2128 - Commission and fee sharing prohibited. - New York Statutes

§ 2128. Commission and fee sharing prohibited. (a) Notwithstanding the provisions of sections two thousand three hundred twenty-four and four thousand two hundred twenty-four of this chapter, no insurance agent, insurance broker, insurance consultant, excess line broker, reinsurance intermediary or insurance adjuster shall receive any commissions or fees or shares thereof in connection with insurance coverages placed for or insurance services rendered to the state, its agencies and departments, public benefit corporations, municipalities and other governmental subdivisions in this state, unless such insurance agent, insurance broker, insurance consultant, excess line broker, reinsurance intermediary or insurance adjuster actually placed insurance coverages on behalf of or rendered insurance services to the state, its agencies and departments, public benefit corporations, municipalities and other governmental subdivisions in this state. (b) The superintendent shall, by regulation, require insurance agents, insurance brokers, insurance consultants, excess line brokers, reinsurance intermediaries and insurance adjusters to file disclosure statements with the insurance department and the most senior official of the governmental unit involved, with respect to any insurance coverages placed for or insurance services rendered to the state, its agencies and departments, public benefit corporations, municipalities and other governmental subdivisions in this state.