senate Bill S2704

Signed by Governor Amended

Relates to license terms for new applicants for certain insurance licenses

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor
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actions

  • 28 / Jan / 2011
    • REFERRED TO INSURANCE
  • 14 / Feb / 2011
    • 1ST REPORT CAL.88
  • 15 / Feb / 2011
    • 2ND REPORT CAL.
  • 28 / Feb / 2011
    • ADVANCED TO THIRD READING
  • 16 / May / 2011
    • AMENDED ON THIRD READING 2704A
  • 07 / Jun / 2011
    • PASSED SENATE
  • 07 / Jun / 2011
    • DELIVERED TO ASSEMBLY
  • 07 / Jun / 2011
    • REFERRED TO INSURANCE
  • 04 / Jan / 2012
    • DIED IN ASSEMBLY
  • 04 / Jan / 2012
    • RETURNED TO SENATE
  • 04 / Jan / 2012
    • REFERRED TO INSURANCE
  • 05 / Mar / 2012
    • 1ST REPORT CAL.279
  • 06 / Mar / 2012
    • 2ND REPORT CAL.
  • 07 / Mar / 2012
    • ADVANCED TO THIRD READING
  • 12 / Mar / 2012
    • PASSED SENATE
  • 12 / Mar / 2012
    • DELIVERED TO ASSEMBLY
  • 12 / Mar / 2012
    • REFERRED TO INSURANCE
  • 30 / May / 2012
    • SUBSTITUTED FOR A6435A
  • 30 / May / 2012
    • ORDERED TO THIRD READING CAL.636
  • 30 / May / 2012
    • PASSED ASSEMBLY
  • 30 / May / 2012
    • RETURNED TO SENATE
  • 06 / Aug / 2012
    • DELIVERED TO GOVERNOR
  • 17 / Aug / 2012
    • SIGNED CHAP.442

Summary

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

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Bill Details

See Assembly Version of this Bill:
A6435
Versions:
S2704
S2704A
Legislative Cycle:
2011-2012
Law Section:
Insurance Law
Laws Affected:
Amd ยงยง2103 & 2132, Ins L

Votes

16
0
16
Aye
0
Nay
2
aye with reservations
0
absent
0
excused
0
abstained
show Insurance committee vote details

Sponsor Memo

BILL NUMBER:S2704

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:
Section 1 allows 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. The
fee for such additional months would be the licensing fee prorated
for the additional months of such license term. Section 2 clarifies
that continuing education requirements are required after the full
biennial licensing period as is currently the practice by the New
York State Department of Insurance. Section 3 provides that the bill
takes effect immediately.

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:
Immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2704

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            January 28, 2011
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Insurance

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 c of section 2132 of the insurance law,
as added by chapter 656 of the laws of  1992,  is  amended  to  read  as
follows:
  (1)  Any  person holding a license issued pursuant to this article and
not exempt under subsection (b) of this section shall, during each  full
biennial  licensing  period, SUBSEQUENT TO THE INITIAL LICENSING PERIOD,
satisfactorily complete courses or programs  of  instruction  or  attend
seminars  as may be approved by the superintendent equivalent to fifteen
credit hours of instruction.
  S 3. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08793-01-1

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