NY State Senate Bill S6445A

senate Bill S6445A

Signed By Governor

2017-2018 Legislative Session

Relates to business entity license renewal dates for insurance brokers

download bill text pdf

Archive: Last Bill Status Via A8484 - Signed by Governor

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

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Actions

view actions (15)

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Dec 07, 2018	approval memo.12 signed chap.402
Nov 26, 2018	delivered to governor
Jun 18, 2018	returned to assembly passed senate 3rd reading cal.1386 substituted for s6445a
Jun 18, 2018	substituted by a8484a
Jun 04, 2018	advanced to third reading
May 31, 2018	2nd report cal.
May 30, 2018	1st report cal.1386
May 21, 2018	print number 6445a
May 21, 2018	amend and recommit to insurance
Jan 03, 2018	referred to insurance
May 22, 2017	referred to insurance

Votes

Bill Amendments

Original

A (Active)

Original

A (Active)

Co-Sponsors

S6445 - Details

See Assembly Version of this Bill:: A8484
Law Section:: Insurance Law
Laws Affected:: Amd §§2103 & 2104, Ins L

S6445 - Summary

Changes the dates of business entity license renewal dates for insurance brokers to June thirtieth of odd numbered years.

S6445 - Sponsor Memo

 BILL NUMBER:  S6445

 TITLE OF BILL :  An act to amend the insurance law, in relation to
business entity license renewal dates

 PURPOSE :

The purpose of this bill is to combine the three separate insurance
producer business entity license expiration dates into one common
date.

 SUMMARY OF PROVISIONS :

Section 1 amends the Insurance Law by amending paragraph 2 of
subsection (j) of section 2103 to change the expiration date for
licenses issued under subsection (b) to June thirtieth of odd numbered
years.

Section 2 amends the Insurance Law by amending paragraph 1 of
subsection (j) of section 2014 to change the expiration date of the
licenses issued under subsection (g) to June thirtieth of odd numbered
years.

Section 3 establishes an effective date of July I, 2017, and would
apply to licenses issued and renewed after that date.

 JUSTIFICATION :

Under current Insurance Law insurance producers licensed as business
entities typically have three different dates on which they must renew
their business license.

This situation arises because the Insurance Law provides for business
entity renewal dates based upon the type of license. Business entities
licensed as an agent to write life insurance have a two-year license
term that expires on June 30 of odd numbered years. Business entities
licensed as agents to write property/casualty lines have two-year
license term that expires on June 30 of even numbered years.  Business
entities licensed as insurance brokers for both property/casualty
lines and life lines have a two-year term that expires on October 31
of even numbered years.

Most business entities that sell insurance are licensed for all lines
of insurance and are licensed as both agents and brokers. Therefore,
the businesses must adhere to the three different licensing terms.

There is no specific rationale for having three different dates, and
having one date would make business entity licensing and renewal much
simpler for businesses.

This bill would establish June 30 of odd-numbered years as the one
common expiration date for all business entity licenses.

 LEGISLATIVE HISTORY :

New bill.

 EFFECTIVE DATE :
This act shall take effect July 1, 2017, and shall apply to licenses
issued or renewed on or after that date.

S6445 - Bill Text download pdf


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

                                  6445

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                              May 22, 2017
                               ___________

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  business  entity
  license renewal dates

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph 2 of subsection (j) of section 2103 of the insur-
ance law, as amended by section 2 of part F of chapter 59 of the laws of
2005, is amended to read as follows:
  (2) Every license issued to a business entity pursuant  to  subsection
(a)  of  this  section  shall  expire  on June thirtieth of odd numbered
years.  Every license issued to a business entity pursuant to subsection
(b) of this section  shall  expire  on  June  thirtieth  of  [even]  ODD
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 individual, 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,  and  every
license  in  effect  prior to January first, two thousand seven that was
issued pursuant to this section to an individual, who  was  born  in  an
even  numbered  year,  shall expire on the individual'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 subsection.
  § 2. Paragraph 1 of subsection (g) of section 2104  of  the  insurance
law,  as  amended by chapter 442 of the laws of 2012, 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]

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

                                                           LBD11823-01-7

S. 6445                             2

THIRTIETH day of [October] JUNE of [even-numbered]  ODD-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 individual, 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 pursu-
ant 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 individual, who was born in an even numbered  year,  shall
expire  on  the  individual'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.
  §  3.  This  act shall take effect on July 1, 2017, and shall apply to
licenses issued or renewed on or after such date.

Co-Sponsors

S6445A (ACTIVE) - Details

See Assembly Version of this Bill:: A8484
Law Section:: Insurance Law
Laws Affected:: Amd §§2103 & 2104, Ins L

S6445A (ACTIVE) - Summary

Changes the dates of business entity license renewal dates for insurance brokers to June thirtieth of odd numbered years.

S6445A (ACTIVE) - Sponsor Memo

 
BILL NUMBER: S6445A

SPONSOR: SEWARD
 
TITLE OF BILL:

An act to amend the insurance law, in relation to business entity
license renewal dates

 
PURPOSE:

The purpose of this bill is to combine the three separate insurance
producer business entity license expiration dates into one common date.

 
SUMMARY OF PROVISIONS:

Section 1 amends the Insurance Law by amending paragraph 2 of subsection
(j) of section 2103 to change the expiration date for licenses issued
under subsection (b) to June thirtieth of odd numbered years.

