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What is NYC AC § 11-907?

Quick Answer

This section requires insurers to report their principal place of business and any changes to the commissioner of finance by March 1 each year or within fifteen days of any change. Failure to comply may result in penalties. Applies to insurers operating in New York City.

General informational summary. Not legal advice for your situation. Consult an attorney before acting on any specific matter.

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§ 11-907 Place of business to be reported.

AC § 11-907

Every insurer, on or before the first day of March in each year, and as often in each year as such insurer shall change its principal place of business or change or terminate any office or place of business in the city, shall report in writing, to the commissioner of finance, the location of its principal place of business and any new principal place of business or of any new office or place of business in the city or of the termination of any such office or place of business. In the event of such change or termination, such report shall be made no later than fifteen days after such change or termination. Any insurer who fails or neglects to make such report within the time limited therefor shall be subject to a penalty of one hundred dollars and, in addition thereto, fifty dollars for each month or part thereof during which such report is not made. The total of such penalties shall not exceed one thousand dollars.

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