N.Y. Insurance Law 104 – Continuation of existing offices, licenses, approvals and proceedings
§ 104. Continuation of existing offices, licenses, approvals and proceedings.
Terms Used In N.Y. Insurance Law 104
- Contract: A legal written agreement that becomes binding when signed.
(a) All persons who, at the effective date of this chapter, held any office in the department shall continue to hold such office under and subject to this chapter.
(b) Every license of an insurer, insurance agent, insurance broker, public adjuster, reinsurance intermediary, insurance consultant or other licensee in force immediately prior to the effective date of this chapter shall continue in force until its date of expiration or until terminated pursuant to this chapter.
(c) Every insurer doing business in this state as an authorized insurer at the effective date of this chapter may continue to transact the kind or kinds of insurance business it was licensed to transact on such date until the date of expiration of its license or until the license is terminated pursuant to this chapter.
(d) Every form of policy, contract, certificate, application, rider or endorsement in use immediately prior to the effective date of this chapter which was approved by the superintendent pursuant to any law herein repealed may, unless he prescribes otherwise, continue to be issued in accordance with the approval:
(1) following such effective date, if the form complies with this chapter and did comply with the repealed law, or
(2) for six months following such effective date, if it does not comply with this chapter but did comply with the repealed law.
(e) No action or proceeding commenced before the effective date of this chapter, and no violation of any provision of law hereby repealed, shall be affected by such repeal, but all procedure hereafter taken in reference thereto shall conform to the provisions of this chapter as far as practicable.