Section 2 amends the Insurance Law by amending paragraph 1 of subsection
(j) of section 2014 to change the expiration date of the licenses issued

under subsection (g) to June thirtieth of odd numbered years.

Section 3 establishes an effective date of July 1, 2017, and would apply
to licenses issued and renewed after that date.

 
JUSTIFICATION:

Under current Insurance Law insurance producers licensed as business
entities typically have three different dates on which they must renew
their business license.

This situation arises because the Insurance Law provides for business
entity renewal dates based upon the type of license. Business entities
licensed as an agent to write life insurance have a two-year license
term that expires on June 30 of odd numbered years. Business entities
licensed as agents to write property/casualty lines have two-year
license term that expires on June 30 of even numbered years.  Business
entities licensed as insurance brokers for both property/casualty lines
and life lines have a two-year term that expires on October 31 of even
numbered years. (These include excess lines brokers licenses.)

Most business entities that sell insurance are licensed for all lines of
insurance and are licensed as both agents and brokers. Therefore, the
businesses must adhere to the three different licensing terms.

There is no specific rationale for having three different dates, and
having one date would make business entity licensing and renewal much
simpler for businesses.

This bill would establish June 30 of odd-numbered years as the one
common expiration date for all business entity licenses.

The bill also provides the Department of Financial Services will the
ability to adopt any regulation it deems necessary to implement the
provisions of the bill and provides a July 1, 2019 effective date that
will provide the Department sufficient time to implement the changes.

 
LEGISLATIVE HISTORY:
New bill.

 
EFFECTIVE DATE:
This act shall take effect July 1, 2017, and shall apply to licenses
issued or renewed on or after that date.

S6445A (ACTIVE) - Bill Text download pdf


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

                                 6445--A

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                              May 22, 2017
                               ___________

Introduced  by  Sens.  SEWARD,  HAMILTON,  KAMINSKY, RANZENHOFER -- read
  twice and ordered printed, and when printed to  be  committed  to  the
  Committee on Insurance -- recommitted to the Committee on Insurance in
  accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee

AN  ACT  to  amend  the  insurance  law,  in relation to business entity
  license renewal dates

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph 2 of subsection (j) of section 2103 of the insur-
ance law, as amended by section 2 of part F of chapter 59 of the laws of
2005, is amended to read as follows:
  (2)  Every  license issued to a business entity pursuant to subsection
(a) of this section shall expire  on  June  thirtieth  of  odd  numbered
years.  Every license issued to a business entity pursuant to subsection
(b)  of  this  section  shall  expire  on  June  thirtieth of [even] ODD
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 individual, 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, and every
license in effect prior to January first, two thousand  seven  that  was
issued  pursuant  to  this  section to an individual, who was born in an
even numbered year, shall expire on the individual'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 subsection. THE SUPERINTENDENT MAY ISSUE SUCH RULES

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11823-04-8

S. 6445--A                          2

AND  REGULATIONS  AS THE SUPERINTENDENT DEEMS NECESSARY TO IMPLEMENT THE
TERMS OF THIS SUBSECTION.
  §  2.  Paragraph  1 of subsection (g) of section 2104 of the insurance
law, as amended by chapter 442 of the laws of 2012, 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]
THIRTIETH  day  of [October] JUNE of [even-numbered] ODD-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  individual, 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 pursu-
ant  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 individual, who was born in an even numbered year, shall
expire on the individual'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. THE SUPERINTENDENT  MAY  ISSUE
SUCH  RULES  AND  REGULATIONS  AS  THE SUPERINTENDENT DEEMS NECESSARY TO
IMPLEMENT THE TERMS OF THIS SUBSECTION.
  § 3. This act shall take effect on July 1, 2019; effective  immediate-
ly,  the superintendent of financial services shall promulgate any rules
and regulations necessary for the  implementation  of  this  act  on  or
before such effective date.

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The New York State Senate

senate Bill S6445A

Sponsored By

Archive: Last Bill Status Via A8484 - Signed by Governor

Your Voice

Actions

Votes

Jun 18, 2018 - floor Vote

Floor Vote: Jun 18, 2018

May 30, 2018 - Insurance committee Vote

Insurance Committee Vote: May 30, 2018

Bill Amendments

Co-Sponsors

S6445 - Details

S6445 - Summary

S6445 - Sponsor Memo

S6445 - Bill Text download pdf

Co-Sponsors

S6445A (ACTIVE) - Details

S6445A (ACTIVE) - Summary

S6445A (ACTIVE) - Sponsor Memo

S6445A (ACTIVE) - Bill Text download pdf

Comments

senate Bill S6445A

Share this bill

Sponsored By

Archive: Last Bill Status Via A8484 - Signed by Governor

Your Voice

Actions

Votes

Jun 18, 2018 - floor Vote

Floor Vote: Jun 18, 2018

May 30, 2018 - Insurance committee Vote

Insurance Committee Vote: May 30, 2018

Bill Amendments

Co-Sponsors

S6445 - Details

S6445 - Summary

S6445 - Sponsor Memo

S6445 - Bill Text download pdf

Co-Sponsors

S6445A (ACTIVE) - Details

S6445A (ACTIVE) - Summary

S6445A (ACTIVE) - Sponsor Memo

S6445A (ACTIVE) - Bill Text download pdf

Comments