REGULATION #125                   back to Agency programs

The first amendment  (dated January 2002) to Regulation 125 states new requirements pertaining to the location of an insurance Agent or broker. The following is a summary of the regulation: 

ü      The law requires every agent or broker that maintains more than one place of business to have at least one properly licensed supervising person at each place of business including the headquarters location. Only the kinds of business for which the supervising person is licensed may be transacted at headquarters or satellite office. 

ü      A designated supervising person may not be responsible for more than one place of business at any one time. 

ü      The law also requires every agent or broker that maintains more than one place of business must give written notice to: 

             NYS Insurance Department, Licensing Bureau,

             Agency Building One, Empire State Plaza 

             Albany, New York 12257 

ü      The notice shall specify the location of the headquarters and of each satellite office and the names of the designated supervising person or persons who are responsible for each satellite office. 

ü      The notice shall also include the license numbers of the agent, broker, and the designated supervising person and shall be signed by the agent, broker, and sub licensee and by the designated supervising person. 

ü      Such notice shall also be given within 10 days following: 

             the establishment of a new location,

             change of address of an existing location, or the

             replacement of a designated supervising person. 

ü      Display of License - In the headquarter location as well as each satellite office, the establishing agent or broker must prominently display the license or licenses of the designated supervising person or persons responsible for that place of business.

To read the regulation in its entirety go to :                          http://www.ins.state.ny.us/acrobat/r125f1at.pdf