NYSID Notes Changes in Licensing Procedures

January 23, 2004

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