11 CRR-NY 202.3NY-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 202.3
11 CRR-NY 202.3
202.3 Fees or other allowances.
An insurer shall not make any payment of fees or allowances of whatever nature, and by whatever name, to any person, firm or corporation in connection with the sale or administration of policies covered by this Part other than commissions to an insurance agent or general agent, except in reimbursement for the reasonable value of one or both of the following services performed on behalf of the insurer:
(a) maintaining essential employee records; and
(b) billing premiums.
In no event shall any payment for the above services exceed the estimated cost to the insurer of performing such services itself.
11 CRR-NY 202.3
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.