market to residents of this State.

(c)Unauthorized insurer means an insurer that is not an authorized insurer, including:

(1) an underwriting member, syndicate or similar insurance exchange entity not authorized to do an insurance business in this State;

(2) an association of insurance underwriters not authorized to do an insurance business in this State; or

(3) a partnership of insurers not authorized to do an insurance business in this State, each licensed in its domicile and the partnership is duly authorized by its domiciliary jurisdiction to insure risks on a joint and several basis.

(d)Insurance exchange entity means a person, firm, association or corporation, authorized under the laws of any state of the United States other than this State, to underwrite risks of insurance as a member or syndicate of an insurance exchange.

(e)Association of insurance underwriters means a group, association or other organization of insurers that engages in joint underwriting or joint reinsurance.

(f)Excess line association means the Excess Line Association of New York created by section 2130 of the Insurance Law.

(g)Purchasing group has the meaning ascribed by section 5902 (m) of the Insurance Law.

(h)Placement or procurement means the process of negotiating and obtaining coverage, and the date of placement or date of procurement means the earlier of when such coverage is bound or effective.

(i)Home jurisdiction means the jurisdiction where the insurer is domiciled and has been issued or has in force a license or certificate of authority, or is granted a corporate charter, to do an insurance business pursuant to the laws of the jurisdiction.

(j)Lloyd's means Underwriters at Lloyd's, London.

(k)Producing broker means any person, firm, association or corporation who or which acts as an insurance broker, other than the excess line broker, on behalf of the insured.

(l)Special risk insurer means an insurer pursuant to article 63 of the Insurance Law.

(m)Binder has the meaning ascribed by section 2118 (f)(2)(B) of the Insurance Law.

(n)Binding authority has the meaning ascribed by section 2118 (f)(2)(C) of the Insurance Law.

(o)Alien insurer has the meaning ascribed by section 107 (a)(5) of the Insurance Law.

(p)Foreign insurer has the meaning ascribed by section 107 (a)(21) of the Insurance Law.

(q)Exempt commercial purchaser has the meaning ascribed by section 2101 (x)(2) of the Insurance Law.

(r)Insured's home state has the meaning ascribed by section 2101 (x)(3) of the Insurance Law.

(s)United States means the states and territories of the United States, the commonwealth of Puerto Rico, and the District of Columbia.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 27.1

Amended, New York State Register October 8, 2014/Volume XXXVI, Issue 40, eff. 10/8/2014