ABC may, however, charge a service fee under Insurance Act 2119 (c), However, only if it acts as an insurance broker and services related to „any insurance contract entered into or negotiated in that state“ and as long as the service royalty agreement is a written memorandum to be calculated by the party, which clearly determines or defines the amount or amount of compensation.1See notice of the OGC 03-05-21 (May 22, 2003). ABC cannot charge a service fee to an insured when he or she makes insurance premium claims to an insurer for which ABC is an agent, and can only claim a commission from the insurer if the insured chooses to purchase insurance. In this case, ABC could not also act as an insurance broker on behalf of the insured. See OGC Opinion 06-04-14 (April 18, 2006). In light of the above discussion, the ABC Division indicated that it would revise the pricing agreement to comply with Insurance Act 2119 and other provisions of the Insurance Act, as discussed here. Does the following pricing agreement correspond to N.Y. Ins. Law 2119 (McKinney 2006)? The insurance agency ABC, LLC (TABCIA) and – conclude this agreement on / . __________________authorizes TABCIA to submit applications to insurance companies to obtain premium offers for the following coverage lines, the / . These insurance coverages are currently underwritten by the term „mutual agreement“ implies that ABC negotiates the insurance premium with the insured in the event of a possible violation of Insurance Act 2324 or 4224. Law 2324 on accident insurance and discrimination applies to insurance 4224 for insurance and discrimination with respect to life insurance, accident insurance, health care and pensions. In accordance with the express language of Act 2324 (a) and 4224 (c), insurers, insurance agents, insurance brokers and their representatives are prohibited from offering directly or indirectly discounts or incentives related to the sale of insurance when discounts or incentives are not indicated in the insurance policy or in the contract.

By negotiating the insurance premium with the insured, ABC or the insurer can give a discount to the insured and thus encourage the insured to buy insurance. See OGC Opinion 03-05-21 (May 22, 2003). Therefore, if ABC negotiates the insurance premium with the insured, ABC could violate Act 2324 (a) or 4224 (c) on insurance. No no. Although it is a written memorandum allowing the party to request the signature of the party, the royalty agreement does not set out the amount or extent of the compensation. In addition, it does not appear that the Abc Insurance Agency (ABC) provides only consulting services, but that it can be considered an insurance agent or broker. As a result, ABC cannot charge an insured a consulting fee, but may charge an insured a service fee under Act 2119 (c) on insurance when he or she is an insurance agent. Act 2119 (a) and b) authorizes an insurance agent, broker or chartered advisor to collect a fee for advisory services if the award is based on a written memorandum to be collected by the party and if the memorandum explicitly or clearly defines the amount or amount of compensation.