The Office of General Counsel issued the following informal opinion on September 21, 2000, representing the position of the New York State Insurance Department.
Re: Sale of Agent/Broker Business
Do commissions earned and due an agent or broker survive for the benefit of the representative of same upon the death of the agent or broker?
Absent a specific written prohibition or other agreement, the Insurance Law does not prohibit such a transfer and, therefore, the income generated may pass to the designated representative of the decedent.
For further information, you may contact Associate Attorney Nicholas C. Silletti at the New York City Office.