DFS to Bail Bondsmen: No Bail, Return Premium
In a letter to bail bond agents and bail insurers, the financial services department reminded them that they must promptly return premiums and compensation paid for bail bonds to defendants who are not released from custody following a bail sufficiency hearing.
August 29, 2017 at 04:01 PM
3 minute read
Bail bond agents and bail insurers cannot keep the premium when a criminal defendant is denied bond and not released, the state Department of Financial Services reminded the insurance companies Tuesday.
In a letter to insurers, the Department of Financial Services reminded bail agents and insurers that they must “promptly return to indemnitors all premiums and compensation paid for bail bonds for defendants who are not released from custody after a court does not accept the bail bond as the result of a bail sufficiency hearing.”
In a statement, Superintendent Maria Vullo said that the department will “take action to combat unscrupulous practices in the industry.” “The New York Court of Appeals ruling and New York Insurance Law are clear: Bail agents and insurers must return premiums they have not earned when a defendant is not released from custody following a bail sufficiency hearing.
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