11 CRR-NY 202.1NY-CRR
STATE COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
TITLE 11. INSURANCE
CHAPTER VIII. EMPLOYEE WELFARE FUNDS
PART 202. COMPENSATION TO AGENTS AND FEES OR OTHER ALLOWANCES PAYABLE FOR INDIVIDUAL LIFE INSURANCE ISSUED ON A MASS MERCHANDISING BASIS UNDER PLANS SPONSORED BY UNION—MANAGEMENT WELFARE FUNDS
11 CRR-NY 202.1
11 CRR-NY 202.1
202.1 Definitions.
For purposes of this Part:
(a) The term employee welfare fund shall mean the fund as defined in section 4402(a) of the Insurance Law.
(b) The term union shall mean a labor organization as defined in section 4402(g) of the Insurance Law.
(c) The term insurance benefits shall mean life insurance provided by individual policies on the lives of eligible individuals, including dependents.
(d) The term mass merchandising shall mean that form of distribution of individual life insurance, which is administered by group methods and underwritten with or without evidence of insurability.
(e) The term commissions shall include all compensation of whatever nature, and by whatever name, payable by an insurer to an insurance agent compensated primarily on a commission basis.
(f) The term fees or other allowances shall include administration fees, service fees or any other payment of a similar character payable by an insurer to an insurance agent or to any other person, firm or corporation.
(g) The term insurer shall include any insurer licensed by this State to provide life insurance benefits.
(h) The term general agent shall mean an agent who is appointed directly by the insurer (other than a local salaried representative of the insurer) who supervises other agents or has the right to appoint them.
11 CRR-NY 202.1
Current through May 31, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: The "Current through" date indicated immediately above is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Administrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of NYS Rules.