Bill S2704A-2011

Relates to license terms for new applicants for certain insurance licenses

Relates to license terms for new applicants for certain insurance licenses.

Details

Actions

  • Aug 17, 2012: SIGNED CHAP.442
  • Aug 6, 2012: DELIVERED TO GOVERNOR
  • May 30, 2012: returned to senate
  • May 30, 2012: passed assembly
  • May 30, 2012: ordered to third reading cal.636
  • May 30, 2012: substituted for a6435a
  • Mar 12, 2012: referred to insurance
  • Mar 12, 2012: DELIVERED TO ASSEMBLY
  • Mar 12, 2012: PASSED SENATE
  • Mar 7, 2012: ADVANCED TO THIRD READING
  • Mar 6, 2012: 2ND REPORT CAL.
  • Mar 5, 2012: 1ST REPORT CAL.279
  • Jan 4, 2012: REFERRED TO INSURANCE
  • Jan 4, 2012: returned to senate
  • Jan 4, 2012: died in assembly
  • Jun 7, 2011: referred to insurance
  • Jun 7, 2011: DELIVERED TO ASSEMBLY
  • Jun 7, 2011: PASSED SENATE
  • May 16, 2011: AMENDED ON THIRD READING 2704A
  • Feb 28, 2011: ADVANCED TO THIRD READING
  • Feb 15, 2011: 2ND REPORT CAL.
  • Feb 14, 2011: 1ST REPORT CAL.88
  • Jan 28, 2011: REFERRED TO INSURANCE

Meetings

Calendars

Votes

VOTE: COMMITTEE VOTE: - Insurance - Mar 5, 2012
Ayes (18): Seward, Flanagan, Golden, Grisanti, Lanza, Larkin, LaValle, Martins, Saland, Young, Breslin, Diaz, Espaillat, Kennedy, Parker, Peralta, Smith, Stavisky

Memo

BILL NUMBER:S2704A

TITLE OF BILL: An act to amend the insurance law, in relation to license terms of new applicants

PURPOSE: To allow the Superintendent of Insurance to issue licenses to new applicants for a term longer than twenty-four months.

SUMMARY OF PROVISIONS: Amends sections 2103, 2104, 2105, 2107 and 2108 of the insurance law to allow the Superintendent of Insurance to issue licenses to new applicants for a term longer than twenty-four months, but not to exceed a term of thirty months.

JUSTIFICATION: Licenses for insurance agents expire on an insurance agent's birth date every other year. The licenses are issued for a term of twenty-four months. When an agent makes an initial application, however, the term is much shorter if the agent's date of birth is shortly following the initial application. Currently, there is no provision in the law that allows for an extended period of time for a license to be issued to an initial applicant. The result is applicants must apply and obtain a new license immediately following the issuance of the initial license. Allowing the Superintendent to extend the initial license period will streamline the process for both applicants and New York State Department of Insurance.

LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: None.

EFFECTIVE DATE: This act shall take effect on the ninetieth day after becoming a law.


