OGC Op. No. 07-03-16

The Office of General Counsel issued the following opinion on March 27, 2007, representing the position of the New York State Insurance Department.

RE: Lien on Broker’s Premium Account

An inquiry was received regarding the imposition of a lien on a premium account maintained for the purposes of complying with New York Insurance Law § 2120 (McKinney 2006). The inquiry stated that the District Attorney was taking legal action on the matter. It is the Department’s general policy not to issue opinions on matters involving pending litigation. In any event, the query is more properly directed to the New York State Banking Department, which may be able to provide guidance in this particular instance. That agency may be reached by phone at 1-877-BANK-NYS, on the web at https://www.banking.state.ny.us/complaint_form_c.html, or by mail by writing to:

Superintendent of Banks
New York State Banking Department
One State Street
New York, NY 10004-1417

For further information you may contact Associate Attorney Sally Geisel at the New York City Office.