Zac
Expert
- 51
What is a 'controlled business'?
tks
Controlled business is the business that you write for your immediate family members or on yourselves. According to the NY Ins law the commission received from a controlled business should be less than 10% of the total commissions received for the full year. The superintended can deny / revoke a license or license application if he finds that the whole purpose of the licensee getting licensed is to write controlled business.
This is what I thought it was. If it is any different somebody would hopefully step in.
Regards.