Text

STATE OF NEW YORK ________________________________________________________________________ 2704--A Cal. No. 88 2011-2012 Regular Sessions IN SENATE January 28, 2011 ___________
Introduced by Sen. SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Insurance -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the insurance law, in relation to license terms of new applicants THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph 3 of subsection j of section 2103 of the insur- ance law, as added by chapter 769 of the laws of 1984, is amended to read as follows: (3) [Such licenses may be issued for all of such two year terms, or, upon application made during any such term, for the balance thereof] IN THE CASE OF A LICENSE ISSUED TO A NEW APPLICANT, THE SUPERINTENDENT MAY ISSUE A LICENSE FOR A TERM OF MORE THAN TWO YEARS, PROVIDED HOWEVER, SUCH TERM SHALL NOT EXCEED THIRTY MONTHS. S 2. Paragraph 1 of subsection g of section 2104 of the insurance law, as amended by section 4 of part F of chapter 59 of the laws of 2005, is amended to read as follows: (1) Every insurance broker's license issued pursuant to this section to a business entity shall be for a term expiring on the thirty-first day of October of even-numbered years. On and after January first, two thousand seven, every license issued pursuant to this section to an individual, and every license in effect prior to January first, two thousand seven that was issued pursuant to this section to an individ- ual, who was born in an odd numbered year, shall expire on the individ- ual's birthday in each odd numbered year. On and after January first, two thousand seven, every license issued pursuant to this section to an individual, and every license in effect prior to January first, two thousand seven that was issued pursuant to this section to an individ-
ual, who was born in an even numbered year, shall expire on the individ- ual's birthday in each even numbered year. Every such license may be renewed for the ensuing period of twenty-four months upon the filing of an application in conformity with this section. IN THE CASE OF A LICENSE ISSUED TO A NEW APPLICANT, THE SUPERINTENDENT MAY ISSUE A LICENSE FOR A TERM OF MORE THAN TWO YEARS, PROVIDED HOWEVER, SUCH TERM SHALL NOT EXCEED THIRTY MONTHS. S 3. Subsection (d) of section 2105 of the insurance law, as amended by section 5 of part F of chapter 59 of the laws of 2005, is amended to read as follows: (d) Every license issued pursuant to this section shall be for a term expiring with the expiration of the qualifying broker license and may be renewed for the ensuing period of twenty-four months upon the filing of an application in conformity with subsection (b) of this section and paying the fee prescribed by subsection (c) of this section. IN THE CASE OF A LICENSE ISSUED TO A NEW APPLICANT, THE SUPERINTENDENT MAY ISSUE A LICENSE FOR A TERM OF MORE THAN TWO YEARS, PROVIDED HOWEVER, SUCH TERM SHALL NOT EXCEED THIRTY MONTHS. S 4. Paragraph 1 of subsection (b) of section 2107 of the insurance law, as amended by section 8 of part F of chapter 59 of the laws of 2005, is amended to read as follows: (1) Before an insurance consultant's license shall be issued or renewed the prospective licensee shall properly file in the office of the superintendent an application therefor in such form or forms and supplements that the superintendent prescribes, and pay a fee of fifty dollars for each year or fraction of a year in which a license shall be valid and pay an additional fee of fifty dollars for each year or frac- tion of a year in which a license shall be valid for each sub-licensee. Every consultant's license issued pursuant to this section to a business entity shall expire on the thirty-first day of March, with respect to (A) life insurance in the odd year and (B) general insurance in the even year, next following the date of issue. On and after January first, two thousand seven, every license issued pursuant to this section to an individual consultant, and every license in effect prior to January first two thousand seven that was issued pursuant to this section to an individual consultant, who was born in an odd numbered year, shall expire on the individual's birthday in each odd numbered year. On and after January first, two thousand seven, every license issued pursuant to this section to an individual consultant, and every license in effect prior to January first, two thousand seven that was issued pursuant to this section to an individual consultant, who was born in an even numbered year, shall expire on the individual's birthday in each even numbered year. Every license issued pursuant to this section may be renewed for the ensuing period of twenty-four months upon the filing of an application in conformity with this subsection. IN THE CASE OF A LICENSE ISSUED TO A NEW APPLICANT, THE SUPERINTENDENT MAY ISSUE A LICENSE FOR A TERM OF MORE THAN TWO YEARS, PROVIDED HOWEVER, SUCH TERM SHALL NOT EXCEED THIRTY MONTHS. S 5. Paragraph 1 of subsection (j) of section 2108 of the insurance law, as amended by chapter 285 of the laws of 1993, is amended to read as follows: (1) Every adjuster's license issued pursuant to this section shall be for a term expiring on the thirty-first day of December of even numbered years, and may be renewed for the ensuing two calendar years upon the filing of an application in conformity with subsection (d) hereof. IN THE CASE OF A LICENSE ISSUED TO A NEW APPLICANT, THE SUPERINTENDENT MAY
ISSUE A LICENSE FOR A TERM OF MORE THAN TWO YEARS, PROVIDED HOWEVER, SUCH TERM SHALL NOT EXCEED THIRTY MONTHS. S 6. This act shall take effect on the ninetieth day after it shall have become a law.

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