P&CNew Yorkmedium
Under NY Ins. Law § 2105, a New York Excess Line Broker is uniquely authorized to:
ABind coverage with admitted NY insurers without prior insurer appointment
BAdjust no-fault PIP claims for non-resident insurers
Procure insurance from unauthorized (non-admitted) insurers for risks that cannot be placed with admitted insurers after a diligent search
DSell variable life insurance contracts to NY residents
Why this is the answer
An NY Excess Line Broker (ELB) is specifically licensed under § 2105 to procure coverage from non-admitted (unauthorized) insurers — but only after demonstrating a 'diligent effort' to place the risk with admitted carriers, typically documented as declinations from at least three admitted insurers. The ELB must file an affidavit through the Excess Line Association of New York (ELANY) within 45 days of placement, pay the 3.6% NY excess-line premium tax, and ensure the unauthorized insurer is on the DFS approved/eligible list.
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