senate Bill S2704A

Signed by Governor

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:
A6435A
Versions:
S2704
S2704A
Legislative Cycle:
2011-2012
Law Section:
Insurance Law
Laws Affected:
Amd ยงยง2103, 2104, 2105, 2107 & 2108, Ins L

Sponsor 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.

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

                                 2704--A
    Cal. No. 88

                       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  --  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-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08793-02-1

S. 2704--A                          2

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

S. 2704--A                          3

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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