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
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