New York Laws
Article 12-B - Insurance Premium Finance Agencies
554 - Definitions.

(a) a person engaged, in whole or in part, in the business of entering
into premium finance agreements with insureds, including a bank if so
engaged; or
(b) a person engaged, in whole or in part, in the business of
acquiring premium finance agreements from insurance agents or brokers or
other premium finance agencies, including a bank if so engaged and an
insurance agent or broker who is licensed as a premium finance agency
and who holds premium finance agreements made and delivered by insureds
to him or his order.
8. "Premium finance agreement" means a promissory note or other
written agreement by which an insured promises or agrees to pay to, or
to the order of, either a premium finance agency or an insurance agent
or broker the amount advanced or to be advanced under the agreement to
an authorized insurer or to an insurance agent or broker in payment of
premiums on an insurance contract, together with a service charge as
authorized and limited by law. If the premium finance agreement is
payable to, or to the order of, an insurance agent or broker not
licensed as a premium finance agency, payments under the agreement must
be payable at the office of a premium finance agency named in the
agreement, to whom the agreement is by its terms to be and is
subsequently assigned. The term "premium finance agreement" does not
include a retail instalment credit agreement which complies with the
provisions of paragraph (b) of subdivision eleven of section four
hundred thirteen of the personal property law.
9. "Superintendent" means the superintendent of financial services.