NYSID Notes Changes in Licensing Procedures

The New York State Insurance Department has issued a bulletin noting that as a result of the recently passed Producer Licensing Model Act there have been some significant changes in licensing procedures and requirements.

It listed the following areas where changes have been made:
– Appointments
– Lines of Authority
– Terminations For Cause
– 90 Day Certification
– Resident/Nonresident
– Nonresident Excess Lines
– Exemptions from Licensing
– Licensee Reporting
– Commission Eligibility

A great deal of further information and answers to most questions may be obtained from the NYSID’s Web site at: http://www.ins.state.ny.us/licchngs.htm.

The site gives speciic guidance on the following topics:
– Appointments
– Terminations for Cause
– Responsibilities with Terminations For Cause
– Revised Section 2110
– Resident/Nonresident
– Exemptions to licensing [revised section 2101(a)]
– Commission Eligibility
– Line of Authority
– Certification for Nonresident Licensing
– Licensing Nonresident Excess Lines Brokers
– Licensees Reporting Requirements
– Frequently Asked Questions