Section 2128. Commission and fee sharing prohibited  


Latest version.
  • (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.