State RegulationsNY specificDifficulty 1/5
Under N.Y. Ins. Law §2101(l), an individual producer's 'home state' is generally:
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under N.Y. Ins. Law §2101(l), 'home state' is determined objectively by the producer's residence or principal place of business (and for a business entity, by its principal place of business). The concept matters because New York nonresident licensing under §§2101(d) and (e) is keyed to the producer's home-state license.
Why the other options are wrong
- B) The state that first issued a license has no bearing on the home-state determination.
- C) Premium volume does not define home state; residence or principal place of business does.
- D) Home state is fixed by objective facts, not by an election made at renewal.
Memory hook
Home state = where you live or hang your principal place of business - not where you write the most premium.