State Codes and Statutes

Statutes > New-york > Bnk > Article-12-b > 570

§ 570.  Restrictions  on  premium  finance  agreements.  1. No premium  finance agreement shall contain any provision by which:    (a) In the absence of default of  the  insured,  the  premium  finance  agency  holding  the  agreement  may, arbitrarily and without reasonable  cause, accelerate the maturity of any part or all of  the  amount  owing  thereunder;    (b) A power of attorney is given to confess judgment in this state; or    (c)  The insured relieves the insurance agent or broker or the premium  finance agency holding the agreement from liability for any legal rights  or remedies that the insured may otherwise have  against  the  insurance  agent or broker.    2.  No person may use a premium finance agreement in a manner designed  to evade any requirement of article seventy-eight of the insurance law.    3. Every person or premium finance agency that enters into  a  premium  finance  agreement,  as  such  terms  are  defined  pursuant  to article  twelve-B of this chapter, shall file in the office of the superintendent  of insurance, on or before the first day of March, a  statement,  to  be  known  as  its annual statement, verified by the oath of at least two of  its principal  officers,  showing  its  condition  at  the  end  of  the  preceding  calendar  year. The statement shall be in such form and shall  contain such other matters as  the  superintendent  of  insurance  shall  prescribe.  In  addition to any other requirements, the annual statement  shall  specify  the  total  number,  aggregate  face  amount  and   life  settlement   proceeds   of,  policies  settled  during  the  immediately  preceding calendar year, together with a breakdown of the information by  policy issue year.

State Codes and Statutes

Statutes > New-york > Bnk > Article-12-b > 570

§ 570.  Restrictions  on  premium  finance  agreements.  1. No premium  finance agreement shall contain any provision by which:    (a) In the absence of default of  the  insured,  the  premium  finance  agency  holding  the  agreement  may, arbitrarily and without reasonable  cause, accelerate the maturity of any part or all of  the  amount  owing  thereunder;    (b) A power of attorney is given to confess judgment in this state; or    (c)  The insured relieves the insurance agent or broker or the premium  finance agency holding the agreement from liability for any legal rights  or remedies that the insured may otherwise have  against  the  insurance  agent or broker.    2.  No person may use a premium finance agreement in a manner designed  to evade any requirement of article seventy-eight of the insurance law.    3. Every person or premium finance agency that enters into  a  premium  finance  agreement,  as  such  terms  are  defined  pursuant  to article  twelve-B of this chapter, shall file in the office of the superintendent  of insurance, on or before the first day of March, a  statement,  to  be  known  as  its annual statement, verified by the oath of at least two of  its principal  officers,  showing  its  condition  at  the  end  of  the  preceding  calendar  year. The statement shall be in such form and shall  contain such other matters as  the  superintendent  of  insurance  shall  prescribe.  In  addition to any other requirements, the annual statement  shall  specify  the  total  number,  aggregate  face  amount  and   life  settlement   proceeds   of,  policies  settled  during  the  immediately  preceding calendar year, together with a breakdown of the information by  policy issue year.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Bnk > Article-12-b > 570

§ 570.  Restrictions  on  premium  finance  agreements.  1. No premium  finance agreement shall contain any provision by which:    (a) In the absence of default of  the  insured,  the  premium  finance  agency  holding  the  agreement  may, arbitrarily and without reasonable  cause, accelerate the maturity of any part or all of  the  amount  owing  thereunder;    (b) A power of attorney is given to confess judgment in this state; or    (c)  The insured relieves the insurance agent or broker or the premium  finance agency holding the agreement from liability for any legal rights  or remedies that the insured may otherwise have  against  the  insurance  agent or broker.    2.  No person may use a premium finance agreement in a manner designed  to evade any requirement of article seventy-eight of the insurance law.    3. Every person or premium finance agency that enters into  a  premium  finance  agreement,  as  such  terms  are  defined  pursuant  to article  twelve-B of this chapter, shall file in the office of the superintendent  of insurance, on or before the first day of March, a  statement,  to  be  known  as  its annual statement, verified by the oath of at least two of  its principal  officers,  showing  its  condition  at  the  end  of  the  preceding  calendar  year. The statement shall be in such form and shall  contain such other matters as  the  superintendent  of  insurance  shall  prescribe.  In  addition to any other requirements, the annual statement  shall  specify  the  total  number,  aggregate  face  amount  and   life  settlement   proceeds   of,  policies  settled  during  the  immediately  preceding calendar year, together with a breakdown of the information by  policy issue year.