State RegulationsNY specificDifficulty 2/5
A producer resides in New Jersey, holds a current New Jersey producer license, and has no office or principal place of business in New York, but wishes to serve clients in Albany. Under the New York Insurance Law, New York is:
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under N.Y. Ins. Law §2101(l), home state follows the producer's residence or principal place of business. Because both lie in New Jersey, she deals with New York as a nonresident producer under §§2101(d) and (e), and any New York license she holds is a nonresident license issued on the strength of her home-state license.
Why the other options are wrong
- A) The location of a producer's clients does not make the service state the home state.
- C) Holding a New York nonresident license confirms, rather than negates, that the home state is elsewhere.
- D) Filing New York paperwork never changes a home state that is fixed by residence and principal place of business.
Memory hook
Live and office outside New York = nonresident here; home state tracks residence and principal place of business.