The New York State Insurance Department has completed its licensing modernization initiative, giving agents and brokers the ability to apply for original licenses or renew existing ones via the Internet.
The NYSID’s announcement indicated that, “As with the other on-line applications producers applying over the internet will do so in a secure, encrypted environment. When the application is accessed instructions appear to assist in completing the application. Once the application is completed, the applicant is asked if they want to pay by credit card or check. Licenses are issued to those who pay by credit card within 24-48 hours, while those who decide to pay by check are mailed their licenses upon receipt of payment by the Department.”
NYSID Superintendent Gregory V. Serio was justifiably proud of the new capability, which complements the on-line renewal program introduced last year with the ability to apply for new licenses at any time. It essentially means “the Department will never be closed,” Serio stated.
“As I travel throughout the State,” Serio continued, “producers applaud the Department’s use of technology to streamline the licensing process and I would like to add my own praise to this system which improves customer service and enhances efficiency and communication between regulators and the industry.”
Installing the necessary program to issue new licenses was complicated by NY legal requirements that an agent must be appointed by an admitted insurer before a license can be issued. The new system automatically contacts the insurance company listed on the application for confirmation.
The program, originally available only to life and accident health agents has been a success. “This past February an on-line renewal application for property casualty agents was rolled out,” said the NYSID bulletin. “Already, over 12,000 agents have renewed electronically, many on Saturdays and Sundays.”
“Brokers will be afforded the opportunity to apply and renew on-line in July of this year utilizing the same technology,” the announcement added.
Was this article valuable?
Here are more articles you may enjoy.