N.Y. Insurance Law 2503 – Designation of particular insurer, agent, broker or fund for insurance provided to discharge statutory requirement
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§ 2503. Designation of particular insurer, agent, broker or fund for insurance provided to discharge statutory requirement. No person, firm or corporation who or which shall be the primary beneficiary of insurance provided in discharge of any statutory requirement of this state, and no representative of any primary beneficiary of such insurance, shall require anyone obligated to comply with such statutory requirement, to obtain such insurance from a particular insurance company, insurance fund of this state, agent, or broker.
Terms Used In N.Y. Insurance Law 2503
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.