Numerous recent New York State Department of Financial Services (“DFS”) penalties against licensees involve a failure to disclose on DFS applications actions taken in other jurisdictions or failures to timely report administrative actions or criminal prosecutions by other agencies. By way of background, New York Insurance Law § 2110(i) requires a licensee to “report to […]
By Frank Agostino, Esq. & Eugene Kirman, Agostino & Associates, P.C. Overview The U.S. Department of Labor recently awarded a total of $10.2 million to 19 states for the purpose of improving worker classification compliance. New Jersey received the third-largest total award of $838,621. This sum included the second-largest bonus, $496,399, for its performance in […]
According to the Bill, however, “title insurance agents” are unequivocally incorporated into the definition of “insurance agent.” Moreover, new Section 2113 imposes certain mandatory disclosure requirements and restrictions on commissions and payments of fees to title insurance agents.
According to the Department of Financial Services’ January 2, 2013 release of disciplinary actions, 7 DFS licensees were revoked while 41 others were imposed fines ranging from $500 to $63,000. All since the DFS’ previous release of disciplinary actions in September 2012. As expected, a handful of small fines ($500, $750) were for technical reporting […]
On November 19, 2012, the New York Court of Appeals – the highest court of the State of New York, apparently strengthened the rights of policyholders as against their insurance brokers. In American Building Supply Corp. v. Petrocelli Group, the plaintiffinsured was required by its lease to obtain general liability insurance in the minimum amount […]
On November 19, 2012, the New York Court of Appeals – the highest court of the State of New York, apparently strengthened the rights of policyholders as against their insurance brokers. In American Building Supply Corp. v. Petrocelli Group, the plaintiff-insured was required by its lease to obtain general liability insurance in the m i […]
The Insurance Law permits an insurance broker or insurance agent to pay unlicensed individuals or entities for referrals. That is, where there is no discussion of insurance policy terms and the compensation is not based upon the sale of insurance. Under limited circumstances briefly explained here, a licensee may even compensate a nonlicensee based upon […]
Section 2110(j) of the New York Insurance Laws, which became effective in 2004, requires an insurance producer to report any criminal prosecution of the licensee in any jurisdiction, “within thirty days of the initial pretrial hearing date.” Although enacted 6 years ago, Section 2210(j) is the subject of numerous disciplinary actions in the Department’s most […]
By Frank C. Morris, Jr. More than two years after the January 1, 2009, effective date of the ADA Amendments Act of 2008 (“ADAAA”), the Equal Employment Opportunity Commission (“EEOC”) published final regulations (“Regulations”) on March 25, 2011. The Regulations are effective May 24, 2011 – 60 days after publication. Employers, however, should immediately take […]
New York State Insurance Laws prohibit rebating and inducements in the sale of insurance. But when, and under what circumstances, can a licensed agent or broker donate a portion of commissions to charity? By way of background, Sections 2324 and 4224 of the Insurance Laws prohibit licensees from directly or indirectly paying, allowing or giving […]
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