Insurance Law 2121 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 2120 Fiduciary capacity of insurance agents, title insurance agents, insurance brokers and reinsurance intermediaries up ARTICLE 21 Agents, Brokers, Adjusters, Consultants and Intermediaries next SECTION 2122 Advertising by insurance producers Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 2121 Broker authorized to receive premium, when Insurance (ISC) CHAPTER 28, ARTICLE 21 § 2121. Broker authorized to receive premium, when. (a) Any insurer which delivers in this state to any insurance broker or any insured represented by such broker a contract of insurance pursuant to the application or request of such broker, acting for an insured other than himself, shall be deemed to have authorized such broker to receive on its behalf payment of any premium which is due on such contract at the time of its issuance or delivery or payment of any installment of such premium or any additional premium which becomes due or payable thereafter on such contract, provided such payment is received by such broker within ninety days after the due date of such premium or installment thereof or after the date of delivery of a statement by the insurer of such additional premium. (b) An agent who represents an insured for the purpose of obtaining insurance pursuant to any plan authorized by articles fifty-three, fifty-four and fifty-five of this chapter shall be deemed to be a broker for the purposes of this section.