Service Fees

Q: When we charge a service fee, does it have to be one set amount for every policy (e.g. $125 for every policy) or can we charge different fees for different policies (e.g. $50 for one and $75 for another)?

A: Nothing in the law requires you to charge one set fee for all policies. The New York State Department of Financial Services has said that the fee must be reasonable in relation to the service provided and to treat similar insureds in a nondiscriminatory manner. There are no other restrictions.​