N.Y. Insurance Law 2205 – Prohibitions
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§ 2205. Prohibitions. (a) It shall be unlawful for any officer or employee of a licensed insurer or of a savings bank, other than a duly licensed agent, as a part of his duties, to negotiate for applications or orders for life insurance or annuity contracts or to solicit or procure from the public such applications or orders in any office of any insurer or of any savings bank, without being certified pursuant to this article.
Terms Used In N.Y. Insurance Law 2205
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
(b) It shall be unlawful for any insurer or any savings bank to employ any uncertified person, as a part of his duties, to negotiate for applications or orders for life insurance or annuity contracts or to solicit or procure from the public such applications or orders in any office of the insurer or bank.